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Verafin signs 200th CU for money laundering fix
ST. JOHN’S, NEWFOUNDLAND AND LABRADOR, Canada (8/7/09)--Verafin, a provider of anti-money laundering and fraud detection solutions, announced it has signed its 200th credit union customer in the U.S.--OnPoint Community CU, Portland, Ore. Verafin, a CUNA Strategic Services provider, will help OnPoint detect suspicious activity, mitigate financial crime and ensure compliance with the Bank Secrecy Act, Patriot Act and the Fair and Accurate Credit Transactions Act (FACTA). Verafin’s artificial intelligence replicates human reasoning, which creates member profiles and performs transaction monitoring to detect suspicious and fraudulent activity. “Verafin truly is the next generation in AML and fraud detection and provides credit unions with the right tool to meet rigid regulatory requirements and help detect fraud,” said Wes Millar, senior vice president of CUNA Strategic Services. “Reaching the 200 milestone is not only a testament to the industry-wide appeal of Verafin’s advanced solution, but is also a reflection of the solid reputation Verafin has in this industry.” More than 400 credit unions and banks in North America have implemented Verafin for BSA compliance, FACTA Red Flags and fraud detection. OnPoint Community CU has $2.8 billion in assets.
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