Products and Services Offered Through This Provider

Bank Secrecy Act/Anti-Money Laundering and Fraud Detection Software

Who is Verafin?

Verafin is a North American leader in anti-money laundering and fraud detection solutions for financial institutions.  Its behavior-based software helps credit unions comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also helping to protect against fraud. Verafin's software supports a consolidated approach to fraud and AML (FRAML) through a single, easy-to-use solution. That's why more than 1,000 financial institutions operating on more than 65 core processing systems chose Verafin's solution to stay a step ahead of regulations and financial criminals.

How do credit unions benefit from this strategic alliance?

Credit unions save 10% off retail through the CUNA Strategic Services program.

Verafin’s solution combines four elements for the most comprehensive solution in the market:

  1. Bank Secrecy Act/Anti-Money Laundering Compliance – Provides automated CTR and SAR reporting as well as automated BSA record keeping
  2. Fraud Detection – Detects fraudulent activity (debit, check and account fraud) and reduces losses
  3. FACTA Red Flags – Facilitates creation of red flags and configuration by type, assigns investigation/expiration to flagged accounts, verifies SSN, checks against internal watch lists, and mines for suspicious personal ID information
  4. Watch List & 314(a) Checking – Checks people, vendors and businesses against the OFAC SDN list, performs 314(a) searches, checks incoming and outgoing wires and flags positive matches, alerts compliance officer, accommodates fraud lists and internal watch lists, and maintains exemption lists

Why this provider over another?

Verafin searches out suspicious activity, using advanced artificial intelligence instead of the more common rules-based technology. Artificial intelligence is designed to replicate human reasoning and allows Verafin to catch suspicious activity that rules may miss – all in one easy to use program.

Ready to get started?

  • For more information, contact Tom Lybeck, CUNA Strategic Services alliance manager, at 800-356-9655, ext. 4109, or tlybeck@cuna.com.

More Information about Verafin Products and Solutions

Are you missing suspicious activity? Do you have an accurate picture of your customers' behavior across channels? Does BSA/AML compliance sometimes feel like a burden? Verafin's FRAML software solution provides cross-channel, risk-rated fraud and money laundering alerts that let you act quicker to protect your members and reputation. In one software solution, you achieve:

  • An improved picture of suspicious activity with multi-channel fraud alerts
  • Comprehensive customer risk assessment
  • Enhanced suspicious activity investigations with advanced case management functionality
  • Fully automated CTR and SAR completion (with FinCEN e-filing)

Verafin begins with a complimentary assessment of current practices to show how your credit union could benefit from an automated solution. Verafin works with your credit union to load the software on your own system and integrate with core processing and other systems as necessary.

Comprehensive functionality and "next generation" analytics combine with a highly effective consultative model and top notch service and support to deliver operational efficiencies, reduced fraud losses and help ensure compliance with regulations.

Connect with Verafin