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Verafin Financial Crime Management Platform from Verafin

Comprehensive fraud detection and AML platform that uses AI and machine learning to detect suspicious activities, identify high-risk customers, and generate regulatory reports.

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Product analysis by function

Transaction Surveillance Software for Compliance and Risk Management

Tools that monitor trading activities, detect potential conflicts of interest, identify suspicious transactions, and ensure compliance with anti-money laundering (AML) regulations.
More Transaction Surveillance Software More Compliance and Risk Management ...

Core Transaction Monitoring
(7 Yes /7 Known /10 Possible features)

AML & Compliance Features
(9 Yes /9 Known /10 Possible features)

Trade Surveillance
(0 Yes /0 Known /10 Possible features)

Data Integration & Quality
(7 Yes /7 Known /10 Possible features)

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

User Management & Access Controls
(4 Yes /4 Known /10 Possible features)

Reporting & Analytics
(7 Yes /7 Known /10 Possible features)

Artificial Intelligence & Advanced Analytics
(6 Yes /6 Known /10 Possible features)

Audit & Regulatory Compliance
(10 Yes /10 Known /10 Possible features)

Security & Infrastructure
(5 Yes /5 Known /10 Possible features)

Support, Usability & Training
(8 Yes /8 Known /10 Possible features)

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Real-time Transaction Monitoring Ability to surveil and analyze transactions in real time to quickly detect suspicious activity.		Verafin advertises real-time AI-based monitoring of transactions to detect fraud and money laundering.
Historical Data Analysis Facility to analyze past transactions for risk patterns or post-incident reviews.		Verafin documentation and marketing specify tools for historical (lookback) analysis and post-incident reviews.
Automated Rules Engine Customizable rule sets for flagging potentially non-compliant or risky transactions.		Platform allows for customizable rules for alerting, as shown in solution overviews.
Pattern Recognition System can identify transaction patterns indicative of known risks (e.g., layering in money laundering).		Pattern recognition for structuring and layering schemes is highlighted in product literature.
Ad-hoc Query Capability On-demand querying and filtering of transaction data for investigations.		Ad-hoc querying tools for investigations are referenced on vendor site and in product videos.
Transaction Throughput The maximum number of transactions processed per second.		No information available
Volume Capacity The largest number of records manageable in system storage without degradation.		No information available
Cross-channel Surveillance Ability to monitor transactions across multiple platforms and channels (trading, banking, payments).		Verafin monitors multiple payment channels, including wires, ACH, checks, and cards.
Suspicious Activity Detection Rate Percentage of detected genuine suspicious transactions vs overall suspicious cases in the system.		No information available
Data Enrichment Ability to augment transaction records with additional data sources for enhanced detection.		Verafin enriches transaction data with external reference lists and customer risk factors.

Automated AML Flags Pre-configured triggers and alerts aligned to common AML red flags.		Pre-configured and machine learning-based AML flagging is a key feature.
Sanctions List Screening Automatic comparison of transacting parties against current global sanctions and watchlists.		Sanctions/OFAC screening is integrated per product compliance documentation.
Politically Exposed Persons Screening Detection and alerting when transactions involve politically exposed persons (PEPs).		PEP screening is explicitly listed in Verafin AML capabilities.
Currency Transaction Reporting (CTR) Automated preparation and filing of mandatory currency transaction reports to authorities.		Automatic generation and e-filing of CTRs is directly supported.
Suspicious Activity Report (SAR) Workflow Integrated tools for generating, tracking, and managing SAR filings.		SAR generation, review workflow, audit trail, and e-filing are core functions.
OFAC & Global List Updates Frequency How frequently the system refreshes and applies global sanctions lists and PEP data.		No information available
Geo-Fencing & Jurisdiction Tagging Automatic classification and monitoring by geographic areas of risk.		Verafin provides geo-tagging and geo-fencing, as referenced in anti-fraud use-cases.
Threshold Management Customizable thresholds for flagging high-value or high-frequency transactions.		Thresholds for alerts can be tuned within the system per compliance or risk policy.
Multi-leg Transaction Tracing Ability to follow complex, multi-step transaction flows for layered AML schemes.		Multi-leg/cross-account tracing offered for complex typologies like layering.
Regulatory Change Management Tools for tracking and automatically updating rules in response to regulatory changes.		Verafin advertises automated rule/regulatory update management.

Insider Trading Detection Algorithms to flag possible cases of insider trading based on news, price movements, and access rights.		No information available
Market Manipulation Alerts Detection of market manipulation patterns such as spoofing, layering, and wash trading.		No information available
Fairness Monitoring Surveillance for best execution, front running, and trade allocations.		No information available
Conflict of Interest Detection Automatic detection of potential conflicts based on employee accounts and trade history.		No information available
Trade Reconstruction Tools Ability to reconstruct order and trade histories for audit and investigation.		No information available
Alert Investigation Workflow Structured processes and tools to review and escalate detected trade alerts.		No information available
Supervisory Dashboard Centralized view for compliance officers to monitor and prioritize potential trade violations.		No information available
False Positive Rate Average proportion of trade alerts that are mistakenly flagged.		No information available
Coverage of Instrument Types Number of supported asset types for surveillance (equities, derivatives, FX, fixed income, etc.).		No information available
Exchange & Venue Coverage Ability to monitor trades across global exchanges and trading venues.		No information available

Multi-source Data Integration Supports ingesting data from multiple internal and external sources (e.g., trade systems, banks, brokers).		Integrates data from multiple sources: institution banking systems, customer info, public lists.
Real-time Data Feed Support Integration with streaming data feeds for live monitoring.		Supports real-time/streaming data feeds for live transaction monitoring.
Data Format Compatibility Supported number of standard and custom data formats.		No information available
API Availability Availability of APIs for system integration and data exchange.		APIs available for integration with core banking and partner solutions.
Data Validation & Sanitization Automated checks for data quality, accuracy, completeness, and consistency.		Per Verafin docs, there are automated data quality checks and sanitization routines.
Data Retention Period Maximum duration data can be securely stored and archived.		No information available
Data Lineage Tracking Ability to trace the origin and history of each data element.		Audit trail and data lineage features are referenced in compliance overviews.
Duplicate Transaction Detection Automatic identification of duplicate transaction records.		Duplicate transaction detection is included to eliminate false alerts.
ETL Performance Speed of extracting, transforming, and loading data.		No information available
Manual Data Entry Support Allows for secure manual input and corrections of data where needed.		Secure manual data correction and entry is described in support documentation.

Alert Generation Automatic and manual alert generation for detected risks and violations.		Automatic alert generation is central to platform functionality.
Alert Prioritization Ability to score or prioritize alerts based on risk or urgency.		Alerts are prioritized based on AI-driven risk scoring and urgency assessment.
Case Management Workflow Integrated process for tracking, investigating, and documenting cases.		Case management with investigation workflow and documentation is included.
Audit Trail Comprehensive logs of all alert and case related actions for compliance.		Comprehensive audit logs are available per regulatory requirements.
Attachment & Evidence Management Support for linking supporting documents or evidence to a case.		Attachment of evidence and documents in case management is supported.
Role-based Escalation Automated alert/case escalation based on user roles or business rules.		Escalation paths can be set up based on user roles and rules.
Automated Notifications System sends emails or in-app messages upon alert trigger or escalation.		Automatic notification and communication features included for alerts/cases.
Custom Alert Rules Users can define specific alert rules/templates as per firm policy.		User-defined alert rules are supported, in addition to pre-configured ones.
Alert Resolution SLA Tracking Measurement of time taken from alert creation to resolution.		No information available
Bulk Alert Handling Processing, assigning, or closing multiple alerts at once.		Support for bulk alert closing and handling is present in case management.

Role-based Access Control Granular control of who can see or act on what data and features.		Role-based access controls can be configured, as explained in technical documentation.
Single Sign-On (SSO) Support for central authentication and SSO standards.		Single Sign-On integration is supported for business customers.
Multi-factor Authentication Requirement for two or more forms of identity verification.		Supports multi-factor authentication per info security whitepapers.
User Audit Logs Tracking of each user’s actions for security and compliance audits.		Full user activity auditing is included for compliance.
Permission Templates Ability to create, save, and apply reusable permission settings across user groups.		No information available
Temporary Access Management Time-limited or project-based access assignments.		No information available
Concurrent User Support Maximum number of users able to use the system simultaneously.		No information available
Deprovisioning Automation Automated removal of access rights upon employee departure or role change.		No information available
Segregation of Duty Support Helps implement separation of critical tasks to different users for internal controls.		No information available
IP Whitelisting Restricting access only to users from approved network locations.		No information available

Standard Regulatory Reports Automated generation of reports required by key regulatory regimes (e.g., FINRA, FCA, SEC).		Standard regulatory reports (SAR, CTR, etc.) are generated automatically per solution guide.
Custom Report Builder Users can design and generate tailored analytic and compliance reports.		Custom report generation and analytics are included.
Scheduled Reporting Reports can be automatically scheduled and distributed.		Scheduled report automation is a product feature.
Dashboards & Data Visualization Interactive dashboards and visual summaries of key metrics and trends.		Interactive dashboards and data visualizations are shown in marketing and UI tours.
Drill-down Analysis Ability to drill from top-line summaries to detailed transaction or alert records.		Drill-down from aggregate metrics to underlying transaction and case data provided.
Report Export Formats Available formats for exporting reports (e.g., PDF, Excel, CSV).		No information available
KPI Tracking Track key performance indicators (alerts handled, case closure rate, etc.).		KPI dashboards for alert/case closure rates and case volume, etc., are present.
Peer Group Benchmarking Compare your organization's risk/compliance statistics to industry benchmarks.		No information available
Audit Certified Reports Reports can be generated with system-assured audit certification.		No information available
Ad Hoc Analytics Module Tools for creating advanced, one-off analytic queries and visualizations.		Ad hoc analytics and reporting modules are described in platform features.

Anomaly Detection Algorithms Machine learning-based identification of unexpected or suspicious activity.		Verafin describes the use of AI and anomaly detection for unusual/suspicious activity.
Behavioral Analytics Profiling users/entities to detect deviations from normal transaction behaviors.		Behavioral analytics - profiling customers for deviation from standard behavior is described.
Self-Learning Models Models that adapt alerting parameters based on new data and emerging patterns.		Self-learning and continuously adapting ML models for alerting are referenced by vendor.
Natural Language Processing Analysis of unstructured data (emails, notes) for surveillance signals.		No information available
False Positive Reduction Technology AI mechanisms to significantly lower the number of irrelevant alerts.		AI is used to reduce false positives in alerting according to product literature.
Explainable AI Outputs Provides reasoning or evidence for each AI-driven alert.		Explainable AI (alerts include rationale and reference data used) described in Verafin documentation.
Alert Scoring Models Assign risk scores or likelihoods to each alert based on statistical analysis.		Risk scoring models are used to prioritize alerts per documentation.
Model Re-training Frequency How often AI/ML models are retrained to keep up with new data.		No information available
Scenario Simulation Test and validate AI models or surveillance rules against simulated scenarios.		No information available
Custom Model Integration Ability to import or develop custom analytics or ML models.		No information available

Comprehensive Audit Logging All user/system activities and changes are logged in detail.		Comprehensive audit logging is a core feature: all actions are logged for compliance.
Regulatory Certification/Attestation Product is certified or attested for compliance with relevant standards (e.g., SOC, ISO, GDPR).		Verafin has regulatory attestations/certifications (e.g., SOC 2) for its platform.
Immutable Record Storage Ensures audit logs and key record cannot be altered or deleted.		Immutable, tamper-evident records for audit trail are declared features.
Audit Trail Search & Filtering Robust search/filter tools for audit record review.		Audit log search tools are standard for regulatory review.
Time-stamping and Synchronization Automated and accurate time-stamping of each transaction and activity.		Full time-stamping and activity synchronization is part of the compliance module.
Audit Report Generation One-click generation of compliance/audit output.		Audit/compliance reports can be generated for regulators via one-click options.
Change Management Tracking Logs and summarizes rule, threshold, and configuration changes.		Change management and rule change auditing documented as compliance features.
Data Privacy Compliance Controls Privacy features for GDPR, CCPA, or relevant data protection regimes.		Data privacy features and support for GDPR and CCPA are outlined on the compliance page.
Retention Policy Enforcement Automation to manage data retention in line with regulatory requirements.		Automated data retention policies enforcement for compliance included.
Accessibility to Regulators Secure, controlled regulator access to requested surveillance data.		Regulator-access controls and secure portals are referenced in vendor documentation.

Data Encryption at Rest All stored data is encrypted to industry standards.		Data is encrypted at rest, per Verafin security documentation.
Data Encryption in Transit All data moving in/out of the platform is encrypted.		Encryption in transit (TLS/SSL) is part of standard platform security.
Disaster Recovery Capability Built-in failover and data recovery mechanisms.		Disaster recovery and high availability are highlighted in cloud solution information.
High Availability Uptime Guaranteed minimum system uptime.		No information available
Penetration Testing Frequency Schedule for regular security penetration/vulnerability tests.		No information available
Security Incident Response Documented and tested incident response processes.		Security incident response framework and procedures are noted in SOC documentation.
Physical Data Center Security Data centers conform with industry physical security standards.		No information available
Cloud or On-premise Deployment Options Ability to deploy the solution in the cloud, on-premises, or hybrid models.		Cloud and hybrid deployment options described for the SaaS platform.
Automated Patch Management Automatic deployment of security updates and patches.		No information available
Scalability Metrics The scale to which system performance can be expanded.		No information available

User-Friendly Interface Intuitive user interface for quick adoption and daily use.		Customer testimonials and product reviews cite Verafin’s intuitive UI and ease of use.
Online Help & Documentation Comprehensive, accessible, and searchable system user guides.		Online help and extensive documentation are available within the application.
Contextual Assistance In-app tooltips, guides, and context-sensitive help for key functions.		In-app tooltips and guidance are built into the product UI.
Multilingual Support Availability of user interface and documentation in multiple languages.		Multi-language documentation and internationalization are mentioned for global customers.
Training Programs Availability of product training for staff and compliance officers.		Training and onboarding support, including compliance training modules, are included.
Knowledge Base Rich repository of FAQs and resolved issues for support.		Knowledge base and self-serve support are part of standard service.
Customer Support Availability Hours per day that product support is available (e.g., 24/7).		No information available
Ticketing System Integrated issue and feature request tracking.		Support ticketing for issues/requests is included in customer support.
System Customization Level Extent to which users can tailor features or workflows to their specific needs.		No information available
Release Notes / Update Notifications In-product or emailed communications for new releases and critical patches.		Users receive in-product and email notifications about platform updates and releases.

Verafin Financial Crime Management Platform from Verafin

Product analysis by function

Transaction Surveillance Software for Compliance and Risk Management

Core Transaction Monitoring (7 Yes /7 Known /10 Possible features)

AML & Compliance Features (9 Yes /9 Known /10 Possible features)

Trade Surveillance (0 Yes /0 Known /10 Possible features)

Data Integration & Quality (7 Yes /7 Known /10 Possible features)

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

User Management & Access Controls (4 Yes /4 Known /10 Possible features)

Reporting & Analytics (7 Yes /7 Known /10 Possible features)

Artificial Intelligence & Advanced Analytics (6 Yes /6 Known /10 Possible features)

Audit & Regulatory Compliance (10 Yes /10 Known /10 Possible features)

Security & Infrastructure (5 Yes /5 Known /10 Possible features)

Support, Usability & Training (8 Yes /8 Known /10 Possible features)