United American Bank Selects Verafin to Meet Compliance, Fraud Detection Needs

St. John’s, NL—May 10, 2010—Verafin, Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software, today announced that United American Bank has become its 500th client across North America. Verafin’s second-generation solution will help United American Bank detect suspicious activity and mitigate financial crime, while ensuring compliance with industry regulations, such as the Bank Secrecy Act (BSA).

"With the growing complexity of money laundering schemes and an increased focus from government regulators, financial institutions need a better way to monitor fraudulent customer activity and meet compliance standards," said Jamie King, CEO, Verafin. "Even in a challenging economic climate, financial institutions like United American Bank continue to choose Verafin, illustrating the solution’s value in improving efficiency and reducing fraud losses. We achieved record revenues in 2009—doubling that of 2008—and are continuing on a strong growth trajectory. Marking our 500th client is only the beginning."

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