A new software program for credit unions, developed in Newfoundland, eases the job of monitoring possible money-laundering transactions.

“Our software looks for patterns,” explains Jamie King, Verafin’s president and the brains behind the project. “People know that if they come into the credit union with $10,000 it will be reported. So they may come in three days in a row with $9,000. It’s hard to detect that but our software looks for certain patterns such as deposits just under the threshold or a large number of cash deposits, followed by a large transfer.”

by Diane Luckow