AML Regulatory Reporting
Automation when you need it most
Manual processes don’t work.
Increases in global transactions and the introduction of new currencies and technologies have resulted in a dramatic growth in regulatory reporting requirements.
Let’s break regulatory reporting down in terms of time and dollars:
- There are 500 fields on a FinCEN SAR and 200 fields on a CTR
- Manually completing a report takes an average of 90 minutes
- Conservatively, an organization files 150 reports a week, which is 225 hours of work per week or 6 full-time employees
Effectively manage your reporting requirements
Alessa can automate 70-100% of your reporting requirements and help your team create, validate and e-file reports in minutes instead of hours.
Alessa’s integrated solution supports better regulatory reporting with:
With Alessa you can monitor for every type of transaction, both traditional and digital, including well-known money laundering scenarios within the industry to quickly detect any suspicious movement of funds.
With a highly configurable workflow module, Alessa facilitates collaborative case management and investigation. Plus, Alessa allows your investigators to search the repository of alerts, cases, comments, etc., for related information to include in the current investigation.
Using data from multiple sources, Alessa allows you to easily determine the risk of doing business with an individual or organization. With ongoing monitoring in place, Alessa can also complete periodic reviews of your customer base that help you keep client risk levels up to date.
Moving from manual to automated reporting can save your team hours each week. With Alessa, your regulatory reports (SARs and STRs) can be auto populated, validated, and electronically submitted across multiple jurisdictions.
Alessa tracks all actions taken—and when—regarding an alert, including:
- workflow transitions
- owners and actions
- accepted/dismissed actions
- and documents attached.
This capability provides extensive reports that meet or exceed regulatory reporting and audit requirements.
Save time and resources
- One integrated solution for identity verification, screening and enhanced due diligence
- Incorporate results from screening and identity verification into transaction monitoring, risk scoring, and regulatory reporting processes
- Automated workflows to guide investigations of suspicious activities
- State-of-the-art case management for all due diligence activities needed for auditors and examiners
More effective processes
- Perform identity verification and screening based on fields customized for your organization’s needs
- Use public and proprietary data offered by Thomson Reuter CLEAR® to reduce onboarding time
- Quickly verify business relationships to avoid doing business with bad actors
Better risk management
- Create more comprehensive profiles for better overall risk management
- Make more informed decisions about entities with combined identity and risk scores
- Continuously update risk scores with transaction monitoring and link analysis information
- Highly skilled and trained team for implementation and deployment
- Collaborative, agile team model with dedicated Project Manager
- Regular touch base for lifetime of subscription, dedicated Account Manager
- Responsive troubleshooting
- Managed services available
Customer Due Diligence (CDD)
Better technology for deeper risk intelligence
Our AML compliance software includes APIs for integration with your onboarding systems to verify identities and search sanctions, politically exposed persons (PEPs), OFAC, and proprietary lists in real time. Real-time risk intelligence during onboarding is critical to protecting your business.
A good CDD process should include these seven elements:
- Full identification of customer and business entities, including the source of funds and wealth and beneficial ownership when appropriate
- Development of transactional activity profiles of each customer’s anticipated activity
- Definition and acceptance of the customer in the context of specific products and services
- Assessment and grading of risks at both customer and account levels
- Account and transaction monitoring based on the risks presented
- Investigation and examination of unusual customer or account activity
- Documentation of findings
In addition to the above, CDD processes should include periodic risk-based monitoring of the customer relationship to determine whether there are substantive changes to the original CDD information (e.g., change in employment or business operations)
Enhanced Due Diligence (EDD)
The details count
Enhanced due diligence has additional measures aimed at identifying and mitigating the risk posed by higher risk customers.
Enhanced due diligence (EDD) is a must for organizations looking to comply with anti-money laundering (AML) regulations, engage with new suppliers, vet parties involved in a merger or acquisition, or meet anti-bribery and anti-corruption obligations.
Alessa offers the ability to automatically order EDD reports from Refinitiv directly from the platform. This allows compliance teams to go beyond simply checking whether an entity is on a sanction or watch list and get detailed background information on individuals and businesses based on comprehensive research by the Refinitiv team.
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Excellent tool for fraud prevention and risk management
I have worked with Alessa for years because of how useful it is to thoroughly analyze transactions and identify suspicious operations
– Jane Doe, Company ABC