The Verafin service is founded on a behavioural approach that relies on artificial intelligence (AI) to search out unusual conduct in existing customers. Such a method analyzes transactions and looks for patterns of behavior that are unusual for the customer or are indicative of money laundering.
The system-performed analysis creates a risk score for each customer; when the risk exceeds a certain level, an alert is generated. In addition, the system provides all the relevant transactions for the customer as well as the specific pieces of evidence that lead to the alert.
Verafin also ensures compliance with industry regulations, such as the Bank Secrecy Act (BSA).
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