The Florida Bankers Association (FBA) has chosen Verafin’s fraud detection and anti-money laundering (FRAML) software suite, to help protect its more than 300 member banks and financial organizations.
FBA president and CEO Alex Sanchez said, "One of the most important things we can do is offer our members the best available technology to help protect themselves and their customers from financial crime."
The Bank Secrecy Act (BSA) compliant system executes fraud detection with anti-money laundering and offers an enterprise view of customer activity, to assist financial organization in tackling such crimes efficiently.
Verafin business development vice president Neil Chaulk said the association with FBA offers opportunities to work with other banks, while enabling them to stay a step ahead of financial criminals as well as meet latest regulatory requirements.
Founded in 1888, the FBA comprises more than 300 banks and financial institutions including small community banks and thrifts, medium sized banks, and large regional financial institutions having their headquarters in Florida or outside the state.
Established in 2003, Verafin provides enterprise fraud detection and anti-money laundering solutions for financial institutions across North America.