Regulatory Reporting for AML Compliance

September 2, 2020

In today’s business environment, organizations are required to report suspicious activities and transactions that exceed certain thresholds.

To meet these regulations, organizations face several challenges:

  • Detecting suspicious activities and transactions
  • Filing reports within the time frame specified by regulators
  • Validating reports for accuracy and completeness
  • Transmitting reports securely to regulators
  • Providing evidence of compliance

Caseware RCM’s solution for AML compliance (now Alessa) is a highly effective solution for organizations, which must guard against money laundering and comply with strict AML regulations in any jurisdiction.

Single platform AML coverage

Alessa covers all anti-money laundering requirements in a single platform, including Know Your Customer, sanctions list screening, transaction monitoring and regulatory reporting.

Let’s see in the following scenario how the regulatory reporting module improves the efficiency, accuracy, traceability and overall compliance of organizations.

  •  John makes seven deposits, each below the reporting threshold, across multiple branches of United Bank in a single day.
  • CaseWare RCM’s Alessa sends an email alert for structured transactions to Mary, the compliance analyst for united bank.
  • Mary opens the alert, sees all the transaction details and concurs a transaction report needs to be filed with the regulator.
  • With the click of a button, a report is created and prepopulated with all of the relevant details. A process that previously took Mary 40 minutes to do manually is done in seconds.
  • The new transaction report is then added to workflow, which ensures all necessary fields for filing are completed and provide United Bank’s compliance team with full traceability.
  • After reviewing the report and making a few minor additions, she clicks the validate button and is immediately notified of an invalid postal code for the customer. She quickly corrects the postal code then marks the report as ready for submission.
  • Bob, the compliance manager, sees the new transaction reports, one of which was prepared by Mary,
  • After reviewing the reports, Bob selects all seven reports and clicks submit. Alessa sends the reports to regulators in electronic batch using a secure connection.
  • The regulator sends an electronic acknowledgement that six reports have successfully been received without errors.
  • Alessa automatically processes and logs the acknowledgement in the history of the report, moves the report to the acknowledged state in the workflow and sends and email to Bob to notify him of the successful filing.

Maintain compliance automatically

Alessa has enabled United Bank to maintain compliance with anti-money laundering regulatory requirements by providing automatic detection, speed and efficiency, accuracy, security and traceability.

Using Alessa for AML compliance to meet regulatory requirements has never been easier or more effective. Contact a CaseWare RCM team member to see how your organization stands to benefit from Alessa.

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