Case Study: Tropical Financial Credit Union boosts BSA/AML compliance efficiency with Verafin

Tropical Financial Credit Union - Customer Case Study

Tropical Financial Credit Union, a $696M credit union with 14 branches in southern Florida, was struggling with disconnected and highly manual BSA/AML compliance processes. As money launderers became harder to detect, the team had to pull information from multiple sources and reports, making it difficult to see suspicious patterns and resolve alerts efficiently.

Tropical Financial Credit Union implemented Verafin’s cloud-based FRAML/BSA-AML compliance platform to centralize fraud and AML detection, SAR/CTR reporting, watch list scanning, and risk management. Verafin helped the credit union save significant time, improve efficiency, and uncover more activity, while also streamlining CTR corrections and 314(a) screening; the result was smoother exams with zero findings in the last two reviews.

Tropical Financial Credit Union

Larry Davis

Compliance Officer