TOPIC: CTR

Demonstration | BSA/AML Compliance and Management: Uncover Suspicious Activity & Strengthen Compliance - Join us Aug 5

August 05 at 12:30 PM - 01:30 PM EST
BSA/AML Compliance and Management
Uncover Suspicious Activity & Strengthen Compliance

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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 higher quality 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
  • 314(b) Information Sharing
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    Verafin ATM CTRs

    Employee at a bank ($1.4BUSA)
    With the update in Verafin for the multiple roles a situation has come up that we would like additional information on.  We have ATM owners who are Sole Props who withdrawal funds that trigger a CTR, but after a while there is a small ATM withdrawal most likely to check the ATM is working.  With the new CTR format the withdrawal from our bank states conductor on behalf of another and the ATM withdrawal conductor on own behalf. I am wondering how other financial institutions are selecting the activity types for these situations?  Any information is greatly appreciated.

    Thanks