Credit Unions

An easy-to-use AML solution that uses a customer's profile, transactions and historical behavior to detect potential money laundering and fraud.

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Out-of-the-box AML compliance

Collaborative Effort

Credit unions, like other financial institutions, are required to implement an  anti-money laundering (AML) program. This includes (but not limited to) internal controls to ensure ongoing compliance, designated individual(s) responsible for coordinating and monitoring compliance and implementation of risk-based procedures for ongoing member due diligence and monitoring.

To help meet these obligation, Alessa offers a highly-effective AML solution that is designed to support a risk-based approach to compliance while still reducing the cost of compliance. Smart features along with configurable analytics reduces the number of false positives and increases the speed of investigations. Features of the solution include:

  • Identity verification and customer due diligence for KYC programs
  • Sanctions, PEPs, watch list, crypto and other forms of screening
  • Transaction monitoring and screening
  • Configurable risk scoring
  • Automated regulatory reporting
  • Advanced analytics like anomaly detection and machine learning
  • Dashboards, workflows and case management

 

Features & Benefits

Due Diligence

Get to know your customers during onboarding so you know who you are doing business with

Transaction Screening

Monitor and intercept suspicious transactions 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

Alessa integrates with existing onboarding systems and can be used during the due diligence process.

Alessa also supports digital banking initiatives by using third-party data providers who can verify the identities of individuals and businesses and ensure they are who they claim to be.

 

Sanctions and Watch List Screening

Alessa uses OFAC, law enforcement, politically exposed persons (PEPs), sanctions, adverse media, crypto intelligence and internal high-risk lists, to provide a realistic assessment of the potential risks associated with an entity.

Screening can be done in real-time, in batches or periodically. Alessa can also be configured to review an organization’s existing customer database and update their risk level based on their profiles, risks and activities.

 

Transaction Monitoring

Alessa monitors every transaction, including cash deposits, wires and checks, to detect suspicious activities.

With this holistic view of the data along with rules and AI-based techniques, Alessa is able to accurately identify suspicious activities with less false positives.

All alerts are automatically assigned to the appropriate personnel for further investigation and include supporting information and risk scores. Workflows ensure that remediation is completed while case management tracks and records investigations.

 

Risk Rating Customers

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.

 

Regulatory 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, FINTRAC and jurisdictions that use goAML.

 

RELEVANT SOLUTIONS

Identity Verification

Confirm identities accurately and efficiently with an entire process that can be customized to your specific needs. Scoring customization allows you to determine which data is most relevant to a specific case, so you can easily determine if your subject is who they say they are.

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Enhanced Due Diligence

Alessa now offers the ability to order EDD reports directly from the application. This allows compliance teams to go beyond simply checking whether an entity is on a sanctions or a watch list and instead get detailed background information on individuals and businesses.

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Fraud Prevention

The fraud detection and prevention capabilities offered by Alessa analyzes data from virtually any source and use advanced analytics to detect anomalies, suspicious transactions and likely cases of fraud.

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