Verafin Unveils Winter ’11 Release, Strengthening Unified Fraud and Money Laundering Detection

Improves workflow management across the life of suspicious activity, from risk-based detection and alert review to case management, investigation and reporting

HOLLYWOOD, Fla.--(BUSINESS WIRE)-- Verafin Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software, today announced the availability of Winter ’11, a major new release of Verafin’s solution that further solidifies the company’s leadership position in the development of intelligent, behavior-based software that combines anti-fraud and BSA/AML compliance in a single platform.

“When we set out to create a major new release of Verafin we went to our customers to find out what would help them work more efficiently. One of the big requests was to show the link between fraud and money laundering alerts even more clearly. The FRAML dashboard came directly from that feedback,” said Jamie King, CEO and president of Verafin. “From customer research, to product development and usability testing, we have worked to ensure this Winter ’11 release provides AML and anti-fraud professionals with the right mix of information and tools to manage their BSA compliance and financial crime detection obligations.”

Verafin’s consolidation of anti-fraud and AML, called FRAML, leverages artificial intelligence and pattern recognition technology to immediately identify suspicious behavior and root out potential fraudsters and money launderers. Using a common underlying technology with separate analytics and configuration parameters for fraud and money laundering detection simplifies the tasks of system tuning and ongoing administration that often prove confusing and time-consuming for users of less sophisticated, rules-based systems.

Winter ’11 provides a consolidated, customer-centric alerts dashboard, improves access to data, information and tools to expedite the review and decision-making of all suspicious activity (fraud and AML), and minimizes any duplication of effort in the alert review and investigation processes—a common problem when separate, point solutions for AML and anti-fraud are deployed. For example, with just one click a user can now see all alerts (e.g., check kiting and money laundering) for a customer in one view, providing a full picture of suspicious activity.

“Over the last few years, analysts and industry experts have predicted the convergence of fraud and AML,” said Mr. King. “Our Winter ’11 release takes what we know from years of experience and elevates it to an unprecedented level of sophistication and innovation, giving compliance officers a simpler, more collaborative solution that adds further transparency to the process of fraud and AML investigations, expediting the detection of fraudulent activity.”

Central to the Winter ’11 release is its superior case management functionality. Developed to help financial institutions (FI) realize a more integrated approach to the investigation of suspicious activity, the evolutionary new case management design makes information clearer and easier to find, and facilitates improved workflow management and decision-making. By providing a central repository where all investigators can access information about past or ongoing investigations, a more holistic view of activity that is potentially fraudulent or indicative of money laundering occurring across customer accounts is readily achieved. Verafin case management aggregates all pieces of the investigation (including suspects and accounts, evidence and historical behavior, and relevant documentation), and facilitates creation and filing of Suspicious Activity Reports (SAR).

In addition to strengthening its consolidated approach to BSA/AML and fraud management, Verafin’s Winter ’11 release further addresses customer needs with:

• Improved debit fraud analytics: New and enhanced scenarios along with new data sources helps detect a wider range of debit card-related fraud while minimizing false positives, allowing financial institutions to catch more fraud, faster;
• Greatly expanded reporting capabilities: To satisfy FI needs and examiner requests, a variety of standard, custom and ad hoc reports are now easily created and exported, including management reports that provide greater insight into AML and fraud program effectiveness;
• Improved customer and vendor risk management: New tools support a consistent approach to risk scoring industries and occupations, while enhancements to Verafin’s third-party vendor risk management component allow for more effective due diligence, contract and vendor review processes;
• Additional support for custom watch lists: FIs can now import a custom list of individuals or organizations to be scanned against any installed lists, such as the OFAC SDN list;
• Enhanced usability: Improvements to workflows and navigation, as well as improved SAR editability, make Verafin even easier to use.

About Verafin

Verafin is a North American leader in anti-money laundering (AML) and fraud detection solutions for financial institutions, with over 650 customers that span nearly 60 core processing systems and a broad asset range. Verafin helps financial institutions comply with the Bank Secrecy Act (BSA), USA PATRIOT Act and FACTA regulations, while also helping to protect against fraud. Verafin is the exclusive provider of BSA/AML and fraud detection software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and 40 credit union leagues and associations in the United States. For more information, visit www.verafin.com, email us at [email protected] or call 1-866-781-8433.

© 2011 Verafin Inc. All rights reserved.

Verafin Inc.Vicki Barbour, 709-752-3050 x3228
[email protected]

Source: Verafin Inc.