content-box-bottom
 

Our solution

Verafin's solution helps financial institutions comply with the Bank Secrecy Act, the USA PATRIOT Act and FACTA Red Flag regulations. It also helps protect them against banking fraud.

There are a few special things about Verafin's solution that help explain why so many in the financial services industry consider it 'best in class'.

First there's the sheer breadth of its comprehensive functionality which includes BSA/AML Compliance, Watch List Checking, FACTA Red Flags, Fraud Detection and Case Management.

Then there's the superiority of its next generation analytics which use advanced artificial intelligence technologies that excel at detecting suspicious activity while minimizing false positives.

And topping it all off is a highly effective customer partnership model and our reputation for outstanding service and support.

Verafin's solution enables financial institutions to achieve operational efficiencies in their BSA/AML compliance processes; reduce fraud losses; and help ensure compliance with BSA/AML and FACTA regulations.

DEBIT FRAUD

  • identifies unusual patterns in card usage
  • identifies high velocity ATM/POS transactions
  • identifies unusual locations
  • fuses evidence to identify fraud scenarios

CHECK FRAUD

  • identifies unusually large checks
  • identifies check kiting patterns
  • flags out-of-sequence checks

ACCOUNT FRAUD

  • identifies unusual activity on new accounts
  • identifies unusual activity on dormant accounts
  • identifies unusual online activity

FACTA Red Flags

  • facilitates the creation of red flags
  • configures red flags by type
  • assigns investigation/expiration to flagged accounts
  • performs more intense monitoring on accounts
  • checks identification info against internal watch lists
  • SSN verification
  • mines for suspicious personal identification info
  • analyzes for fraudulent patterns/inconsistent activity

Case Management

  • allows user to open and track cases
  • allows user to add related documents
  • provides an audit trail for examiners
  • allows user to assign case priority levels
  • allows cases to be shared with others

Watch List Checking

  • checks account holders against OFAC SDN list
  • performs 314(a) searches
  • checks incoming and outgoing wires
  • flags positive matches
  • alerts compliance officer
  • accommodates fraud lists and internal watch lists
  • maintains exemption lists

Customer Risk Scoring

  • addresses both static and dynamic risk
  • risk scores customers as per BSA Exam Manual
  • analyzes all transactions for every customer
  • performs dynamic risk scoring for all customers
  • ranks customers to allow assessment of risk

CURRENCY TRANSACTION REPORTING

  • identifies and automates CTR reporting
  • collects information from core banking system
  • pre-populates required reports
  • allows reports to be edited and shared with others
  • electronically submits reports to IRS Computing Centre

SUSPICIOUS ACTIVITY REPORTING

  • automates SAR reporting
  • pre-populates required suspicious activity reports
  • electronically submits reports to IRS Computing Centre

BSA RECORD KEEPING

  • monetary instrument logs
  • funds transfers logs
  • SAR Board of Directors Report
  • others as per FFIEC BSA/AML Exam Manual

SUSPICIOUS ACTIVITY DETECTION

  • scans all transactions (deposits, wires, ACH, etc.)
  • red flags suspicious activity
  • checks incoming and outgoing wires
  • facilitates EDD for high risk accounts and activity
  • provides extensive selection of investigation tools

LINK ANALYSIS

  • compares customer information profiles
  • links accounts with matching information
  • allows user to verify or reject link results
  • groups accounts for analysis