TOPIC: Software

Infographic | Managing & Mitigating Risk - Challenges of CDD/EDD for Higher-Risk Customers

Financial institutions are facing significant Customer and Enhanced Due Diligence (CDD/EDD) challenges for higher-risk categories of customers as outlined in the FFIEC BSA/AML Examination Manual.

This infographic provides an easy-to-understand overview of high-risk customers, including expectations from examiners for risk-based procedures, a visualization of progressive methods of due diligence and suspicious activity reporting, current challenges of conventional CDD/EDD approaches, and how to strengthen compliance with an end-to-end approach to high-risk customer management.

    Demonstration | BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us August 21

    August 21 at 12:30 PM - 01:30 PM EST
    BSA/AML Compliance, Fraud Detection & High-Risk Customer Management
    A Consolidated Financial Crime Management Platform

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    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.

    The Verafin Financial Crime Management platform includes highly targeted detection scenarios that are enriched through big data intelligence with open-source and third-party data and provides cross-institutional analysis and collaborative investigations through the power of the Verafin Cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

    Highlights of this software demonstration will include:
    • End-to-end High-Risk Customer Management and CDD/EDD
    • Targeted BSA/AML and fraud detection scenarios
    • Risk-rated alerts enriched with third-party, open-source and cloud data, and visual investigation tools
    • Cross-institutional detection and 314(b) Information Sharing 
    • Complete BSA/AML Compliance and Management with process automation
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      Demonstration | BSA/AML Compliance and Management - Join us August 29

      BSA/AML Compliance and Management
      Uncover Suspicious Activity & Strengthen BSA/AML Compliance

      August 29 from 12:30 – 1:30 PM EST

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      Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

      Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate a higher quality of alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

      Highlights of this software demonstration will include:
      • Risk-rated targeted BSA/AML alerts and scenarios
      • High-Risk Customer Management and end-to-end CDD/EDD
      • Alert threshold testing and performance monitoring
      • Integrated financial crime Case Management
      • Automated regulatory reporting of SARs and CTRs
      • Secure 314(b) Information Sharing
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        Case Study | United Community Bank prepares for tomorrow and prevents more than $1M in fraud losses, today.

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        “In less than two months there’s been a clear return on our investment — that’s a significant achievement. With all our efforts, the bank has already tracked a reduction in overall fraud from 2019 versus 2018. Verafin is a large contributing factor to that success, and we expect our fraud numbers to continue to go down.”
        Greg Snell, Director of Operational Risk, United Community Bank ($12.5B)

        United Community Bank wanted a financial crime solution that would align with their vision for the future. Greg and the team chose Verafin’s consolidated Financial Crime Management platform — and within weeks of going live, they began realizing a tremendous return on their investment.

        In this case study, you will read how within four weeks, Verafin helped United Community Bank detect and prevent $335K of fraud loss, and that savings continued to grow—before the end of week seven, United had surpassed $1M in fraud prevention.

        Download the Case Study Now

          Demonstration | Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility - Join us August 27

          August 27 at 12:30 PM - 01:30 PM EST
          Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility
          Cross-Channel Analytics, Big Data, and Machine Learning to Fight Fraud

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          Financial institutions are facing common challenges in combatting fraud. Adding layers of protection to detect and prevent fraudulent activity, managing your alert volume, and reporting losses can become increasingly more difficult if there are multiple detection systems across different fraud and operational teams, and ultimately leads to a lack of visibility into your true fraud problem.

          Join us for this presentation as we discuss the benefits of consolidating your fraud prevention and management functions with Verafin’s Enterprise Fraud Management platform. Learn how to reduce losses, strengthen prevention efforts across all channels and departments, and enable a full picture of fraud at your institution to drive strategic decision-making.

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            Educational Webinar | Leveraging Big Data and Collaborative Investigations for Fraud Prevention - Join us August 14

            Leveraging Big Data and Collaborative Investigations for Fraud Prevention
            August 14 at 12:30 PM - 01:30 PM EST

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            Join us for this insightful session to learn how financial institutions can leverage big data, machine-learning technology and 314(b) information sharing for effective fraud prevention. This includes proactive trend identification, reduction in false positive results and collaborative investigations of multi-institutional crime-ring activity.

            Highlights of this webinar:
            • Limitations of conventional fraud prevention approaches that rely on limited data sets and approaches in today’s increasingly complex financial crime landscape
            • Big data intelligence approach for financial crime management that leverages machine-learning technology and information sharing to mitigate losses and prevent fraud
            • Walk-through of a real-life crime-ring case to learn how data and technology played a critical role to enhance detection, strengthen investigations and improve reporting to law enforcement
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