Under the new partnership, CBA recognizes Verafin as the exclusive AML and anti-fraud software solution recommended to CBA members.

Verafin helps financial institutions manage compliance, reputational, and other risks associated with fraud and money laundering. It provides a fully integrated suite of AML and anti-fraud functions, including automated risk scoring, suspicious activity detection, watch list scanning, case management, compliance reporting and record keeping, and vendor management.

CBA's Strategic Partners program recognizes the vendor with the highest quality products and services in a service category. To earn the endorsement, companies must meet stringent quality standards, fulfill industry needs, and satisfy certain other key criteria, such as the ability to meet the long-term needs of financial institutions, customer service, financial soundness, and management strength.

"Financial institutions want a solution that will bring their AML and fraud programs to the next level, and address evolving and increasingly sophisticated attempts to launder money and commit fraud," said Jamie King, president of Verafin. "We've introduced a new approach to AML and fraud detection that overcomes many of the limitations of current systems and offers banks the comprehensive approach they are seeking. We look forward to working closely with the CBA, who continue to provide quality support and guidance to the California banking industry, to help bring this solution to its members."

"Protecting customers' financial information and complying with industry regulations are two of the most important priorities for banks," said Rodney Brown, president and CEO of the CBA. "Verafin's software solutions help ensure regulatory compliance and protect bank systems from intrusion. Customer interests are better served while allowing banks to conduct business with diminished operating risk. We are pleased to offer our member banks tthis valuable software product."