Verafin now helps protect more than 400 financial institutions against money laundering and fraud
St. John's, Newfoundland and Labrador, Canada October 1, 2009
Verafin today announced more than 400 North American financial institutions are now using its anti-money laundering and anti-fraud solution.
The most recent additions to Verafin's client roster range in asset size from more than 200 million dollars to nearly 3 billion dollars, and include First American Bank (Illinois), MWABank (Illinois), Seven Seventeen Credit Union (Ohio), and Eli Lilly Federal Credit Union (Indiana).
"As First American Bank continues to grow, the potential of fraudulent activity and compliance expectations for our institution increases as well," said Noel Levasseur, executive vice president of First American Bank. "The advanced capability of Verafin's fraud detection clearly set them apart, as well as their commitment and proven track record of continuously enhancing its analytics and functionality to meet customer needs."
"Our success in bringing over 400 banks and credit unions on board really speaks to the quality of our customer support, and the unique approach we take to AML automation," said Jamie King, president of Verafin. "Instead of using a complicated system of rules, we've taken a behavior-based approach, which looks at a customer's entire transactional behavior to intelligently capture knowledge and support decisions regarding potential suspicious activity."
According to long-time Verafin customer Josh Brown, director of security at Fauquier Bank, "Not only does Verafin allow us to effectively monitor growing account activity and maintain tight regulatory compliance, but it also has exceptional service and technical support. From day one, through the entire sales, training, and implementation process, the Verafin team has been there to support us every step of the way."
About Verafin
Based in St. John's, Newfoundland and Labrador, Verafin helps more than 400 financial institutions across North America manage and automate many previously manual or complex functions, including: customer risk scoring; suspicious activity detection; watch list scanning; case management; compliance reporting and record keeping; and vendor management. A Canadian Innovation Leader in next-generation anti-money laundering, anti-fraud, and compliance solutions, Verafin partnerships include more than forty endorsements by national and state industry associations.