MADISON, Wis. and ST. JOHN'S, Newfoundland (3/9/10)--Verafin, a compliance, anti-money laundering (AML) and fraud detection software provider, and CUNA Strategic Services (CSS) have extended their alliance for five years. The contract builds on a three-year strategic alliance that helped drive Verafin to the forefront of Bank Secrecy Act (BSA) solutions for credit unions. "With the regulators' intensified focus on the Bank Secrecy Act, the growing complexity of money laundering schemes and the increasing need for fraud detection, it is important that CUNA Strategic Services provide a solution for credit unions to meet these challenges," said Wes Millar, CSS senior vice president. The alliance "offers an all-in-one program that can help credit unions improve their processes and greatly reduce the overwhelming manual workload that they face in meeting regulatory requirements," Millar added. "Combating fraud and money-laundering will continue to be a key initiative for the financial services market in 2010," noted Jamie King, Verafin CEO. Verafin approaches risk analysis and detection by improving BSA/AML automation. It searches out suspicious activity with advanced artificial intelligence (AI) instead of the more common rules-based technology. AI replicates human reasoning and enables Verafin to catch suspicious activity that rules-based solutions may miss. It combines four elements:
* BSA/AML compliance--Provides automated CTR (currency transation report)and SAR (suspicious activity report) reporting as well as automated BSA record keeping; * Fraud detection--Detects fraudulent activity such as debit, check and account fraud, and reduces losses; * Fair and Accurate Credit Transaction Act (FACTA) red flags--Facilitates creation of red flags and configuration by type, assigns investigation/expiration to flagged accounts, verifies Social Security numbers, checks against internal watch lists and mines for suspicious personal ID information; and * Watch List and 314(a) checking--Checks people, vendors and businesses against the Office of Foreign Assets Control (OFAC) Specially Designated Nationals ( 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.
Nearly 500 financial institutions employ Verafin for their compliance and anti-fraud needs. It is the exclusive provider of BSA/AML and fraud detection software for CSS and 40 credit union leagues.