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Verafin’s FRAMLxchange Connects ICBA Members to Prevent Financial Crime

July 13, 2016

ICBA and Verafin would like to announce that over 125 ICBA banks are now members of Verafin’s successful FRAMLxchange network, which connects community banks and other financial institutions (FIs) participating in the 314(b) USA PATRIOT Act program.  By participating, community banks can share information to identify and report financial activity that may involve crimes such as terrorism and money laundering. Membership in the network is free-of-charge for 314(b)-registered FIs.

“Financial crime is a growing concern for bankers, and criminals may target community banks under the erroneous assumption that they are not as sophisticated in crime prevention as large banks,” said Dan Clancy, ICBA executive vice president of services. “Verafin’s FRAMLxchange allows community banks to easily share information through the 314(b) program that will allow each bank to prevent crime in their institutions and assist law enforcement in seeking justice.”

Nearly 800 financial institutions currently participate in FRAMLxchange, which gives members the ability to efficiently collaborate to gain the information necessary to improve their investigations into potentially suspicious activity.

“Membership in FRAMLxchange is growing very quickly, which indicates its value to financial institutions across the country,” says Brendan Brothers, Verafin Co-Founder and Product Expert. “Within a secure, centralized location, community banks are working together one-to-one to uncover previously hidden criminal activity. Investigators can now reach out to a peer to share information and determine if what they are seeing is suspicious or not - cutting down on investigation time and improving results. Plus, with everything tracked and logged in one place, their documentation process is much smoother.”

For more information about the benefits of Verafin’s FRAMLxchange and how to become a member, please visit verafin.com/framlxchange.

Have a question about an ICBA Preferred Service Provider? Please email Adam.Mahone, Assistant Vice President, Services, or Laura.Norrell, Associate Director, Services.