Verafin Anti-Money Laundering Software from Verafin

Combines data analytics and machine learning to enhance detection, investigation, and reporting of suspicious transactions.

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Product analysis by function

Anti-Money Laundering Systems for Compliance

Solutions for detecting, preventing, and reporting potential money laundering activities and suspicious transactions.
More Anti-Money Laundering Systems More Compliance ...

Customer Due Diligence (CDD) & Know Your Customer (KYC)
(9 Yes /9 Known /10 Possible features)

Transaction Monitoring & Detection
(9 Yes /9 Known /11 Possible features)

Case Management & Investigation Tools
(9 Yes /9 Known /10 Possible features)

Regulatory Reporting
(9 Yes /9 Known /10 Possible features)

Sanctions Screening
(3 Yes /3 Known /10 Possible features)

Risk Management & Analytics
(9 Yes /9 Known /10 Possible features)

Integration & Interoperability
(7 Yes /7 Known /10 Possible features)

Compliance & Audit Support
(9 Yes /9 Known /10 Possible features)

Security & Data Protection
(8 Yes /8 Known /10 Possible features)

Usability & Operations
(7 Yes /7 Known /10 Possible features)

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Automated Identity Verification Checks customer-provided data against government or authoritative databases.		Verafin provides automated identity verification by checking customer-provided data against authoritative sources. Confirmed via product documentation.
Sanctions and Watchlist Screening Screens customers against global and regional sanctions lists in real-time.		Real-time sanctions and watchlist screening included as part of core product, as stated on Verafin's AML page.
PEP (Politically Exposed Persons) Detection Identifies customers who are considered PEPs and applies enhanced due diligence.		PEP detection is explicitly mentioned in Verafin AML software marketing materials.
Ongoing Customer Monitoring Continuously monitors for changes in customer risk profile.		Verafin advertises ongoing customer monitoring for changing risk profiles, supporting this feature.
Ultimate Beneficial Owner (UBO) Identification Discovers natural persons responsible for corporate account owners.		UBO identification is offered to help FIs discover beneficial owners, cited in Verafin partner and integration resources.
Document Verification Validates authenticity of identity documents (e.g., passports, IDs).		Document verification is provided as a component of Verafin’s KYC toolkit.
Risk Scoring Automation Assigns and updates risk ratings based on data and behavior.		Risk scoring is automated using machine learning; referenced throughout Verafin product literature.
Customer Data Enrichment Pulls public records and third-party data to enhance customer profiles.		Customer data enrichment via integration with third-party and public databases is supported per website.
Multi-language OCR Extracts text and data from identification documents in multiple languages.		No information available
Batch Screening Capability Processes multiple customer files simultaneously for efficiency.		Batch screening capability is referenced as part of Verafin’s scalability claims.

Real-Time Transaction Monitoring Flags suspicious transactions instantly as they occur.		The solution offers real-time transaction monitoring for anti-money laundering, as per product descriptions.
Customizable Rule Engine Allows creation and tuning of detection rules per regulatory and organizational requirements.		Customizable detection rule engine is available for clients to set their own rules.
Automated Suspicious Activity Alerts Automatically generates alerts on suspicious behavior or rule breaches.		Automated alerts for suspicious activity are a core function of the product.
Behavioral Pattern Recognition Uses AI/machine learning to identify patterns linked to money laundering.		Advanced behavioral pattern recognition via AI/ML is repeatedly referenced in Verafin content.
Peer Group Analysis Compares customer transactions to peer group norms.		Peer group analysis for customers and their transactions is featured in Verafin demos and documentation.
Anomaly Detection Capability Identifies deviations from typical transaction behavior.		Anomaly detection using transaction behavior analytics is advertised.
Volume of Transactions Monitored per Second Maximum number of transactions the system can process for monitoring in real time.		No information available
Cash Transaction Detection Specifically flags large or structured cash transactions.		Cash transaction detection (suspicious large/structured cash) is noted as a supported detection scenario.
Third-Party Transaction Monitoring Monitors transactions where third parties are involved for trade-based money laundering.		Third-party monitoring relevant for trade-based AML is supported; referenced in product Q&A.
Cross-Border Transaction Analysis Automatically monitors transactions that cross national borders.		Cross-border transaction analysis is available, as a highlight of Verafin's AML cross-jurisdiction support.
Transaction Memo Analysis Reviews free-text memos for trigger words or suspicious context.		No information available

Alert Management Dashboard Centralizes and prioritizes alerts for compliance teams.		Alert management dashboard referenced multiple times on the product site.
Automated Case Assignment Routes alerts or cases to appropriate team members based on criteria.		Automated case assignment/workflow discussed in Verafin's investigation process explainer.
Investigation Workflow Automation Guides investigators through standardized investigation steps.		Step-by-step investigation workflow is guided through the platform.
Case Linking Links related cases or alerts for consolidated investigation.		Verafin describes case linking abilities in their investigation tools section.
Case Notes & Document Attachment Allows adding text notes and uploading supporting files for cases.		Case notes and document attachment for compliance findings are explicitly provided.
Investigation Time Metrics Tracks and reports time spent investigating each case.		Investigation time metrics are referenced in the reporting/analytics section.
Automatic Case Closure Closes cases automatically based on resolution rules.		Automatic case closure based on resolution rules is part of workflow automation.
Collaboration Tools Supports teamwork via comments, tagging, and shared access within cases.		Collaboration tools such as tagging/comments are present in the case management suite.
Audit Log for Case Actions Tracks all actions taken on a case for compliance purposes.		Audit log for case actions is included for compliance.
Number of Concurrent Cases Supported Capacity for simultaneous active cases.		No information available

Automated SAR/STR Filing Automatically generates and submits Suspicious Activity/Transaction Reports to authorities.		Automated SAR/STR filing is a highlighted feature in Verafin's regulatory reporting documentation.
Custom Report Builder Enables tailored reports to meet specific jurisdictional standards.		Custom report builder described on reporting module web page.
Pre-built Regulatory Templates Provides ready-made templates for common global filings.		Pre-built templates for SAR and other filings listed on product site.
Audit Trail of Reports Maintains a complete log of who created, edited, and submitted reports.		Maintains an audit trail/log for all reports submitted, as per compliance requirements.
Submission Acknowledgement and Validation Confirms receipt and compliance from regulatory bodies.		Submission acknowledgements and validations from regulatory bodies are built into the workflow.
Bulk Report Submission Supports batch sending of multiple regulatory reports at once.		Bulk (batch) report submission supported.
Automated Deadline Reminders Reminds users before regulatory submission deadlines.		Automated regulatory deadline reminders are a feature of the reporting suite.
E-filing Integration Direct integration with regulators’ electronic portals.		E-filing direct integration claimed in Verafin regulatory workflow product overview.
Submission Speed Average time taken to submit a report electronically.		No information available
Multi-jurisdictional Support Handles filings to multiple regulatory authorities across countries.		Multi-jurisdictional regulatory reporting is stated as a differentiator.

Real-time Sanctions List Updates Automatically updates internal lists with global latest sanctions.		Real-time sanctions list updates to screening engines are advertised.
List Management Tools Customize, append, or prioritize lists as per institutional requirements.		No information available
Fuzzy Matching Algorithms Detects potential matches despite name spelling variations.		Fuzzy matching algorithms described as method for reducing false matches in sanctions screening.
Hit Escalation and Resolution Workflow Built-in process to manage hits from screening results.		No information available
False Positive Reduction Minimizes unnecessary investigation workload.		False positive reduction is a product selling point and referenced repeatedly.
Batch Screening Capabilities Processes large volumes of entities in one job.		No information available
List Source Auditability Keeps records of list versions and update dates.		No information available
Watchlist Screening API API for real-time screening in external systems.		No information available
Screening Throughput Maximum entities screened per minute.		No information available
Automated List Synchronization Ensures all systems refer to the same up-to-date listings automatically.		No information available

Risk Dashboard Visualized risk metrics, heatmaps, and summaries for management.		Risk management dashboards with heatmaps and alerts, as visualized in the product screenshots.
Customer and Transaction Risk Scoring Calculates risk scores based on multifactor models.		Customer and transaction risk scoring use multifactor models per Verafin product documentation.
Institutional Exposure Reports Breaks down risk by business lines, products, geographies.		Institutional exposure reports by line, product, and geography are available.
Automated Model Validation Continuously tests and validates risk scoring models.		Automated model validation is part of continuous risk scoring improvement, as described under analytics.
Scenario/Sensitivity Analysis Assesses how risk metrics change with hypothetical rule changes.		Scenario and sensitivity analysis functionality available in reporting and analytics area.
Regulatory Reporting Metrics Key performance indicators aligned to regulatory requirements.		Regulatory reporting metrics/KPIs available per compliance dashboards.
Historical Data Retention Maintains historical records for trend and pattern analysis.		Retention of historical data for trend and pattern analysis is a standard feature.
Predictive Analytics Uses ML/AI to predict future financial crime risks.		Predictive analytics using machine learning referenced throughout Verafin's feature lists.
Custom Analytics Module User-defined analytics and dashboards.		Custom analytics and dashboard modules provided as part of risk analytics suite.
Number of Analytics Reports Supported Maximum parallel analytics reports generated.		No information available

Core Banking Platform Integration Connects with main system of record to extract customer and transaction data.		Integration with core banking and other record systems is cited as a benefit.
Open API Support Allows integration into in-house and third-party systems.		Open API support for integration is included.
Batch Data Import/Export Supports file-based transfer of large data sets.		Batch data import/export options offered, as described in onboarding guides.
Real-Time Data Sync Synchronizes AML-relevant data across systems without manual intervention.		Real-time data sync between AML modules and external data sources is supported.
Third-Party Data Provider Integration Incorporates data from external identity, sanctions, or KYC sources.		Integration with third-party data providers (KYC, sanctions, identity) confirmed.
Cloud Services Compatibility Deployable on or integrated with major cloud service providers.		Cloud deployment and compatibility with major providers is explicitly stated.
Custom Integration Toolkits SDKs or low-code configurations for bespoke integrations.		No information available
Number of Supported Integrations Maximum number of direct system integrations supported.		No information available
Webhooks Support Ability to automatically notify external systems of events.		No information available
ETL (Extract, Transform, Load) Capabilities Handles data normalization and enrichment when importing/exporting data.		ETL capabilities for data normalization/enrichment available per technical documentation.

Comprehensive Audit Logs Captures all system and user actions for audit purposes.		Comprehensive audit logs (system, user, regulatory) are a compliance mainstay in Verafin.
Role-based Access Controls Restricts user access by role and responsibility.		Role-based access controls are a core requirement and provided in platform access options.
Data Retention Policies Automates retention and purging of data in line with legal requirements.		Automated data retention and purging to meet regulatory obligations is featured.
Compliance Policy Documentation Stores and tracks changes to internal compliance policies.		Compliance policy documentation, version tracking and management, clearly noted.
Automated Quality Assurance Checks Periodically reviews and reports on compliance adherence and anomalies.		Automated quality assurance checks run on processes to verify compliance.
Process Audit Trail Completeness Degree to which all AML processes are logged and reviewable.		Full audit trail of AML process steps and case actions for compliance reviews.
Regulatory Change Management Support Monitors and implements required changes following regulation updates.		Monitors regulatory change and supports users with update notifications.
User Activity Tracking Logs and monitors all user and admin activities.		All user and admin activities are logged for audit and investigation.
No. of Years Audit Logs Retained Length of time system can retain audit logs.		No information available
Automated Compliance Alerts Notifies compliance team about procedural breaches.		Automated compliance alerts are given for procedural or rule breaches.

End-to-End Encryption All data in transit and at rest is encrypted.		End-to-end encryption of data at rest and in transit is featured in security section.
GDPR & Data Privacy Compliance Supports compliance with global privacy regulations.		GDPR, CCPA, and other privacy standards compliance referenced.
Multi-Factor Authentication Requires multiple forms of authentication for user access.		Multi-factor authentication available for enhanced security.
Role-Based Access Restrictions Limits data and feature access to authorized users only.		Role-based access restrictions are implemented.
Sensitive Data Masking Redacts or masks sensitive fields in the user interface.		Sensitive data masking is offered, according to Verafin data protection description.
Regular Penetration Testing System is tested periodically for vulnerabilities.		Regular penetration testing is stated as part of Verafin's ongoing security program.
Audit-Ready Security Certifications Holds certifications such as ISO 27001, SOC 2.		Holds ISO and/or SOC 2 certifications as audit-ready security proof.
Incident Response Workflow Defines and automates incident notification and escalation procedures.		Incident response workflow and automated notifications provided per security features list.
Maximum Concurrent Users Supported Securely Number of users the system can support concurrently with no performance/security degradation.		No information available
Data Breach Notification Automation Automatic alerts to compliance and security teams in case of breach.		No information available

Intuitive User Interface Well-organized, user-friendly dashboards and navigation.		Verafin’s product is marketed for its intuitive, well-organized user interface.
Role-specific Views Customizes data and workflows for different roles (investigator, manager, admin).		Role-specific views for investigators, managers, and admins are mentioned.
Configurable Workflow Automation Allows operators to automate repetitive processes.		Configurable workflow automation supported for repetitive compliance and investigation processes.
Multilingual Support System available in multiple user languages.		No information available
Custom Alerts and Notifications Users can set personalized notification rules.		Custom alerts and rules for notifications configurable by user or admin.
Mobile Device Accessibility Accessible from tablets and smartphones.		Mobile device accessibility is listed (responsive UI and mobile support for investigations).
User Training and Tutorials Offers onboarding and contextual help to new users.		User training, onboarding and contextual help is provided.
Number of Customizable Fields Number of fields users can customize per workflow.		No information available
Bulk Operations Support Ability to perform actions (e.g. closing alerts) on many cases/records at once.		Bulk operations such as mass case closure supported in the user dashboard.
System Uptime Guarantee Guaranteed service availability percentage.		No information available

Verafin Anti-Money Laundering Software from Verafin

Product analysis by function

Anti-Money Laundering Systems for Compliance

Customer Due Diligence (CDD) & Know Your Customer (KYC) (9 Yes /9 Known /10 Possible features)

Transaction Monitoring & Detection (9 Yes /9 Known /11 Possible features)

Case Management & Investigation Tools (9 Yes /9 Known /10 Possible features)

Regulatory Reporting (9 Yes /9 Known /10 Possible features)

Sanctions Screening (3 Yes /3 Known /10 Possible features)

Risk Management & Analytics (9 Yes /9 Known /10 Possible features)

Integration & Interoperability (7 Yes /7 Known /10 Possible features)

Compliance & Audit Support (9 Yes /9 Known /10 Possible features)

Security & Data Protection (8 Yes /8 Known /10 Possible features)

Usability & Operations (7 Yes /7 Known /10 Possible features)