Modular and scalable AML compliance solution that meets the unique needs of FinTechs >
Reducing burden of AML regulations
According to a study by the Financial Conduct Authority, FinTechs are in the top three groups whose bank accounts are closed most frequently because they are viewed as a high risk for money laundering and terrorist financing.
Alessa helps FinTechs comply with anti-money laundering (AML) regulations in order to maintain their relationships with banks.
By providing a modular solution that addresses all aspects of AML compliance and that can scale to their current and future operations, Alessa is an easy way to meet the requirements of regulators.
6 ways Alessa helps FinTechs with their AML program
Use to meet current and future needs so you can focus on your businessSee the options
Use during onboarding for identity verification and sanctions screening to reduce risksMore about screening
Monitor all transactions and flag suspicious activities for further investigationDetecting fraud
Automate creation, validation and e-filing of SARs, CTRs, STRs for many jurisdictionsReduce the burden
Configurable assessment of risks based on customer profile, products and activityBuilding a risk model
Quicker onboarding with fewer hassles
Alessa integrates with onboarding systems, risk intelligence data and identity verification solutions to quickly screen and confirm the identity of new customers – all from one application.
Get a true picture of risks
Alessa uses OFAC, politically exposed persons (PEPs), sanctions and internal lists, to provide a realistic assessment of the potential risks associated with an entity.
The solution also periodically reviews an organization’s existing customer base and updates their risk level based on their activity as well as data from third-party lists.
Review every transaction
Get a holistic view of customer activities by monitoring every transaction and generating alerts for suspicious activities with the highest risk.
Alerts are sent to the appropriate personnel for investigation and tracked using the case management system.
Leverage technology advancements
Use rules-based analytics with anomaly detection and predictive analytics using methods such as clustering, data/text mining, machine learning and network analysis, to detect suspicious activity sooner and more accurately.
Configure Alessa to learn how alerts have been transitioned in the past and reapply those decisions to future alerts. This highly configurable feature reduces the workload on compliance staff and the number of repetitive decisions.
Reduce time spent on regulators
Automated regulatory reporting where currency transaction reports (CTRs), suspicious activity reports (SARs) and suspicious transaction reports (STRs) are generated and validated, reduces time spent filling out forms and correcting errors.
Alessa can also e-file and confirm receipt for multiple jurisdictions.
FinCEN warns about bad actors in virtual currency business
Regulator warns that criminals continue to exploit virtual currencies through illegal activities and are endangering U.S. national security.Read more
FinCEN tries to clear up crypto currency confusion
The guidance, with the anything-but-snappy name, does not contain new regulations. Instead, it is an explanation of how FIs can comply with the Bank Secrecy Act.What FinCEN now says
FinTechs Take Notice: Regulators are Watching
Expect closer scrutiny by FINTRAC, the country’s AML watchdog, to ensure that fintechs who are adopting new business models don't pose a risk to Canada’s current regulatory environment.Read more
Need to focus on the challenges of being a disruptor?
Let Alessa take care of your AML needs so you can focus on your business.