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Six Months Ahead of FinCEN's 2013 Deadline—Verafin Customers E-File the New Currency Transaction Reports and Suspicious Activity Reports

Verafin Inc. (, a leading provider of integrated fraud detection and BSA/AML compliance (FRAML™) software, today announced that its latest software release, Fall '12, includes full support for FinCEN's new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) forms.

Verafin has updated its CTR and SAR filing functionality to enable customers to e-file the new FinCEN forms. As a result, users are already successfully e-filing the new forms with FinCEN a full six months ahead of the March 2013 deadline.

Verafin's latest software update means customers continue to achieve the advantages of full BSA reporting automation, including report generation, full electronic submission and validation directly from FinCEN.

“It is fantastic to know that our customers are now e-filing the new forms half a year ahead of the deadline,” says Andrew King, VP of Customer Care at Verafin. “We understand how vital it is for our customers to be fully prepared for the latest BSA regulations. That is why we always strive to create an easy-to-use application that maximizes efficiency and stays a step ahead of our customers' needs.”

In addition, Fall '12 incorporates numerous other updates, including:

  • expanded remote banking fraud detection, including corporate ACH and wire transfer analysis, helping customers comply with the latest FFIEC supplementary guidance for Internet Banking
  • increased customer risk assessment functionality
  • refined case management usability and integration

Verafin continues to experience rapid growth of its customer base, with more than 900 customers. Verafin's FRAML (FRaud detection + Anti-Money Laundering) solution is a natural choice for financial institutions, as it utilizes artificial intelligence and behavior pattern-based recognition to analyze transactions across multiple transaction channels. With a robust and user-intuitive case management feature, Verafin lets fraud professionals and BSA/AML officers act quickly on evidence-supported suspicious activity alerts. Using one innovative software suite professionals can detect, investigate and document suspicious activity—while meeting regulatory requirements.

About Verafin

Verafin is a North American leader in fraud detection and anti-money laundering solutions for financial institutions, with over 900 customers that span 65 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 fraud detection and BSA/AML software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and has industry endorsements in 44 states. For more information, visit, email [email protected] or call 1-866-781-8433.

© 2012 Verafin Inc. All rights reserved.

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