Banks

An easy-to-use AML solution that allows financial institutions to manage risk, reduce manual processes and comply with regulations.

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Heavy price for non-compliance

Highly publicized fines imposed on banks and money services businesses (MSBs) for allowing criminals to use their institutions to launder money reinforces the importance of having a proper anti-money laundering (AML) program.

To help financial institutions comply and evolve as regulations tighten, Alessa offers an end-to-end AML solution that includes due diligence, sanctions screening, transaction monitoring and automated regulatory reporting.

The solution detects and reports suspicious activities, proactively resolve and identify high risks entities, screen transactions in real-time to reduce the risk of illicit activities – all without increasing the effort and staff to maintain compliance. Features of the solution include:

  •  Real-time due diligence
  •  Transaction monitoring and screening
  •  Sanctions screening
  •  Automated regulatory reporting
  •  Advanced analytics like anomaly detection and machine learning
  •  Dashboards, workflows and case management

Features & Benefits

Due Diligence

Real-time risk intelligence during onboarding so you know who you are doing business with

Transaction Screening

Monitor all transactions to intercept suspicious activities for investigation

Sanctions Screening

Real-time and periodic screening to detect high-risk entities and activities

Regulatory Reporting

Automated creation, validation and e-filing of SARs, CTRs, STRs for various jurisdictions

Risk Scoring

Realistic assessment of risks based on entity profile and activity that is configurable

Investigation Tools

Workflows, case management that engages the entire organization in compliance

Easier onboarding of customers

Alessa includes APIs for integration with onboarding systems to verify identities and search sanctions, politically exposed persons (PEPs), OFAC, and proprietary lists in real-time. Results are used to update the risk associated with an entity.

 

True picture of risks

Alessa leverages data from various sources to create a risk score. Risk factors and weights are all configurable by the organization to match their risk appetite and tolerance. Periodic reviews are managed by workflows and scores are updated based on the entities’ activities.

 

Monitor and screen every activity

Alessa monitors every transaction, including cash deposits, wires and checks, to detect suspicious activities. With this holistic view, any alerts are sent to the appropriate personnel for further investigation, remediation and reporting.

 

Machine learning and analytics

By learning from historical data, Alessa is able to detect suspicious deviations from normal behavior. Anomaly detection is also combined with rules-based analytics and entity risk scores to reduce false positives and prioritize investigations.

Learn from past decisions

Configure the system to learn how investigations are handled and then reapply those decisions to future alerts and cases. This highly configurable feature reduces workloads and repetitive decisions.

 

Eliminate tedious reporting

Alessa offers automated regulatory reporting for currency transaction reports (CTRs), suspicious activity reports (SARs) and suspicious transaction reports (STRs).

Reports are auto-populated, validated and electronically submitted to regulators across multiple jurisdictions, including FinCEN and FINTRAC. goAML is also supported.

 

RELEVANT SOLUTIONS

AML Compliance

Alessa integrates with existing systems to detect suspicious activities, automate processes, reduce false-positives, decrease repetitive tasks and engage the entire organization in a culture of compliance.

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Sanctions Screening

Screen individuals and entities in real-time during on-boarding, periodically or in batches with Alessa.

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Transaction Monitoring

Screen transactions in real time, periodically or by specific events with Alessa.

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