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Verafin Anti-Money Laundering Software from Verafin
Combines data analytics and machine learning to enhance detection, investigation, and reporting of suspicious transactions.
Product analysis by function
Anti-Money Laundering Systems for Compliance
Solutions for detecting, preventing, and reporting potential money laundering activities and suspicious transactions.
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Customer Due Diligence (CDD) & Know Your Customer (KYC)
(9 Yes /9 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. | |
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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. | |
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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. | |
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Ongoing Customer Monitoring Continuously monitors for changes in customer risk profile. |
Verafin advertises ongoing customer monitoring for changing risk profiles, supporting this feature. | |
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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. | |
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Document Verification Validates authenticity of identity documents (e.g., passports, IDs). |
Document verification is provided as a component of Verafin’s KYC toolkit. | |
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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. | |
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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. | |
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Multi-language OCR Extracts text and data from identification documents in multiple languages. |
No information available | |
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Batch Screening Capability Processes multiple customer files simultaneously for efficiency. |
Batch screening capability is referenced as part of Verafin’s scalability claims. |
Transaction Monitoring & Detection
(9 Yes /9 Known /11 Possible features)
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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. | |
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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. | |
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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. | |
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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. | |
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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. | |
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Anomaly Detection Capability Identifies deviations from typical transaction behavior. |
Anomaly detection using transaction behavior analytics is advertised. | |
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Volume of Transactions Monitored per Second Maximum number of transactions the system can process for monitoring in real time. |
No information available | |
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Cash Transaction Detection Specifically flags large or structured cash transactions. |
Cash transaction detection (suspicious large/structured cash) is noted as a supported detection scenario. | |
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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. | |
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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. | |
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Transaction Memo Analysis Reviews free-text memos for trigger words or suspicious context. |
No information available |
Case Management & Investigation Tools
(9 Yes /9 Known /10 Possible features)
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Alert Management Dashboard Centralizes and prioritizes alerts for compliance teams. |
Alert management dashboard referenced multiple times on the product site. | |
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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. | |
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Investigation Workflow Automation Guides investigators through standardized investigation steps. |
Step-by-step investigation workflow is guided through the platform. | |
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Case Linking Links related cases or alerts for consolidated investigation. |
Verafin describes case linking abilities in their investigation tools section. | |
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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. | |
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Investigation Time Metrics Tracks and reports time spent investigating each case. |
Investigation time metrics are referenced in the reporting/analytics section. | |
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Automatic Case Closure Closes cases automatically based on resolution rules. |
Automatic case closure based on resolution rules is part of workflow automation. | |
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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. | |
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Audit Log for Case Actions Tracks all actions taken on a case for compliance purposes. |
Audit log for case actions is included for compliance. | |
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Number of Concurrent Cases Supported Capacity for simultaneous active cases. |
No information available |
Regulatory Reporting
(9 Yes /9 Known /10 Possible features)
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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. | |
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Custom Report Builder Enables tailored reports to meet specific jurisdictional standards. |
Custom report builder described on reporting module web page. | |
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Pre-built Regulatory Templates Provides ready-made templates for common global filings. |
Pre-built templates for SAR and other filings listed on product site. | |
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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. | |
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Submission Acknowledgement and Validation Confirms receipt and compliance from regulatory bodies. |
Submission acknowledgements and validations from regulatory bodies are built into the workflow. | |
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Bulk Report Submission Supports batch sending of multiple regulatory reports at once. |
Bulk (batch) report submission supported. | |
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Automated Deadline Reminders Reminds users before regulatory submission deadlines. |
Automated regulatory deadline reminders are a feature of the reporting suite. | |
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E-filing Integration Direct integration with regulators’ electronic portals. |
E-filing direct integration claimed in Verafin regulatory workflow product overview. | |
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Submission Speed Average time taken to submit a report electronically. |
No information available | |
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Multi-jurisdictional Support Handles filings to multiple regulatory authorities across countries. |
Multi-jurisdictional regulatory reporting is stated as a differentiator. |
Sanctions Screening
(3 Yes /3 Known /10 Possible features)
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Real-time Sanctions List Updates Automatically updates internal lists with global latest sanctions. |
Real-time sanctions list updates to screening engines are advertised. | |
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List Management Tools Customize, append, or prioritize lists as per institutional requirements. |
No information available | |
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Fuzzy Matching Algorithms Detects potential matches despite name spelling variations. |
Fuzzy matching algorithms described as method for reducing false matches in sanctions screening. | |
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Hit Escalation and Resolution Workflow Built-in process to manage hits from screening results. |
No information available | |
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False Positive Reduction Minimizes unnecessary investigation workload. |
False positive reduction is a product selling point and referenced repeatedly. | |
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Batch Screening Capabilities Processes large volumes of entities in one job. |
No information available | |
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List Source Auditability Keeps records of list versions and update dates. |
No information available | |
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Watchlist Screening API API for real-time screening in external systems. |
No information available | |
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Screening Throughput Maximum entities screened per minute. |
No information available | |
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Automated List Synchronization Ensures all systems refer to the same up-to-date listings automatically. |
No information available |
Risk Management & Analytics
(9 Yes /9 Known /10 Possible features)
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Risk Dashboard Visualized risk metrics, heatmaps, and summaries for management. |
Risk management dashboards with heatmaps and alerts, as visualized in the product screenshots. | |
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Customer and Transaction Risk Scoring Calculates risk scores based on multifactor models. |
Customer and transaction risk scoring use multifactor models per Verafin product documentation. | |
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Institutional Exposure Reports Breaks down risk by business lines, products, geographies. |
Institutional exposure reports by line, product, and geography are available. | |
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Automated Model Validation Continuously tests and validates risk scoring models. |
Automated model validation is part of continuous risk scoring improvement, as described under analytics. | |
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Scenario/Sensitivity Analysis Assesses how risk metrics change with hypothetical rule changes. |
Scenario and sensitivity analysis functionality available in reporting and analytics area. | |
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Regulatory Reporting Metrics Key performance indicators aligned to regulatory requirements. |
Regulatory reporting metrics/KPIs available per compliance dashboards. | |
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Historical Data Retention Maintains historical records for trend and pattern analysis. |
Retention of historical data for trend and pattern analysis is a standard feature. | |
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Predictive Analytics Uses ML/AI to predict future financial crime risks. |
Predictive analytics using machine learning referenced throughout Verafin's feature lists. | |
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Custom Analytics Module User-defined analytics and dashboards. |
Custom analytics and dashboard modules provided as part of risk analytics suite. | |
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Number of Analytics Reports Supported Maximum parallel analytics reports generated. |
No information available |
Integration & Interoperability
(7 Yes /7 Known /10 Possible features)
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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. | |
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Open API Support Allows integration into in-house and third-party systems. |
Open API support for integration is included. | |
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Batch Data Import/Export Supports file-based transfer of large data sets. |
Batch data import/export options offered, as described in onboarding guides. | |
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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. | |
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Third-Party Data Provider Integration Incorporates data from external identity, sanctions, or KYC sources. |
Integration with third-party data providers (KYC, sanctions, identity) confirmed. | |
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Cloud Services Compatibility Deployable on or integrated with major cloud service providers. |
Cloud deployment and compatibility with major providers is explicitly stated. | |
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Custom Integration Toolkits SDKs or low-code configurations for bespoke integrations. |
No information available | |
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Number of Supported Integrations Maximum number of direct system integrations supported. |
No information available | |
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Webhooks Support Ability to automatically notify external systems of events. |
No information available | |
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ETL (Extract, Transform, Load) Capabilities Handles data normalization and enrichment when importing/exporting data. |
ETL capabilities for data normalization/enrichment available per technical documentation. |
Compliance & Audit Support
(9 Yes /9 Known /10 Possible features)
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Comprehensive Audit Logs Captures all system and user actions for audit purposes. |
Comprehensive audit logs (system, user, regulatory) are a compliance mainstay in Verafin. | |
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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. | |
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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. | |
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Compliance Policy Documentation Stores and tracks changes to internal compliance policies. |
Compliance policy documentation, version tracking and management, clearly noted. | |
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Automated Quality Assurance Checks Periodically reviews and reports on compliance adherence and anomalies. |
Automated quality assurance checks run on processes to verify compliance. | |
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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. | |
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Regulatory Change Management Support Monitors and implements required changes following regulation updates. |
Monitors regulatory change and supports users with update notifications. | |
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User Activity Tracking Logs and monitors all user and admin activities. |
All user and admin activities are logged for audit and investigation. | |
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No. of Years Audit Logs Retained Length of time system can retain audit logs. |
No information available | |
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Automated Compliance Alerts Notifies compliance team about procedural breaches. |
Automated compliance alerts are given for procedural or rule breaches. |
Security & Data Protection
(8 Yes /8 Known /10 Possible features)
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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. | |
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GDPR & Data Privacy Compliance Supports compliance with global privacy regulations. |
GDPR, CCPA, and other privacy standards compliance referenced. | |
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Multi-Factor Authentication Requires multiple forms of authentication for user access. |
Multi-factor authentication available for enhanced security. | |
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Role-Based Access Restrictions Limits data and feature access to authorized users only. |
Role-based access restrictions are implemented. | |
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Sensitive Data Masking Redacts or masks sensitive fields in the user interface. |
Sensitive data masking is offered, according to Verafin data protection description. | |
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Regular Penetration Testing System is tested periodically for vulnerabilities. |
Regular penetration testing is stated as part of Verafin's ongoing security program. | |
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Audit-Ready Security Certifications Holds certifications such as ISO 27001, SOC 2. |
Holds ISO and/or SOC 2 certifications as audit-ready security proof. | |
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Incident Response Workflow Defines and automates incident notification and escalation procedures. |
Incident response workflow and automated notifications provided per security features list. | |
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Maximum Concurrent Users Supported Securely Number of users the system can support concurrently with no performance/security degradation. |
No information available | |
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Data Breach Notification Automation Automatic alerts to compliance and security teams in case of breach. |
No information available |
Usability & Operations
(7 Yes /7 Known /10 Possible features)
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Intuitive User Interface Well-organized, user-friendly dashboards and navigation. |
Verafin’s product is marketed for its intuitive, well-organized user interface. | |
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Role-specific Views Customizes data and workflows for different roles (investigator, manager, admin). |
Role-specific views for investigators, managers, and admins are mentioned. | |
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Configurable Workflow Automation Allows operators to automate repetitive processes. |
Configurable workflow automation supported for repetitive compliance and investigation processes. | |
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Multilingual Support System available in multiple user languages. |
No information available | |
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Custom Alerts and Notifications Users can set personalized notification rules. |
Custom alerts and rules for notifications configurable by user or admin. | |
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Mobile Device Accessibility Accessible from tablets and smartphones. |
Mobile device accessibility is listed (responsive UI and mobile support for investigations). | |
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User Training and Tutorials Offers onboarding and contextual help to new users. |
User training, onboarding and contextual help is provided. | |
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Number of Customizable Fields Number of fields users can customize per workflow. |
No information available | |
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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. | |
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System Uptime Guarantee Guaranteed service availability percentage. |
No information available |
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