Report from Alessa Pinpoints Key Developments in Trends for AML Compliance

TORONTO and NEW YORK, February 9, 2022 – Alessa, a leading provider AML compliance and fraud prevention solutions, has published its 2022 AML Compliance Trends report, which sheds light on the ever-changing business landscape that is forcing anti-money laundering (AML) compliance teams to continuously adapt, and manage increasing risks and costs.

As part of the research, Alessa polled hundreds of compliance professionals across the globe and interviewed several compliance leaders, predominantly from banks and credit unions, with some participation from money services businesses (MSBs), Casa de Cambios, virtual asset exchange providers and fintechs. The objective was to get their perspective on current AML challenges, planned investment for future compliance needs and the future direction of the industry.

The report includes a summary of the survey results, as well as a carefully curated collection of insights about current trends in AML compliance from three compliance professionals that are currently Alessa clients.

Key survey findings include:

  • Making a clear connection between a client and high-risk entities is a major challenge for 45% of AML professionals
  • 50% think firms need to focus more on AML crypto risk
  • 39% believe their AML compliance program is too manual
  • 34% have trouble with testing, validating and documenting risk models
  • 29% have a challenge adapting AML risk scoring models to fit recent developments

“Our analysis of AML trends in 2022 provides compliance professionals with information to navigate their way through a rapidly evolving landscape, while mitigating risk,” said Andrew Simpson, COO at Alessa. “Automation and software proves key to enabling effective financial compliance, and at Alessa, our AML tools do just that to address modern compliance issues head-on.”

View the full 2022 AML compliance trends report to learn more about recent AML compliance trends, and how they may affect current compliance business solutions.

 

About Alessa 

Alessa is a compliance, controls monitoring and fraud prevention solution for banking, insurance, fintech, gaming, manufacturing, retail and more. With deployments around the world, Alessa allows organizations to quickly detect suspicious transactions, identify high-risk customers and vendors and decrease fraud risks that reduces profitability and increases costs. Contact us today to learn more about how Alessa can help your organization ensure compliance to regulations, detect complex fraud schemes, and prevent waste, abuse and misuse.

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