Case Study: BankNewport improves suspicious activity detection and reporting with Verafin

BankNewport - Customer Case Study

BankNewport, a $1.5B community bank headquartered in Middletown, RI, wanted to improve its BSA/AML and fraud detection processes but was hindered by siloed teams and manual, time-consuming review methods. The bank was struggling to connect fraud and AML insights, making it difficult to get a complete view of customer activity or catch suspicious behavior effectively.

Verafin provided BankNewport with its integrated FRAML software, giving the bank a centralized platform to analyze customer activity across accounts and channels, streamline CTR and SAR reporting, and automatically populate and file reports. As a result, BankNewport gained better visibility into customer behavior, detected more suspicious activity, and eliminated much of the manual reporting burden, with no more logging into separate BSA e-file systems or managing paper trails.

BankNewport

Lesley Vogt-Behan

VP of Compliance/Security