AML Credit Unions
Protect your business and customers
Financial institutions are more digital and more competitive than ever. On top of having to adapt to new currencies, technologies, and the latest industry trends, you must comply with an ever-growing list of constantly changing AML regulations.
You Need an AML Credit Union Solution That Evolves With Your Needs.
A cost-effective integrated platform that can grow with your institution, Alessa supports a risk-based approach to compliance while simplifying how you work by:
- Automating time-consuming tasks
- Decreasing false positives
- Providing daily updates of risky relationships
- Keeping you up to date with changing regulations
- Offering ongoing expert support
So how can partnering with Alessa improve your compliance program while saving you time and money?
Why Compliance Professionals Prefer Alessa's AML Credit Unions Software
Alessa’s Integrated Credit Unions Compliance Software Offers
Know who you are doing business with within minutes. Alessa’s AML credit unions software integrates with your onboarding system to verify identities in real-time, so you can better understand the nature and purpose of member relationships, easily identifying anomalies.
Using sanction, OFAC, law enforcement, PEPs, adverse media, and internal high-risk lists, Alessa highlights the potential risk associated with a client during onboarding, giving a more accurate analysis of clients while reducing false positives. Screening can be done in real-time, periodically or on-demand.
Monitoring every type of transaction (i.e. deposits, wires, checks), Alessa offers you a holistic view of your data to help identify suspicious activities and update member information and risk profiles. Monitoring can be done in real-time, periodically or on-demand.
Develop a risk scoring model that matches your establishment’s risk tolerance, so you have a complete picture of each of your clients. Working in tandem with our other modules, Alessa allows you to update client risk scores in real-time as new data comes in.
With Alessa, your regulatory reports (CTRs, SARs, LCTRs and STRs) can be auto-populated, validated, and electronically submitted across multiple jurisdictions. Our regulatory reporting solution allows for more efficient compliance with credit union-specific reporting requirements, including Section 314a of the USA PATRIOT Act.
Learn what sanctions are, the penalties for sanctions breaches, and why a sanctions compliance program is essential when trading across borders.
An overview of the key OFAC sanctions lists, including the SDN, NS-MBS, and SSI lists, and learn how to overcome common OFAC sanctions screening challenges.
Learn why source of funds and source of wealth play a vital role in anti-money laundering activities, including KYC and customer due diligence.