ST. JOHN'S, Newfoundland (5/8/12)--Verafin Inc., a provider of fraud detection and anti-money laundering software, has redesigned its Currency Transaction Reporting (CTR) and Suspicious Activity Reporting (SAR) modules to support the Financial Crimes Enforcement Network's (FinCEN) updated reporting requirements.
Verafin is a CUNA Strategic Services provider.
It also updated some features of the modules to improve the user experience, the company said.
With updated e-filing requirements coming into effect in July 2012 and a March 2013 deadline for the new report formats, Verafin has completed successful submissions to the FinCEN test site.
"Our approach has always been to help our customers stay a step ahead of both regulatory requirements and the latest trends in financial crime," said Rob Norris, Verafin product management director. "From recent advances in our software such as automated Common Point of Compromise detection and online banking fraud detection to having our customers ready for the updated CTR and SAR e-filing requirements, we always push to ensure our software meets our customers' needs."
Verafin also improved reporting features to enhance ease-of-use and user efficiency, the company said.
The company is offering a free webinar demonstrating the updated features at 12:30 p.m. (ET) May 16. To register, use the link.
Verafin also announced it had surpassed more than 800 customers.