PNB RCI Selects Alessa for Transaction Monitoring and Fraud Prevention
Money transmitter catering to the remittance needs of Filipinos in the United States selects Alessa to enhance its AML compliance and fraud prevention program.
On January 15, 2021, Alessa was acquired by Tier1 Financial Solutions.
Toronto, CANADA - December 01, 2020 – CaseWare RCM, a provider of financial crime detection and prevention solutions, has announced that PNB Remittance Centers, Inc. (“PNB RCI”) has selected Alessa to meet its transaction monitoring, wire screening, fraud detection and regulatory reporting needs to enhance its compliance to anti-money laundering (AML) regulations under the Bank Secrecy Act (BSA).
PNB RCI is a California-incorporated company that is an indirect, wholly owned affiliate of Philippine National Bank (PNB). With branches and agents operating across the United States to serve clients with their remittance needs, PNB RCI has been engaged in the transmission of money to the Philippines since 1991. With a mission to serve the Filipino community, PNB RCI offers services such as credit to PNB accounts and other Philippine bank accounts, cash pick-up at PNB branches and PNB pay-out agents, and door-to-door delivery. Services are also offered through PNB RCI’s Mobile Remit (using Xchanged USA Mobile app), Web Remit and Tel Remit channels.
“Secure, fast, and reliable remittances are the lifeline for families in the Philippines of US-based Filipinos. We selected Alessa to help ensure that these are not jeopardized by money laundering or fraud risks and to ensure that we are compliant to regulations set forth by federal and state regulators.” said Nelson Javier, President and CEO of PNB RCI.
“Disruptions in economic activity due to the COVID-19 pandemic is going to change remittance patterns and fraud activity,” said Andrew Simpson, Chief Operating Officer at CaseWare RCM. “The decision by PNB RCI to use Alessa will allow them to enhance their existing remittance screening capabilities and adapt to changing compliance regulations.”
Money services businesses (MSBs), banks, credit unions and other types of financial institutions trust Alessa to meet their compliance obligations and fraud prevention needs. Alessa is consistently selected because it is an easy-to-use and modular solution that easily integrates with existing infrastructure, and scales with organizations as their size and needs grow.
“We selected Alessa to help ensure that our remittance are not jeopardized by money laundering or fraud risks and to ensure that we are compliant to regulations set forth by federal and state regulators.”
Nelson Javier, President and CEO of PNB RCI