Exchange operator Nasdaq says it is acquiring anti-financial crime management solutions provider, Verafin, for US$2.75 billion.
The acquisition is a further step in Nasdaq’s expansion in the anti-money laundering (AML) technology market.
Market penetration
Nasdaq recently announced the first automated solution for investigating AML for retail and commercial banks and other financial institutions, the cloud-deployed Nasdaq Automated Investigator for AML (Trade-based Financial Crime, 6 November 2020).
Verafin provides more than 2,000 financial institutions in North America with a cloud-based platform to help detect, investigate, and report money laundering and financial fraud.
Leveraging capabilities
Nasdaq hopes to sell Verafin’s capabilities to its global network of nearly 250 banks, exchanges, broker-dealers and buy-side organisations, and regulatory authorities that use its trade surveillance systems to detect market manipulation and abuse.
Employing intelligent analytics and machine learning amongst other investigative tools, Verafin’s products aim to increase detection accuracy and reduce costs in AML and financial fraud compliance operations.
Categories: Trade Based Financial crimes News
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