Verafin Warns of the Growing Complexity of Organized Money Laundering Activity

Verafin Inc., today released a white paper that discusses the increasing organiz
ation and complexity surrounding human trafficking and organized crime and the m
oney laundering activity that accompanies it.
St. Johnâ s, NL, May 02, 2011 -- Verafin Inc., ( http://www.verafin.com ) a leading p
rovider of compliance, anti-money laundering (AML) and fraud detection software,
today released a white paper that discusses the increasing organization and com
plexity surrounding human trafficking and organized crime and the money launderi
ng activity that accompanies it.
The white paper ( http://information.verafin.com/LP=11?CID=701C0000000cVDc ) is
the latest research by Verafinâ s team of analytics researchers, who believe it is es
sential to keep ahead of emerging financial crime trends in order to better help
detect them. In this paper Bank Secrecy Act (BSA) compliance professionals will
learn:
* How criminal activities such as human trafficking and organized crime are lead
ing to complex money laundering problems;
* About the increased pressure and substantial fines state and federal regulator
s are applying to non-compliant financial institutions;
* How next generation, anti-money laundering technology can help uncover complex
money laundering scenarios.
Finally, the white paper ( http://information.verafin.com/LP=11?CID=701C0000000c
VDc ) outlines three complex money laundering scenarios that offer insight into
how criminals involved in complex criminal activities attempt to clean their ill
egal funds. Each scenario also illustrates how Verafinâ s advanced, next generation a
nalytics generate clear and relevant alerts that present information in a visual
, easy-to-understand format. All alerts are scored based on their risk to the fi
nancial institution and contain evidence indicating the nature of the suspicious
activity, letting users act quickly to stop destructive activity.
Verafin is an award-winning and intelligent solution that combines fraud detecti
on and anti-money laundering (AML), while providing complete visibility into cus
tomer activity, ensuring comprehensive compliance reporting. Easy to use and imp
lement, it is the only solution in the financial services industry that combines
fraud detection, anti-money laundering, and regulatory reporting with behavior-
based customer monitoring technology in a single platform.
About Verafin:
Verafin is a leader in anti-money laundering and fraud detection solutions for f
inancial institutions, with over 650 customers that span nearly 60 core processi
ng systems and a broad asset range. Verafin helps financial institutions comply
with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also he
lping to protect against fraud. Verafin is the exclusive provider of BSA/AML and
fraud detection software for the California Bankers Association ( http://www.ca
lbankers.com ), Massachusetts Bankers Association ( http://www.massbankers.org )
, CUNA Strategic Services ( http://www.cunastrategicservices.com ) and 40 credit
union leagues and associations in the United States. For more information, visi
t http://www.verafin.com, email us at FRAML@verafin.com or call 1-866-781-8433.
© 2011 Verafin Inc. All rights reserved.
Press & Media Contact:
Victor Cruz
MediaPR.net, Inc
St. Johnâ s, NL
(401) 349-3369
vcruz@mediapr.net
http://www.verafin.com