TOPIC: OFAC

How the Government Shutdown is Affecting Regulatory Agencies

Good afternoon, Bankers! Today's topic is the current government shutdown. This post originally appeared on the Ncontracts blog.

How the Government Shutdown is Affecting Regulatory Agencies

The partial government shutdown has furloughed workers at the national parks, the Smithsonian museums, the IRS, courts, and other federal institutions, but enforcement actions from federal banking agencies continue...

READ THE FULL PDF: Download the attached PDF

    BSA/AML Compliance, Fraud Detection & High-Risk Customer Management

    A Consolidated Solution to Fight Financial Crime
    January 09 at 12:30 PM - 01:30 PM EST

    Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management/?src=cbanc

    Today’s criminals do not limit their illicit activities to a single financial institution. More and more, multiple institutions are targeted for increasingly complex financial crimes. As these criminals evolve, traditional approaches to combat crime are largely ineffective.

    Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

    So, why choose Verafin?

    Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

    • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
    • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
    • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
    • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
    • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

    Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management/?src=cbanc

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      Demo - Oct 18 | Consolidating Fraud + AML to Fight Financial Crime

      BSA/AML Compliance & Multi-Channel Fraud Detection
      Oct 18 at 12:30 PM - 01:30 PM EST

      While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

      So, why choose Verafin?

      Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

      Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

      • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
      • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
      • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
      • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
      • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

      Register now: https://verafin.com/event/bsa-aml-compliance-multi-channel-fraud-detection-2/?src=CBANC

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        Demo - Oct 18 | Reduce False Positives with High Quality Alerts

        BSA/AML Compliance & Multi-Channel Fraud Detection
        September 20 at 12:30 PM - 01:30 PM EST

        While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

        So, why choose Verafin?

        Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

        Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

        • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
        • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
        • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
        • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
        • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

        Register now: https://verafin.com/event/bsa-aml-compliance-multi-channel-fraud-detection-2/?src=CBANC

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          Demo - Tomorrow - Sept 20 | A Consolidated Solution to Fight Financial Crime

          BSA/AML Compliance & Multi-Channel Fraud Detection
          September 20 at 12:30 PM - 01:30 PM EST

          While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

          So, why choose Verafin?

          Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

          Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

          • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
          • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
          • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
          • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
          • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

          Register now: https://verafin.com/event/bsa-aml-compliance-multi-channel-fraud-detection/?src=CBANC

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            Demo - Sept 20 | BSA/AML Compliance & Multi-Channel Fraud Detection

            A Consolidated Solution to Fight Financial Crime
            September 20 at 12:30 PM - 01:30 PM EST

            While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

            So, why choose Verafin?

            Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

            Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

            • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
            • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
            • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
            • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
            • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

            Register now: https://verafin.com/event/bsa-aml-compliance-multi-channel-fraud-detection/?src=CBANC

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              Demo | Higher quality alerts, expedited investigations, and richer, more detailed reporting

              FRAML Approach: Fraud + Money Laundering

              A Consolidated Solution to Fight Financial Crime
              August 23 at 12:30 PM - 01:30 PM EST

              While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

              So, why choose Verafin?

              Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

              Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

              • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
              • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
              • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
              • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
              • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

              Register now: https://verafin.com/event/framl-approach-fraud-money-laundering/?src=cbanc

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                Demo | How Verafin Uses Artificial Intelligence to Improve AML and Fraud Efforts

                August 22 at 12:30 PM - 01:30 PM EST

                Artificial Intelligence (AI) techniques continue to evolve rapidly, becoming an ever more important tool in your team’s money laundering and fraudulent activity detection efforts.

                “We are likewise encouraged by other innovations we are seeing in financial institutions to combat financial crime. In recent years, financial institutions have improved their ability to identify customers and monitor transactions using new technologies that rely on artificial intelligence and machine learning.”
                – Sigal P. Mandelker, Under Secretary of the Treasury for Terrorism and Financial Intelligence

                Verafin’s FRAMLx solution includes an extensive library of analytical agents that use a combination of advanced AI and machine learning techniques to identify risk and intelligently segment customers, improving your team’s ability to perform effective and efficient ongoing customer due diligence.

                Join us on August 22 at 12:30 ET to learn more about how:

                • Verafin’s analytical agents apply the latest advances in AI to the analysis of a wide array of evidence to increase or decrease the degree of suspicion associated with a customer’s activity.
                • Innovative AI allows Verafin to risk-rate activity based on dozens of factors, more effectively isolating truly risky activity, while greatly reducing the time your team wastes on false alerts.
                • Verafin’s Cloud network utilizes an unprecedented amount of anonymized data to help its analytical agents more effectively identify fraudulent activity.

                Register now: https://verafin.com/event/verafin-uses-artificial-intelligence-improve-aml-fraud-efforts/?src=cbanc

                Blob

                  Demo | A Consolidated Solution to Fight Financial Crime

                  FRAML Approach: Fraud + Money Laundering
                  August 23 at 12:30 PM - 01:30 PM EST

                  While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

                  So, why choose Verafin?

                  Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

                  Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

                  • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
                  • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
                  • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                  • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                  • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

                  Register now: https://verafin.com/event/framl-approach-fraud-money-laundering/?src=CBANC

                  Blob

                    Demo | A Consolidated Solution to Fight Financial Crime

                    FRAML Approach: Fraud + Money Laundering

                    August 23 at 12:30 PM - 01:30 PM EST

                    While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

                    So, why choose Verafin?

                    Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

                    Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

                    • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
                    • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
                    • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                    • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                    • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

                    Register now: https://verafin.com/event/framl-approach-fraud-money-laundering/?src=CBANC

                    Blob

                      Demo | Consolidated BSA/AML Compliance & Multi-Channel Fraud Detection

                      How Verafin Improves Alert Quality, Expedites Investigations and Enhances Reporting

                      July 12 at 12:30 PM - 01:30 PM EST

                      While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

                      So, why choose Verafin?

                      Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

                      Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

                      • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
                      • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
                      • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                      • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                      • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

                      Register now: https://verafin.com/event/consolidated-bsa-aml-compliance-multi-channel-fraud-detection/?src=CBANC

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                        FinCEN Issues Advisory on Human Rights Abuses Enabled by Corrupt Senior Foreign Political Figures

                        Last week, the Financial Crimes Enforcement Network (FinCEN) released an advisory alerting financial institutions to the connection between corrupt senior foreign political figures and their enabling of human rights abuses. FinCEN warns that PEPs will infiltrate the U.S. financial system through a variety of ways, including but not limited to the misappropriation of state assets, the use of shell companies and corrupt real estate transactions. They also released a list of red flags to pay attention to and aid in the detection of suspected schemes that corrupt foreign political official and their facilitators may use. Those include:

                        • The use of third parties when it is not normal business practice, or it appears to shield the identity of a PEP
                        • The use of family members or close associates as legal owners
                        • The use of corporate vehicles to obscure ownership, involved industries or countries
                        • Declarations of information from PEPs that are inconsistent with other information, such as publicly available asset declarations and published official salaries
                        • The PEP or facilitator repeatedly moves funds to and from countries with which the PEP does not appear to have ties

                        Banker's Toolbox, IQ AutoScan, OFAC scanning software automatically scans your customer and vendor databases daily against OFAC, Politically Exposed Persons (PEP), FinCEN, EU/UK/UN sanction lists and other blacklists/watchlists to provide early detection capabilities, which will help ensure your compliance and defend your organization.

                        Read the full blog post on our website.

                          Demo | Fight Financial Crime with FRAMLx

                          June 14 at 12:30 PM - 01:30 PM EST

                          While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

                          So, why choose Verafin?

                          Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

                          Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

                          • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
                          • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
                          • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                          • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                          • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

                          Register now: https://verafin.com/event/fight-financial-crime-framlx/?src=CBANC

                          Blob

                            Demo | Using FRAMLx to Improve AML and Fraud Alert Effectiveness

                            While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

                            So, why choose Verafin?

                            Unlike first generation systems, we build deep analytical models for you by leveraging machine learning. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

                            Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

                            • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
                            • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
                            • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                            • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                            • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

                            Register now: https://verafin.com/event/using-framlx-improve-aml-fraud-alert-effectiveness/?src=CBANC

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                              Why Inertia Creates Risk

                              Happy Friday, Bankers! Today we are discussing the costs of sticking with the safe and comfortable route - in life and risk management. This post originally appeared on the Ncontracts blog.

                              Why Inertia Creates Risk

                              Inertia is one of the greatest forces in the universe. Sir Isaac Newton dedicated the first law of motion to it: a body at rest will stay at rest unless an outside force acts on it.

                              He was talking about physics, but he may as well have been speaking about human nature. People generally maintain the status quo because it's easy and comfortable. We stick with what we know and regularly do because we perceive it as risky to make another choice, but we don't often think about the cost of that choice because we've already made it.

                              But there are costs...

                              READ THE FULL ARTICLE: Download the attached PDF

                                [Article] U.S. Court Case: 60 Funnel Accounts Used by Heroin Trafficking Organization

                                September 27, 2017 by Denise Hutchings - Financial Crimes Research Specialist, Verafin

                                “Narcotics traffickers will attempt to create elaborate financial networks in an effort to launder illegal drug proceeds.” (IRS Criminal Investigation)

                                This article presents a series of detailed diagrams that outline various aspects of a Heroin Trafficking Organization’s banking activities at multiple U.S. banks as well as other financial highlights from court documents.

                                Visualizations include charts with granular details that:

                                • Depict how 42 of the funnel accounts used by 18 individuals were spread across 4 major U.S. banks
                                • Illustrate cash deposit activity for the principal money launderer and other DTO members
                                • Map activity for several DTO members showcasing bank deposits from illegal drug sales made in various U.S. states and withdrawals in different states during the same time period
                                • Present the role of a DTO member’s “company” and related business account transactions
                                • Show how some DTO members transferred money from their accounts to other members’ funnel accounts which subsequently funded wires to the DTO leaders in Mexico
                                • Provide details for numerous bank wires from a dozen funnel accounts held at multiple U.S. financial institutions to the DTO leaders and their associates in Mexico

                                Read the full article here:
                                https://verafin.com/2017/09/u-s-court-case-60-funnel-accounts-used-heroin-trafficking-organization/?src=cbanc

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