March 05, 2010 13:08 ET

CUNA Renews Strategic Alliance with Verafin

MADISON, WISCONSIN AND ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 5, 2010) - Verafin Inc., a leading provider of compliance, anti-money laundering (AML), and fraud detection software, today announced that CUNA Strategic Services has extended its relationship with Verafin for five years. This new contract builds on a successful three year strategic alliance that helped drive Verafin to the forefront of Bank Secrecy Act (BSA) solutions for credit unions across North America, with nearly 500 financial institutions trusting Verafin for their compliance and anti-fraud needs. Verafin is the exclusive provider of BSA/AML and fraud detection software for CUNA Strategic Services and 40 credit union leagues and associations in the United States.

"With the regulators' intensified focus on the Bank Secrecy Act, the growing complexity of money laundering schemes and the increasing need for fraud detection, it is important that CUNA Strategic Services provide a solution for credit unions to meet these challenges," said Wes Millar, senior vice president, CUNA Strategic Services. "Our continued alliance with Verafin offers an all-in-one program that can help credit unions improve their processes and greatly reduce the overwhelming manual workload that they face in meeting regulatory requirements."

"Combating fraud and money-laundering will continue to be a key initiative for the financial services market in 2010," said Jamie King, CEO, Verafin. "We look forward to continuing to provide credit unions with innovative second generation technology and the highest quality customer-focused services and support."

Verafin provides an innovative approach to risk analysis and detection, improving BSA/AML automation. Verafin searches out suspicious activity using advanced artificial intelligence (AI) instead of the more common rules-based technology. AI replicates human reasoning and enables Verafin to catch suspicious activity that rules-based solutions may miss. The comprehensive solution combines four elements:

- BSA/AML Compliance-Provides automated CTR and SAR reporting as well as automated BSA record keeping

- Fraud Detection-Detects fraudulent activity, including debit, check and account fraud; and reduces losses

- FACTA Red Flags-Facilitates creation of red flags and configuration by type, assigns investigation/expiration to flagged accounts, verifies social security numbers, checks against internal watch lists and mines for suspicious personal ID information

- Watch List & 314(a) Checking-Checks people, vendors and businesses against the OFAC SDN list, performs 314(a) searches, checks incoming and outgoing wires and flags positive matches, alerts compliance officer, accommodates fraud lists and internal watch lists, and maintains exemption lists

About Verafin, Inc.

Verafin is a leader in anti-money laundering and fraud detection solutions, with nearly 500 financial institution customers that span numerous core processing systems and a broad asset range. Verafin helps financial institutions comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also helping to protect against bank fraud. Verafin is the exclusive provider of BSA/AML and fraud detection software for CUNA Strategic Services and 40 credit union leagues and associations in the United States. For more information, visit or call 1.866.781.8433.

About CUNA Strategic Services

CUNA Strategic Services Inc., owned jointly by 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. For more information, visit

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