Verafin Inc., a St. John’s-based provider of fraud detection and anti-money laundering (FRAML™) software, has announced that they have redesigned and enhanced their Currency Transaction Reporting (CTR) and Suspicious Activity Reporting (SAR) modules to support the Financial Crimes Enforcement Network’s (FinCEN) updated reporting requirements.
Feature advancements have also been designed to further improve the user experience. With updated e-filing requirements coming into effect in July 2012 and a March 2013 deadline for the new report formats, Verafin has completed successful submissions to the FinCEN test site.
“Our approach has always been to help our customers stay a step ahead of both regulatory requirements and the latest trends in financial crime,” says Rob Norris, Director of Product Management at Verafin. “From recent advances in our software such as automated Common Point of Compromise (CPC) detection and online banking (ACH) fraud detection to having our customers ready for the updated CTR and SAR e-filing requirements, we always push to ensure our software meets our customers’ needs.”
In addition to updated e-filing support and the inclusion of updated report formats designed to meet the upcoming FinCEN reporting requirements, Verafin has developed improved reporting features to enhance ease-of-use and user efficiency. On May 16th Verafin is offering a free webinar demonstrating their software’s updated CTR and SAR features; anyone interested in attending can register online.
Verafin continues to experience rapid growth of its customer base, most recently announcing they had surpassed more than 800 customers. Verafin’s FRAML (FRaud detection + Anti-Money Laundering) solution is a natural choice for financial institutions, as it utilizes artificial intelligence and behavior pattern-based recognition to analyze transactions across multiple transaction channels. With a robust and user-intuitive case management feature, Verafin lets fraud professionals and BSA/AML officers act quickly on evidence-supported suspicious activity alerts. Using one innovative software platform professionals can detect, investigate, document and neutralize suspicious activity—while meeting regulatory requirements.