MSB compliance software in use

AML Compliance for Money Service Businesses (MSBs)

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:

 

  • Providing quick and easy access to transactions like money orders, check cashing, currency exchange and money transfer services
  • Transitory customers, making KYC capture challenging
  • Reduced visibility into transactions 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, without jeopardizing client experience. 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 an MSB differ from other financial institutions, that’s why we’ve created a specific AML platform to help you easily meet your unique AML 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 help you strengthen and streamline your AML program.

Alessa’s Integrated AML Platform for MSBs Allows Your Organization To:

Validate Customer Identity in Real-Time with Identity Verification & KYC for MSBs

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 with jeopardizing customer service. 

Avoid Risky Clients MSB With Sanctions 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.

Regulatory Reporting in Minutes

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.

Latest Insights

AML geographic risk

Assessing AML Geographic Risk

Learn more about a methodology used by financial institutions on how to interpret an AML country risk rating assessment.

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