Case Study: Thomaston Savings Bank improves BSA/AML compliance and fraud detection with Verafin

Thomaston Savings Bank - Customer Case Study

Thomaston Savings Bank, a $1B+ community bank in Connecticut, was struggling with an outdated, rules-based BSA/AML compliance system that produced hundreds of false alerts, required heavy spreadsheet use, and risked missing suspicious activity. The bank needed a better way to monitor transactions and support its AML and fraud teams more effectively.

Verafin provided a unified FRAML solution that combined BSA/AML compliance and fraud detection in one platform, using advanced analytics instead of static rules to prioritize suspicious activity. The bank reported immediate improvements in efficiency and guidance, cut review time from monthly spreadsheet work to about an hour a day, and found that Verafin was catching activity its old system missed.

Thomaston Savings Bank

Nancy O’Donnell

Vice President & BSA Officer