Nasdaq to Buy Anti-Financial Crime Firm Verafin for $2.75 Billion

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Nasdaq Inc. will buy Verafin, a software company that uses artificial intelligence to help banks detect money laundering and fraud, for $2.75 billion, the companies said Thursday.
If completed, the Verafin acquisition would be New York-based Nasdaq’s largest deal in more than a decade and its latest effort to diversify away from its core exchange business into technology. The deal is expected to close early next year, subject to regulatory approval and other conditions.
Verafin’s anticrime technology tools are used by more than 2,000 financial institutions in North America, according to a press release from the two companies. Many of them are smaller banks and credit unions. Founded in 2003, Verafin is based in St. John’s, Canada.
Nasdaq already offers software used by market operators around the world to detect market manipulation, and it recently launched a product to help banks investigate possible money laundering. By acquiring Verafin, Nasdaq is hoping to bring the firm’s technology to larger banks and a global client base.
The deal comes as regulators have stepped up efforts to fight money laundering. In 2019, authorities around the world handed out $8.1 billion in penalties for money laundering, nearly double the value of fines collected the previous …

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