Verafin Enhances Financial Crime Management Solutions Suite with Launch of Entity Research Copilot — First of Its Integrated Copilot Capabilities

Verafin, a Nasdaq company, renowned for its expertise in applying artificial intelligence (AI) and big data technologies to fight crime, announces the launch of Entity Research Copilot, the first of its integrated Copilot capabilities, bolstering its suite of financial crime management solutions. Building on 20 years of technology expertise for anti-money laundering, countering the financing of terrorism (AML/CFT) and fraud detection, Verafin continues its commitment to innovation with the introduction of integrated Copilot features designed to further optimize compliance workflows and streamline operations for financial institutions worldwide.

Following an extensive Beta program, Verafin is rolling out availability of its first copilot feature, the integrated Entity Research Copilot, to its customer base of more than 2,500 financial institutions. With the powerful combination of its targeted AI-based analytics, consortium data, and robust visual investigation tools, enhanced with new copilot capabilities, Verafin significantly improves investigator efficiency with up to 90% reduction in alert review time compared to legacy approaches.

Leveraging multiple automation technologies, including generative AI (GenAI), Verafin’s Financial Crime Management Copilot capabilities automates compliance tasks and daily workflows to reduce operational costs and increase the efficiency of anti-financial crime programs. By integrating Copilot features directly into its purpose-built platform and workflows, Verafin enables financial institutions to accelerate alert review, investigation, and regulatory reporting processes, while assisting with compliance with regulatory expectations and helping to mitigate financial crime risks.

“Our Copilot capabilities represent the latest evolution of our industry-leading financial crime management solutions,” said Brendan Brothers, EVP, Financial Crime Management Technology, Nasdaq and Co-founder, Verafin. “Optimizing fraud prevention and AML/CFT programs for efficiency and improving effectiveness are top priorities for financial institutions, as they face increasing operational costs in today’s complex regulatory landscape, while also keeping pace with evolving financial crime threats.”

With the availability of the Entity Research Copilot, the first of its integrated copilot capabilities, Verafin is addressing one of the most resource-heavy processes for banks: alert reviews, by solving a significant pain point for investigators: manually piecing together information on alerted entities and their counterparties.