AML Risk Soring for MSBs
Intelligence-led, business-specific customer risk scores for MSBs
Money Services Businesses (MSBs) are unique players in the financial sector, facing demanding clients and distinct challenges in anti-money laundering (AML) compliance. At the heart of effectively navigating these challenges is the deployment of a sophisticated AML risk scoring system tailored to the specific needs of MSBs.
Alessa’s risk-scoring model analyzes data from internal and external sources, producing a combined score to guide compliance and risk management activity. Risk scores are updated daily as customer behavior and status change.
As a dynamic solution, our model can be configured with risk factors and weights specific to your organization’s needs. By analyzing a comprehensive set of data points, including transaction patterns, customer behavior, and external risk intelligence, Alessa enables MSBs to:
- Accurately assess the risk profile of each customer
- Implement dynamic risk-based monitoring to detect and prevent fraud
- Stay ahead of regulatory changes and keep up with business growth with an adaptable and scalable solution
Why MSBs Choose Alessa for Risk Scoring
Configurable Risk Scoring Models
MSBs cover a wide range of financial functions and should not rely on a one-size-fits-all solution. Your business has unique organizational risk tolerances, and as a result, should have business-specific risk scoring factors. Alessa’s configurable risk scoring model provides a robust foundation of standard risk factors, while also allowing you to include additional factors, rules, and weights best suited to your business environment.
A 360° View of Client Risk
Pairing our risk scoring solution with our 360° View of Client Risk Dashboard provides your compliance team with automatic daily updates of significant changes to client risk levels. Alessa’s 360° View Dashboard notifies you of clients whose risk scores have surpassed your organization’s risk threshold in the last 24 hours.
Reduced Manual Risk Assessments
Many MSB compliance teams lack the resources for comprehensive manual customer risk investigations. With industry-specific requirements, such as dealing with transitory customers, it’s important to be able to automate tedious manual processes so your compliance team can focus on what matters most. Manual risk assessments are expensive, slow, and often inconsistent, and can create outdated, inaccurate risk scores, even in high-risk scenarios. Automated risk scoring gives your compliance team the information they need at a glance, freeing them to give high-risk customers their full attention.
Scale Risk Management with Ease
Operating in the modern landscape of the MSB industry requires modern solutions. Alessa risk scoring scales seamlessly as your customer base and transaction volumes grow. Our cloud-based solution is designed to accommodate businesses of all sizes. With Alessa, your AML infrastructure is always a step ahead, facilitating strategic growth while maintaining high-risk assessment and compliance standards.
Data Integration for Better Scoring
Pairing our risk scoring solution with other modules enhances your customer risk profiles. Alessa’s complete solution pulls risk data from various sources, including our sanctions screening and transaction monitoring modules, to provide a complete assessment of the risks of doing business with an individual or business. You can configure how Alessa analyzes and applies that data to determine a customer’s risk level, based on your specific business needs.
Ongoing Support and Expertise
With Alessa, benefit from continuous expert guidance and ongoing support. Our Support Team helps to ensure your AML program remains robust and compliant.
AML Risk Scoring Software Configured for MSBs
Risk scoring with Alessa is simple. Configure the risk factors, weights, scores, and aggregates based on your organization’s specific needs, and be alerted when a client surpasses your risk threshold.
Industries We Serve
Integrated AML Compliance Solutions for MSBs
With Alessa’s AML Risk Scoring Solution, MSBs can streamline their risk scoring processes, enhancing their ability to detect and mitigate financial crimes swiftly. The complete Alessa AML platform advocates a risk-based approach, streamlining the compliance process with automation, minimizing false positives, and keeping MSBs informed about high-risk entities. This comprehensive approach allows MSBs to fulfill their AML responsibilities while safeguarding their operations and their customers from the perils of financial crime, improving your compliance team’s ability to perform effective screenings, manage alerts efficiently, uphold the trust of their customers and regulatory bodies and more.
Our AML modules for MSBs include:
Integrated MSB AML Compliance Software
A complete AML compliance solution for MSBs on one integrated platform. Alessa provides seamless compliance functionality – from the first red flag to the final regulatory report.
A 360° View of
Each Client
Alessa provides a comprehensive risk profile with daily updates, crucial for MSBs managing diverse customer activities and/or many customers.
Identity Verification and KYC Compliance
Verify identities in real-time during onboarding, and conduct periodic and ongoing CDD for KYC and KYB processes. Alessa helps you to make informed decisions about new relationships backed by reliable identity data and comprehensive sanctions intelligence, expediting onboarding and decreasing the risk of conducting business with high- risk individuals.
Watchlist, PEP & Sanctions Screening
Implement a modern screening solution. With Alessa, pay only for the screening data you utilize, and reduce false positives with our proprietary PEP Scoring Model.
Transaction Monitoring
It is vital for MSBs to have a powerful transaction monitoring system in place that reviews every transaction and provides timely insights. Alessa allows your organization to conduct real-time, periodic and event-based transaction monitoring and screening based on your organization’s needs. .
Automated Regulatory Reporting
Automated, accurate reporting by Alessa ensures your organization meets regulatory demands with confidence and ease. Alessa auto-populates, validates, and submits regulatory reports, including reports for FinCEN, FINTRAC, and numerous other regulatory environments.
Enhanced Due Diligence (EDD)
A solution that streamlines EDD reporting. With Alessa, order EDD reports directly from the application, receiving them in ⅓ of the time at ⅓ of the average industry price.
AML Case Management
Alessa provides highly automated workflows to streamline investigations and ensure collaboration across the team and organization.
Schedule a Free Demo
Create a more comprehensive client profile for better risk management with Alessa.
Book your complimentary demo of our AML Risk Scoring Solution for MSBs today.
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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
