AML Compliance for Non-Financials

AML Compliance Software for
Non-Financial Institutions

Anti-money laundering (AML) compliance is not limited to financial institutions (FIs). Many non-FIs are still subject to certain AML requirements. 

 

Money laundering and the financing of terrorism occur in a variety of non-financial industries, including manufacturing, consulting, construction , real estate, and law firms. Understanding each of these industries’ specific AML requirements, risks and potential punishments is challenging. Alessa can help by providing your business with vital AML solutions to ensure your business is properly equipped to meet compliance standards and avoid penalties from AML regulators.

 

Alessa offers a variety of modules, as well as a holistic integrated AML solution for non-FI industries.

Know Exactly Who You Do Business With

The main area of risk for non-financials lies in not having a complete risk profile for clients, vendors and authorized agents. This can result in fraudulent activities occurring at the expense of your business,  potential compliance penalties from regulators and/or reputational damage and bad press resulting from association with sanctioned entities. 

 

It is vital for non-financials to have effective identity verification and customer due diligence (CDD) capabilities in place for both Know Your Customer (KYC) and Know Your Business (KYB) efforts, as well as robust screening solutions for sanctions, watchlist, politically exposed persons (PEPs) and adverse media.

 

Alessa provides AML compliance, fraud management and FCPA compliance solutions to meet specific non-financial industry requirements to ensure you remain compliant and risk-averse even with rapidly evolving regulations.

Non-Financial Industries We Serve

AML/CFT Solutions for Manufacturing Companies

The manufacturing industry is particular. Depending on the products you produce, you may be subject to specific AML requirements.

 

While certain requirements may be product-specific, others are not. It is vital for all manufacturers to properly vet clients and business relationships to ensure you have a full picture of risk.

 

Our AML solution for manufacturing firms allows your business to remain compliant and risk-averse with the following AML compliance solutions for manufacturers:

AML/CFT Solutions for Real Estate Agents and Companies

The real estate industry is a prime target for money launderers. As a result, regulators have begun to lobby for and enact compliance and reporting requirements for real estate transactions. This includes FinCEN’s recent proposed rule to require certain persons involved in real estate closings and settlements to submit reports and keep records on identified non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis.

 

Ensure your firm is covered and you know exactly who you are doing business with by implementing an AML real estate solution that provides:

AML/CFT Solutions for Law Firms

Law firms are subject to the Money Laundering Regulations 2007, the Proceeds of Crime Act of 2002 and the Terrorism Act of 2000. AML requirements that law firms must adhere to include the reporting of suspicious activities to the required authorities, CDD efforts for customer identity, beneficial owners and to understand motives behind transactions.

 

It is vital for law firms to know exactly who they are doing business with and whether they may be breaching any AML requirements. Implement an AML solution built for law firms that provides:

AML/CFT Solutions for the Construction Industry

The real estate development industry is a prime target for money launderers. Construction firms should have an effective AML program with robust internal controls, ongoing CDD efforts for KYC and KYB and thorough risk assessment.

 

Ensure your business is compliant and risk-averse with an AML solution built for construction firms, providing:

AML/CFT Solutions for the Consulting Industry

Ensure that your consulting firm remains compliant and risk-averse with the following AML compliance solutions:

Alessa's Integrated AML Platform for Non-Financials Offers the Ability To

Validate Client, Partner and Funder Identity in Real-Time

Integrating with your onboarding system, Alessa verifies identities in real-time and creates a more comprehensive risk profile of the entities you deal with.

Avoid Risky Relationships With Sanctions Screening

With Alessa, screening can be done at various points in your establishment’s relationships with entities, including onboarding and any subsequent dealings.

Periodic and Ongoing CDD Efforts for KYC and KYB Compliance

In addition to real-time verification, Alessa supports ongoing and periodic CDD efforts for KYC compliance. As entity risk profiles evolve, our solution ensures you can make risk-aware, data-driven decisions about existing client and partner relationships. 

Real Time Transaction Monitoring

Monitoring every type of transaction (i.e. deposits, wires, checks), Alessa offers you a holistic view of your data to help identify suspicious activities. Monitoring can be done in real-time, periodically or on demand.

Enhanced Due Diligence

The ability to meet enhanced due diligence (EDD) requirements is a must for organizations that are engaging with new suppliers, vetting parties involved in a merger or acquisition, or need to meet AML, anti-bribery and anti-corruption obligations. Implement an EDD solution that allows you to order reports directly from the application and deliver them in one third of the time for one-third of the average industry price.

Risk Scoring You Control

Using data from various sources, Alessa allows you to develop a risk scoring model that matches your establishment’s risk tolerance so you can easily assess of the risks of working with specific entities. Alessa also reviews your establishment’s client base and updates risk levels based on activity and third-party data.

Enhance Collaboration With Case Management

Alessa’s automated case management solution makes collaboration on investigations easier within your team and across the organization.

Automate Regulatory Reporting

With Alessa, your regulatory reports (CTRs, CDRs, SARs, LCTRs and STRs) can be auto-populated, validated, and electronically submitted across multiple jurisdictions.

NYRA is a regulated gaming institution holding the exclusive franchise to conduct thoroughbred racing at Aqueduct Racetrack, Belmont Park and Saratoga Race Course. NYRA tracks are the cornerstone of New York State’s thoroughbred industry, which is responsible for 19,000 jobs and more than $3 billion in annual statewide economic impact. To meet its federal and state regulatory obligations, NYRA uses Alessa with World-Check for sanctions and watch list screening, transaction monitoring and suspicious activity report filing to FinCEN.
The New York Racing Association

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