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Verafin releases FRAML dashboard
HOLLYWOOD, Fla. (3/23/11)—Verafin, a compliance, anti-money laundering (AML) and fraud detection solution provider, has rolled out Winter ’11, a software “dashboard” that can give up-to-the-minute information on anti-fraud and AML (FRAML) compliance. Verafin is a CUNA Strategic Services Provider. “Over the last few years, analysts and industry experts have predicted the convergence of fraud and AML” said Jamie King, CEO and president of Verafin. “When we set out to create a major new release of Verafin we went to our customers to find out what would help them work more efficiently. King said the FRAML dashboard came directly from customer feedback. “From customer research, to product development and usability testing, we have worked to ensure this Winter ’11 release provides AML and anti-fraud professionals with the right mix of information and tools to manage their Bank Secrecy Act compliance and financial crime detection obligations,” he said. Verafin’s consolidation of anti-fraud and AML, called FRAML, leverages artificial intelligence and pattern recognition technology to immediately identify suspicious behavior and root out potential fraudsters and money launderers. Using a common underlying technology with separate analytics and configuration parameters for fraud and money laundering detection simplifies the tasks of system tuning and ongoing administration. Winter ‘11 provides a central repository where investigators can access information about past or ongoing investigations and a more holistic view of activity that is potentially fraudulent or indicative of money laundering. Winter ’11 includes improved debit fraud analytics, expanded reporting capabilities, improved customer and vendor risk management, and additional support for customer watch lists.
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