Products and Services Offered Through This Provider

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

Who is Verafin?

Verafin, a CUNA Strategic Services alliance provider, is the leader in cloud-based, cross-institutional Fraud Detection and Anti-Money Laundering (FRAMLx) collaboration software with a customer base of over 1500 financial institutions across North America. Its solution uses advanced cross-institutional, behavior-based analytics to help financial institutions navigate the BSA, USA PATRIOT Act and FACTA compliance landscape, along with staying ahead of numerous types of fraud.

Verafin's innovative crime-fighting solution includes FRAMLxchange, the industry’s largest secure 314(b) information sharing network that facilitates collaboration between more than 1000 financial institutions and 3000 investigators, and is available to any 314(b)-registered institution.

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 – Detection of Human Trafficking, Funnel Accounts, Terrorist Financing, International Activity and Movement of Funds; 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. FRAMLx & Cloud-based Analysis – Cloud network allows a big-data approach to improve analytics, reducing false positives and giving a more complete picture of activity, and enables cross-institutional detection of suspicious activity.
  4. Customer Due Diligence & Enhanced Due Diligence – Provides a complete, customer-centric CDD/EDD solution, including CDD Questionnaire and High-Risk Customer management — helping you accurately assess the customers that pose the greatest criminal risk to your institution.
  5. 314(b) Collaboration & Information Sharing – Facilitates collaboration between 314(b)-registered institutions, allowing them to request information pertaining to potentially suspicious activity.
  6. 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.
  7. 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

Why this provider over another?

By using advanced artificial intelligence instead of the more common rules-based technology to search out suspicious activity — Verafin can replicate human reasoning and catch suspicious activity that rules may miss – all in one easy to use program.

Verafin’s is the exclusive provider of FRAMLx that can detect suspicious activity across multiple institutions, and facilitates collaboration under Section 314(b) of the USA PATRIOT Act.

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.

Have you heard of Verafin’s game-changing innovation – FRAMLx? This one-page FRAMLx feature sheet provides a concise overview, explains why the cloud is important for this technology, and covers what the benefits of FRAMLx are for you.

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