TOPIC: BSA/AML

Free Webinar | Considerations for Automating AML Monitoring | Earn 1 CAMS Credit

Friday, September 20, 2019
2:00 PM ET / 1:00 PM CT
Presented by Kevin Gulledge, CAMS
Register today! 

Financial institutions have many choices when it comes to AML solutions. These solutions can be very complex in nature, or they can sometimes be very basic. Join us for this free webinar where we will discuss the top issues that bank and credit union management faces when selecting, implementing, and using an automated AML monitoring software solution. We will look at the challenges faced by the financial institutions including discussions about policies and procedures, customer and transactional data, budget constraints, core systems, teller systems and more.
Join to learn:
  • Understand the different types of automation that can support your financial institution’s BSA/AML program
  • Identify common points of failure that institutions may have in implementing a solution along with recommended solutions
  • Explain the implications that your BSA Program and Policies and Procedures may have on vendor or software selection
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    Blog | RPA: Improve Efficiency and Increase Productivity by Automating Routine Tasks - Read now

    RPA: Improve Efficiency and Increase Productivity by Automating Routine Tasks
    FIs Save Time and Money Implementing Robotic Process Automation

    September 4, 2019 by Verafin

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    Is your financial intelligence unit challenged by limited time and resources? Are your BSA/AML and Fraud investigators spending more time manually collecting data than investigating potentially suspicious activity?

    Institutions can leverage financial crime management solutions that include Robotic Process Automation (RPA), which utilizes artificial intelligence and software robots to perform automated tasks. RPA solutions augmented with cognitive processes, such as machine learning analytical agents, provide more complete financial crime management platforms.

    In this blog, you will learn how RPA can help financial institutions increase efficiency and productivity in everyday banking operations, while maintaining BSA/AML regulatory compliance and conducting thorough financial crime investigations. With automated solutions to collect data and effectively perform routine tasks, Verafin helps financial institutions operate more effectively, saving valuable time and reducing costs.

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      Updated Marijuana Banking Questionnaire

      We made a few modifications to our MRB Questionnaire. Keep in mind that this questionnaire should be used, as the instructions indicate, for MRBs; it is not intended for use for legal hemp or CBD customers.  We are in the process of putting together due diligence guidelines for legal hemp and CBD customers and will share them with you.  
      Additionally, you should be using this, or a similar questionnaire, in conjunction with a site visit checklist when establishing an account relationship with an MRB.  

        Self employed Income derived from a MRB

        Manager at a credit_union ($211MUSA)
        We have a self employed member that also has income from investing in a MRB, the member is applying for a loan. He has only listed his primary business on the application but we have the tax returns that state the additional income. What are others doing in these situations?

          Blog | Machine Learning: Higher Performance Analytics for Lower False Positives

          Blog
          Machine Learning: Higher Performance Analytics for Lower False Positives
          Effectively Fight Financial Crime with Analytical Agents Trained on Large Data Sets

          August 2, 2019 by Verafin

          Read the full blog now

          Conventional, rules-based fraud detection and AML programs generate large volumes of false positive alerts, forcing investigators to waste valuable time and resources working through large alert queues, performing needless investigations, and reconciling disparate data sources to piece together evidence. 

          Machine learning analytical agents learn from large data sets to improve transaction monitoring and reduce the number of false positive alerts generated by fraud detection and anti-money laundering systems.

          In this blog, we outline how machine learning analytical agents can deliver significant false positive reduction, without compromising regulatory or compliance needs.

          Read the complete blog with examples of how machine learning impacted false positive results


            Cannabis Banking Policy Sample

            As we have seen the industry become more granular in terms of defining cannabis-related businesses (CRBs), it is important to understand and address the differences between marijuana- related businesses, hemp and CBD.  To that end, we have created a Sample Cannabis Banking Policy (attached) that is designed to replace our previously issued Marijuana Banking Policy. If you have used the previous example as your basis, you can easily use the attached sample policy to refine your own to ensure it sufficiently addresses the full cannabis scope.  We will continue to build upon this policy as rules and industry practices evolve. You will also see changes to our Sample Cannabis Banking Risk Assessment issued within the coming week.

              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


              Register Now

              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
              Register Now

                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

                Register Now

                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
                Register Now

                  Free Webinar - Money Laundering Detection with Hybrid Threat Finance | Earn 1 CAMS, CFCS credit and 1.25 CAFP, CFSSP, CRCM credits

                  Wednesday, August 28 | 2 p.m. EST/ 1 p.m. CST
                  Register today

                  Hybrid Threat Finance (HTF) is the study of financial movements and patterns of transnational criminal organizations. Typical detection scenarios do little to detect the real money laundering behavior. Instead they generate high levels of false positive ratios and miss some of the patterns that are indicative of real laundering activity. Precision detection can hone in on the real high-risk behavior within your financial institutions. Training your teams and creating precision detection logic can create a very targeted and effective program for detecting and identifying illicit finance.

                  Join to learn:
                  • An overview the hybrid threat methodology
                  • How to create precision detection scenarios and reduce false positives
                  • How to start the journey toward HTF detection
                  Earn 1 CAMS, CFCS credit and 1.25 CAFP, CFSSP, CRCM credits

                  Save your seat

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

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


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                    “Although any type of customer account is potentially vulnerable to money laundering or terrorist financing, by the nature of their business, occupation, or anticipated transaction activity, certain customers and entities may pose specific risks.”
                    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.

                    View Now