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CUs give Verafin high marks for BSA compliance
MADISON, Wis. (9/2/09)--Roughly 90% of Verafin’s credit union clients would recommend the CUNA Strategic Service provider’s anti-money laundering (AML) and fraud detection solutions to other credit unions, according to a survey. Verafin, which offers credit unions AML, Bank Secrecy Act (BSA) and fraud detection programs, recently conducted a satisfaction survey of 178 clients. Credit unions said they were “very likely” or “likely” to recommend Verafin. Credit unions cited Verafin’s functionality, interface with core systems, customer service and support as top reasons. Credit unions also said Verafin’s support staff and trainers are easy to understand, and Verafin’s solutions are user-friendly. “BSA account monitoring was not really possible under our old system,” said Judith Murdoch, associate vice president of compliance and security at University of Illinois Employees CU, Champaign, Ill. “We were building reports and spreadsheets to try and see what our members were doing, but we had no way to do so efficiently. Verafin allows us to see the complete picture for each member and allows us to keep our eye on those members who reveal inconsistencies.” University of Illinois Employees CU has $197 million in assets.
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