Verafin Signs 200th U.S. Credit Union for Anti-Money Laundering Solution

Verafin, a leader in anti-money laundering (AML) and fraud detection solutions and a strategic alliance partner of CUNA Strategic Services, Inc., announced today the signing of its 200th U.S. credit union customer, OnPoint Community Credit Union loca
By: Verafin
 
Aug. 6, 2009 - PRLog -- (St. John’s, Newfoundland and Labrador) Verafin, a leader in anti-money laundering (AML) and fraud detection solutions and a strategic alliance partner of CUNA Strategic Services, Inc., 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.”
In total, over 400 credit unions and banks in North America have implemented Verafin for BSA compliance, FACTA Red Flags and fraud detection. Verafin is the exclusive provider of BSA/AML and fraud detection software for CUNA Strategic Services and 43 credit union leagues in the United States.

About Verafin
Verafin is a leader in anti-money laundering and fraud detection solutions, with over 400 financial institution customers that span numerous core processing systems and a broad asset range. Verafin helps financial institutions comply with the Bank Secrecy Act, the USA PATRIOT Act, and FACTA Red Flag regulations, while also helping to protect them against bank fraud. For more information, go to www.verafin.com or call 1.877.368.9986.  

About OnPoint Community Credit Union
OnPoint Community Credit Union is the largest credit union in Oregon, serving more than 198,000 members and with assets of $2.8 billion. Founded in 1932, OnPoint Community Credit Union's membership is available to anyone who lives or works in one of 10 Oregon counties (Benton, Clackamas, Columbia, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill) and two Washington counties (Skamania and Clark). For more information, visit www.onpointcu.com or call 800-527-3932.

About CUNA Strategic Services
CUNA Strategic Services, owned jointly by the Credit Union National Association (CUNA) and the state leagues, provides credit unions with access to high quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. CUNA serves more than 90 percent of America’s 7,800 credit unions, which are owned by more than 89 million consumer members. Credit unions are not for profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit strategicservices.cuna.org.



For More Information:

Karyn Murphy
Public Relations Specialist
Verafin Inc.
1-877-368-9986, 1-709-690-5956
Karyn.Murphy@verafin.com

Kelly Schrader
Senior Vice President/Marketing & Member Services
OnPoint Community Credit Union
1-503-273-2230
Kelly.Schrader@onpointcu.com

Tom Lybeck
Alliance Manager
CUNA Strategic Services
1-608-231-4109
Tlybeck@cuna.coop
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Source:Verafin
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Tags:Aml, Fraud, Compliance, Bsa, Regulations, Ofac, Ctr, Sar, Credit Unions
Industry:Banking, Financial
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