Verafin, a leader in anti-money laundering (AML) and fraud detection solutions and a strategic alliance partner of CUNA Strategic Services, announced today the signing of its 200th U.S. credit union customer, OnPoint Community Credit Union located in Portland, Oregon.
Verafin's BSA/AML compliance and fraud detection software will help OnPoint Community Credit Union, which has 15 branches and $2.8 billion in assets, detect suspicious activity and mitigate financial crime, while also ensuring compliance with the Bank Secrecy Act, USA Patriot Act and FACTA Red Flag regulations.
"Verafin was the right choice for OnPoint on many levels when it came to automating our AML and BSA program," said Rob Stuart, president and CEO of OnPoint Community Credit Union. "It provides the complete package for AML and fraud detection and integrates easily with our core processing system. During our evaluation of BSA/AML solutions, we were also really impressed with the satisfaction levels among existing Verafin customers and the sheer sophistication of the product itself."
Unlike most providers which use complicated rules-based systems, Verafin uses a next generation behavior-based AML system. Its advanced artificial intelligence replicates human reasoning, which creates member profiles and performs transaction monitoring to detect suspicious and fraudulent activity.
"Verafin truly is the next generation in AML and fraud detection and provides credit unions with the right tool to meet rigid regulatory requirements and help detect fraud," said Wes Millar, senior vice president of CUNA Strategic Services. "Reaching the 200 milestone is not only a testament to the industry-wide appeal of Verafin's advanced solution, but is also a reflection of the solid reputation Verafin has in this industry."
"Financial institutions are playing an increasing role in the fight against money laundering and terrorist financing, and with this comes increased regulatory and compliance demands," said Jamie King, president and cofounder of Verafin. "Our behavior-based system is unmatched in the industry, and its advanced ability to detect suspicious and fraudulent activity is being widely recognized by credit unions and banks across North America. OnPoint Community Credit Union marks our 200th credit union customer in the U.S. and we are very pleased to have them on board."