ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--Verafin Inc., a leading provider of compliance, anti-money laundering (AML), and fraud detection software, today announced it appointed Arthur Connelly, former 2008-2009 chairman of the American Bankers Association, to its Board of Directors.
“Having someone with such in-depth executive experience in banking as Arthur Connelly join our Board not only allows us great perspective into the challenges fraud and money laundering present to the banking industry as a whole, but how it specifically applies to our customers’ requirements for a fraud and AML (FRAML) solution,” said Jamie King, CEO and president of Verafin. “Arthur will bring his vast knowledge to bear on servicing our bank and credit union customers as we work together to solve every degree of banking fraud and money laundering that is causing so much turmoil and reputational loss in our industry.”
Mr. Connelly brings 45 years of financial services experience to Verafin. He is a former chairman of South Shore Savings Bank, a $920 million mutual organization, and its parent, South Shore Bancorp, MHC, in South Weymouth, Mass. After 43 years of service with the bank, he remains a member of the South Shore Bancorp Board of Directors.
After ABA’s merger with America’s Community Bankers, he joined the association by first serving as vice chairman, chairing the Finance & Investment Committee. He also served on ACB’s Federal Home Loan Bank System, Mutual Institutions, SEC & Corporate Governance and Government Affairs Steering Committees.
“With more than 600 banks and credit unions already deployed on Verafin’s FRAML technology, I’m confident the company has a promising future ahead and look forward to spreading the word even further,” said Connelly. “Compliance is still a major challenge calling for immediate action.”
He served 12 years as a director of the Federal Home Loan Bank of Boston, chairing its Housing & Community Development Committee, as well as being vice chairman of its Government & Community Relations Committee. He previously chaired the FHLB of Boston's Audit and Personnel Committees and was also a member of its Affordable Housing Committee.
An active participant in a wide variety of activities and organizations, he is on the Board of Directors of The Savings Bank Life Insurance Company and is a member of its Audit and Personnel & Compensation Committees. Mr. Connelly is a former director and chairman of the Depositors Insurance Fund of Massachusetts, as well as a former director of the Center for Financial Studies at Fairfield University in Connecticut. For many years he was also involved in the health care industry, serving as a former director and past chairman of the Board of Directors of South Shore Hospital in South Weymouth.
He is a graduate of ACB’s National School of Banking at Fairfield University and the Executive Development Program at the University of Massachusetts.
Most recently, Verafin announced it had surpassed 600 customers in North America. Through year end, 2010, Verafin had more than 630 bank and credit union customers, marking the strongest quarter in the company’s history with a substantial triple digit year-over-year customer growth.
About Verafin
Verafin is a leader in anti-money laundering and fraud detection solutions for financial institutions, with over 650 customers that span nearly 60 core processing systems and a broad asset range. Verafin helps financial institutions comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also helping to protect against fraud. Verafin is the exclusive provider of BSA/AML and fraud detection software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and 40 credit union leagues and associations in the United States. For more information, visit www.verafin.com, email us at FRAML@verafin.com or call 1-866-781-8433.
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