Money Service Businesses
A smart and cost-effective AML solution designed to meet the unique needs of MSBs.
A smart and cost-effective AML solution designed to meet the unique needs of MSBs.
Like other financial institutions, Money Services Businesses (MSBs) are required to maintain an effective anti-money laundering (AML) program.
These financial institutions, which may include those offering money orders, traveler’s checks, check cashing, currency exchange and/or money transfer services, Alessa offers an end-to-end AML solution that has the ability to connect transactions from the same sender (or same receiver) across different retail outlets in order to help identify suspicious transactions or money laundering schemes. Features of the solution include:
Connect transactions to or from same person across branches to identify suspicious activities.
Review every transaction to flag any that may be part of a money laundering scheme.
Screen receivers and senders to ensure they are not sanctioned or high-risk entities.
Automated creation, validation and e-filing of reports for various jurisdictions.
Realistic assessment of risks based on entity profile and activity that is configurable.
Workflows, case management that engages the entire organization in compliance.
MSBs are required by law to have an effective AML compliance program. According to FinCEN, this includes:
MSBs should also:
Many MSBs rely on Alessa to meet their AML compliance obligations.
Alessa allows MSBs to review all transactions and identify suspicious or out-of-compliance transactions. This may include:
MSBs don’t use the same onboarding systems and processes as banks which can make it difficult to detect money laundering schemes.
Using data and know your customer analytics, Alessa is able to help MSBs connect transactions from the same sender (or same receiver) across different retail outlets in order to help identify cases where:
Alessa integrates with existing systems to detect suspicious activities, automate processes and reduce the cost of compliance.
Screen transactions in real time, periodically or by specific events with Alessa.
See why Pangea Money Transfer selected Alessa for AML monitoring and reporting