Introduction to Verafin - FINTRAC Reporting

In the Canadian market, the bank requires a Verafin functionality, in order to track the below items:

• Potentially compromised debit or credit card
• Fraudulent transactions at ATMs and POS
• Large cash transactions ($10,000 and above in a 24 hours’ time frame)
• Unusual activity in accounts such as: multiple deposits or withdrawals at ATMs, purchases over certain amount, large number of purchases, unusual amount of activity at a certain POS terminal etc.
• Checking on customer names against the Terrorist List provided by the Government

The requirement is satisfied by CAMB as shown below:

• Frequency of the demographic extract from Temenos Transact is daily and transaction extract is hourly
• Extract developed to Verafin specifications and easy to modify with the requirements change
• The extract is transported to Verafin through FTP
• The files which are generated and sent to the Verafin system are to be formatted as CSV
• The interface has the capability of being started automatically in both online process stage and at COB