You're not a bank, so we won't treat you like one.
Like other financial institutions, Money Services Businesses (MSBs) are required to maintain an effective anti-money laundering (AML) program.
Unlike other financial institutions, MSBs face additional unique compliance challenges:
- Transitory customers, making KYC capture challenging
- Demand for quick and easy access to transactions like money orders, check cashing, currency exchange and money transfer services
- Reduced visibility into transaction movement
You need a powerful AML solution built to work for MSBs.
Why Compliance Professionals Prefer Alessa
One Integrated AML Platform
A complete AML program on one integrated platform, Alessa offers you seamless compliance functionality – from the first red flag to the final regulatory report.
Get a Daily Update of Client Risk
Alessa provides you with a comprehensive update on client risk, highlighting the customer whose risk scores have surpassed your establishment’s risk threshold in the last 24 hours.
Real-Time Insights
Know who you are doing business with immediately. Alessa screens receivers and senders in real-time to ensure they are not sanctioned or high-risk entities.
Meets Unique Needs
Your compliance requirements as differ from other financial institutions. That is why we’ve created an MSB specific AML platform to help you easily meet your unique compliance needs.
Expedited Results Through Automation
We've streamlined and automated many of the time-consuming AML tasks, making it easier and more efficient for you detect, investigate and report suspicious activity.
Ongoing Expert Support
From your first conversation with our risk experts to the ongoing support offered by our account managers and support team, we will continue to help you strengthen and streamline your AML program.
Alessa’s Integrated AML Platform for MSBs Allows Your Organization To:
Verify MSB Clients in Real-Time with Identity Verification & KYC
Operating in a saturated market, your MSB must ensure clients receive the best service. Alessa lets you conduct real-time name screening during onboarding, so you get the assurance you need without jeopardizing customer service.
Avoid Risky Clients With Watchlist, Sanctions and PEP Screening
Our powerful compliance solution uses OFAC, politically exposed persons (PEPs), sanctions watchlists and internal lists, to provide a realistic assessment of the potential risks associated with an entity during onboarding and any subsequent interactions.
Identify Suspicious Activity in Real-Time
Whether your team manages the compliance of a single location or multiple retail outlets, Alessa allows you to review suspicious transactions including structuring, smurfing and flipping or out-of-compliance activities in real-time.
Risk Scoring You Control
Using data from various sources, Alessa allows you to develop a risk scoring model that matches your organization’s risk tolerance so you can easily assess the risk of doing business with an individual. Alessa can also continuously review your client base and updates individual risk scores based on client activity and third-party data.
Real-Time Transaction Monitoring
Monitor client transactions in real-time, periodically or with event-based monitoring. Our solution provides a holistic view of transactional data to help identify suspicious activities.
Automated Regulatory Reporting for MSBs
With Alessa, your regulatory reports (CTRs, SARs, LCTRs and STRs) can be auto-populated, validated and electronically submitted across multiple jurisdictions.
Schedule a Free Demo
Get a powerful solution built specifically for MSBs.
Book your complimentary demo of our MSB Compliance Solution today.
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