Who is Verafin?

Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. Nearly 3000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations.?

Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.

How do credit unions benefit from this strategic alliance?

Verafin offers a comprehensive BSA/AML and fraud enterprise solution, with functionality that includes:

  1. Complete 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. Proactive Fraud Detection – Detects fraudulent activity occurring across multiple channels (including online, account, wire/ACH, check, and card fraud) to greatly reduce potential loss.
  3. Innovative FRAMLx & Cloud-based Analysis – Verafin’s Cloud environment allows a big-data approach, resulting in enhanced analytics, reduced false positives, and a more complete picture of activity through the cross-institutional detection of suspicious activity.
  4. End-to-End Customer Due Diligence & Enhanced Due Diligence – Provides a complete, member-centric CDD/EDD solution, including account opening CDD Questionnaire functionality and High-Risk Category management through intelligent segmentation — helping you accurately uncover, assess, and manage members that pose the greatest criminal risk to your institution.
  5. 314(b) Collaboration & Information Sharing – Facilitates collaboration between 314(b)-registered institutions, giving you the ability to easily request, share, and track information pertaining to potentially suspicious activity.
  6. Watch List & 314(a) Checking – Automatically scans people, vendors, and businesses against the OFAC SDN list, performs 314(a) searches, checks incoming and outgoing wires to flag positive matches, and allows for the creation of internal scan lists.

Why this provider over another?

Verafin’s BSA/AML and fraud detection solution offers a full range of functionality, applying cross-institutional artificial intelligence and machine learning to ongoing analytical enhancement.

Additionally, Verafin incorporates a wide range of data sources into its analysis to reduce false positives and create robust suspicious activity alerts that greatly improve a user’s ability to investigate more efficiently and effectively. As a cloud-based solution, Verafin can provide enhancements seamlessly on a weekly basis, ensuring users are a step ahead of the latest criminal trends and threats.

Verafin is CUNA’s exclusive provider of 314(b) Information Sharing technology, helping financial institutions detect suspicious activity across multiple institutions and facilitating 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.


Click here to request a demo today & learn more about how Verafin’s Financial Crime Management solution can help your Credit Union.


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 Financial Crime Management 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)

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.

Secure 314(B) Information Sharing

As encouraged by FinCEN, financial institutions in the U.S. can share information about investigations tied to money laundering, human trafficking, and terrorist financing with investigators at other 314(b)-registered institutions, for richer, more detailed collaborative investigations.

Verafin provides Information Sharing technology for more than 2000 institutions that are members of FRAMLxchange, the industry's largest network of 314(b)-registered institutions. FRAMLxchange is registered with FinCEN for 314(b) information sharing as an association of financial institutions.

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Suspicious Activity Reporting for Dummies® eBook
This handy guide walks you through the process of filling out an SAR form and offers tips on how to spot potential money laundering activities.
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