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When it comes to tough compliance issues...
Verafin helps you see what might otherwise go unnoticed!

Yes there is a better way to comply with the Bank Secrecy Act and the FACTA Red Flag Rule. Verafin's customer intelligence suite fully integrates anti-money-laundering, fraud detection, and watch list checking. You can achieve significant productivity improvement and decreased cost of compliance.

More than 250 credit unions—in a broad asset range and using more than 20 different core processing systems—are already using Verafin's software to automate regulatory reporting and detect fraud.

And better yet, you can now take advantage of a budget-friendly purchase option. Sign up for the regular license purchase agreement, or choose the new subscription pricing and pay monthly. Either way, you'll receive the same outstanding solution and support that so many credit unions have come to experience.

Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Compliance
Verafin’s anti-money laundering module automates regulatory reporting which means significant productivity improvement and decreased cost of compliance.

Currency Transaction Reporting (CTR)

• Identifies and automates CTR reporting
• Collects information from core processing platform
• Pre-populates required reports
• Allows reports to be edited and shared with others
• Electronically submits reports to FinCEN (DCC)

Suspicious Activity Detection/Reporting

• Scans all transactions (deposits, wires, ACH, etc.)
• Red flags suspicious activity
• Checks incoming and outgoing wires
• Facilitates enhanced due diligence (EDD) for high risk accounts and activity
• Provides extensive selection of investigation tools
• Pre-populates and electronically submits reports to FinCEN (DCC)

BSA Record Keeping

• Monetary instrument/funds transfers logs
• Other reports according to the BSA Exam Manual

Customer/Member Due Diligence
Verafin’s know-your-customer/member module provides customer/member risk scoring and watch list checking which means decreased regulatory, operational and reputation risk.

Customer/Member Risk Scoring

• Addresses both static and dynamic risk
• Risk scores members according to the FFIEC BSA Exam Manual
• Analyzes all transactions for every member
• Performs dynamic risk scoring for all members
• Ranks members to allow assessment of potential risk

Watch List Checking

• Checks account holders against Office of Foreign Asset Controls (OFAC) Specially Designated Nationals (SDN) list
• Performs 314(a) law enforcement searches
• Checks incoming and outgoing wires
• Flags positive matches
• Alerts compliance officer
• Accommodates external fraud lists and internal watch lists
• Maintains exemption lists

Fraud Detection
Verafin’s fraud detection module uses sophisticated intelligent agents to identify unusual activity and reduce fraud losses.

Debit Fraud

• Identifies unusual patterns in debit card usage
• Identifies high velocity ATM/POS transactions
• Identifies unusual locations
• Fuses evidence to identify various 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

Investigative Tools
Verafin’s investigative tools provide auditable processes to detect, investigate and manage suspicious activity reporting. This helps to ensure compliance and strict adherence to regulatory reporting requirements.

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 priority level to cases
• Allows cases to be shared with others

Link Analysis

• Compares customer/member information profiles
• Links accounts with matching information
• Allows user to verify or reject link results
• Groups accounts for analysis

For more information, contact Tom Lybeck at 800-356-9655, ext. 4109 or call CUNA Member Service at 800-356-8010, press 3, 8:00 a.m. – 4:30 p.m. Central.

OTHER RESOURCES

• Press release - CUs Give Verafin High Marks for BSA Compliance
• Click here to learn more about Verafin.
• Click here to download Verafin's product information
• Click here to view the CUNA Strategic Services /Verafin press release announcement.
• Click here to view CUNA’s Bank Secrecy Act (BSA) Compliance Guide
• Click here to view CUNA’s e-Guide to Federal Laws and Regulations—Bank Secrecy Act
• Click here to view an article—“2007 Top Compliance Issues” (Reprinted with permission from Credit Union Magazine.)
• Click here to view an article—“BSA Compliance: The Buck Stops Here” (Reprinted with permission from Credit Union Magazine.)
• CUNA Bank Secrecy Act Task Force

AGENCY RESOURCES

• Federal Financial Institutions Examinations Council (FFIEC)
• Financial Crimes Enforcement Network (FinCEN)
• NCUA
• Office of Foreign Assets Control (OFAC)