ST. JOHN’S, Newfoundland (3/10/11)--Verafin Inc., a provider of compliance, anti-money laundering (AML) and fraud detection software, issued a white paper on the convergence of the anti-fraud and AML processes. Verafin is a CUNA Strategic Services provider. The white paper offers a scenario in which a financial institution identifies an opportunity to synchronize its AML and fraud investigations. As the paper describes, institutions that consolidate their AML and fraud detection efforts must overcome two obstacles:
* The legacy of the different approaches used to achieve separate AML and anti-fraud goals; and * The constraints imposed by the adoption of the solutions that rely on first-generation (rules-based) technology.
The white paper then presents a combined fraud and AML (FRAML) approach for the given scenario. Fraud and compliance professionals will learn how the FRAML approach can help break down departmental silos by engaging and integrating three key FRAML components: people, processes and technology. The result is improved communication, efficiency and effectiveness, said Verafin.