Products and Services Offered Through This Provider

BSA Compliance, FACTA Red Flags and Fraud Detection Software

Who is Verafin?

Verafin is the leader among credit unions for BSA/AML compliance and fraud detection software. Nearly 500 financial institutions operating on more than 30 different core processing systems chose Verafin because of their innovative approach to risk analysis and detection – they’ve made BSA/AML automation smarter. Verafin surpasses the rules-based approach of other software and looks straight at the behaviors money launderers and fraudsters use to try to sneak past the system. Since our alliance with Verafin in February 2007, hundreds of credit unions have chosen their solution.

How do credit unions benefit from this strategic alliance?

Credit unions save 10% off retail through the CSS program.

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

1. BSA/AML 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 (AI) 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, CSS alliance manager, at 800-356-9655, ext. 4109, or tlybeck@cuna.com.

More Information about Verafin Products and Solutions

Verafin begins with a complimentary assessment of current practices to blueprint how your credit union could benefit from an automated solution. Verafin works with each credit union in loading the software on their own system and integrating with the 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.