FFIEC & BSA Compliance Solution
Get FFIEC & BSA-complaint with secure and cost-effective identity verification solutions.
Prevent Criminal Activity Before It Happens
Government regulations, such as the Federal Financial Institutions Examination Council and the Bank Secrecy Act, place a significant burden on banks, financial institutions and fintech.
To get FFIEC and BSA-compliant, you’ll have to combat money laundering, fraud and security breaches.
As criminal actors become more aggressive and sophisticated, these responsibilities can quickly become a drain on internal resources.
Veratad’s suite of identity solutions help you detect, prevent and report criminal activity with automated identity verification. This allows you to know exactly who your customers are and stop criminal activity before it damages your institution’s valuable reputation.
What Is BSA & What Does It Mean For Your Business?
The Bank Secrecy Act (BSA) was enacted in 1970, and it’s one of the core AML regulations that banks must comply with in order to stop money laundering and other financial crimes.
The stipulations of BSA are administered by the Federal Financial Institutions Examination Council (FFEIC).
Along with other AML regulations, the BSA puts a lot of burden on financial institutions to collect and report any occurrence of suspicious activity.
This can be a huge drain of resources for any institution without the proper software and workflows. And if your bank or fintech company fails to stay compliant, it can mean hefty fines.
You need a solution with BSA compliance built-in.
Veratad’s ensures your business is BSA compliant by giving you secure and cost-effective identity verification solutions.
Rapid, Secure Multi-Factor Authentication
A major component of FFIEC compliance is the implementation of multi-factor authentication (MFA). This combats increasingly sophisticated hackers by providing a more secure login method than traditional single-factor authentication.
Veratad’s diverse suite of identity verification solutions provides fast and secure user authentication for online banking and fintech.
And the flexible way we verify means you can get FFIEC compliant while keeping your cost per verification manageable.
PEPs and Sanctions
.png)
eIDV (Electronic Identity Verification)
OFAC Check
Document Verification with Biometrics
Knowledge-based Authentication
OOB 2FA
Automate Your Anti-Money Laundering Workflows
Anti-Money Laundering Solution
Assisting U.S. government agencies in detecting and preventing moneylaundering is no easy task. But under BSA, this is an everyday job for financialinstitutions.
Manageable and Cost-Effective
With a global database of identity data and advanced verification methods,we’ll help you catch money laundering before it can happen. This makes yourBSA compliance workflows more manageable and cost-effective than ever.
Automate Your AML Processes for BSA Compliance
Veratad makes your BSA compliance efforts less time andresource-intensive by automating your anti-money laundering processes.
Start Verifying
Your Customers
Request your personalized demo today!
