Case Study: Industrial Bank achieves stronger BSA/AML compliance with Verafin

Industrial Bank - Customer Case Study

Industrial Bank, a $412M bank in Washington, DC, needed a stronger way to manage BSA and AML compliance. Using its previous rules-based software, the bank struggled with too many reports, manual review work, difficulty adjusting rules, no e-filing, and no clear way to connect related activity. Verafin’s next-generation BSA/AML compliance software was brought in to help replace these manual processes.

With Verafin, Industrial Bank gained automated CTR generation, behavior-based suspicious activity alerts, and centralized case management, all in a user-friendly workflow. The result was a major time savings for a one-person compliance team, with Staria Williams spending as little as 30 minutes per day reviewing alerts, greater confidence in capturing suspicious activity, and improved detection that helped the bank file 10 SARs by mid-June 2010 after filing 10 SARs in all of 2009.

Industrial Bank

Staria Williams

AVP & BSA Office