Massachusetts Bankers Association Endorses Verafin
Bay State Banks Can Use Next Generation AML and Fraud Detection Technology to Protect Assets and Streamline Compliance Efforts
St. John’s, NL—July 19, 2010—Verafin, Inc. today announced the Massachusetts Bankers
Association (MBA) has endorsed its industry-leading compliance, anti-money laundering (AML)
and fraud detection software. The MBA represents more than 200 banks across Massachusetts,
with aggregated assets of $1.8 trillion.
Verafin has pioneered a behavior-based approach for fraud and AML (FRAML) detection. While
traditional products are based on a set of pre-defined rules designed to identify known
vulnerabilities, Verafin’s holistic approach combines transaction information with behavioral
information. Using advanced artificial intelligence (AI) to replicate human reasoning, Verafin
enables banks to catch suspicious activity that conventional approaches may miss.
“Financial institutions are dealing with increasingly complex schemes and more regulations than
ever before,” said Jamie King, president of Verafin. “Our integrated approach combines fraud
and AML, a process we call FRAML. It gives Verafin customers a complete view of their
transaction activity. This reduces duplicate investigations and false positive alerts, resulting in
better outcomes with less cost. We look forward to working with MBA members and bringing
this innovative solution to banks across Massachusetts.”
Under the endorsement, the MBA recognizes Verafin as the exclusive AML and anti-fraud
software solution recommended to its members. The MBA selected Verafin for its ability to
accurately detect fraudulent activity as well as its ability to streamline the fraud and money
laundering detection process, reducing the burden on internal IT resources.
“Verafin will help MBA member institutions effectively combat criminals and comply with
government regulations,” said Peter T. Blanchard, executive director, Education Management
and Member Services of the MBA. “Verafin’s unique approach will help our members increase
transparency within their institution and avoid regulatory issues. We are excited to share this
innovative solution with our members across Massachusetts.”
About the Massachusetts Bankers Association
The Massachusetts Bankers Association represents approximately 200 commercial, savings and
co-operative banks and savings and loan institutions in Massachusetts and elsewhere in New
England. For more information, visit www.massbankers.org or call 1 617 523 7595.
About Verafin
Verafin is a leader in anti-money laundering and fraud detection solutions for financial
institutions, with more than 500 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 fraud. Verafin is
the exclusive provider of BSA/AML and fraud detection software for the California Bankers
Association, CUNA Strategic Services and 40 credit union leagues and associations in the United
States. For more information, visit www.verafin.com or call 1 866 781 8433.