Transaction Filtering
Filter, investigate and prevent non-compliant transactions with Alessa
Filter, investigate and prevent non-compliant transactions with Alessa
Alessa’s transaction filtering capabilities allows regulated financial institutions to monitor and filter transactions for potential Bank Secrecy Act (BSA) and anti-money laundering (AML) violations and prevent transactions with sanctioned entities. The solution includes:
Review transactions for potential BSA/AML violations in real time
Ensure receivers/senders are not sanctioned or high-risk entities
Advanced algorithms increase accuracy of potential matches
Get assessment of risks based on transaction details
Automatically assign and ensure completion of investigations
Track every step, action and decision during filtering process
The New York Department of Financial Services (DFS), requires regulated institutions to maintain a transaction filtering program for the purpose of interdicting transactions that are prohibited by federal economic and trade sanctions, and shall include the following:
The Wolfsberg Group also recommends that FIs have a transaction filtering program that screens cross-border transactions against sanctions lists, where any of the sending, originating, receiving, intermediary or beneficiary bank are located in different countries.
An effective transaction filtering program is an important aspect of an AML program. Learn what Alessa can do for your institution.
Alessa’s transaction filtering capabilities allows AML compliance teams to screen transactions in real time and take a risk-based approach for transaction interdiction, and asset freezing. The solution
With Alessa, the solution can be configured to release transactions without sanctions risk, memorize from past decisions and apply it to future transactions (decision learning), treat incoming and outgoing payments differently and much more – all designed to reduce the burden of compliance.
A number of financial institutions have been fined for having ineffective transaction monitoring or transaction filtering processes. Deficiencies can occur in many forms.
For example, an analysis of the transaction monitoring deficiencies of a bank that was fined US$900 million for violations of AML laws revealed the following shortcomings in the settings of the monitoring system:
Having a reasonably designed, implemented and tested transaction monitoring and filtering process can reduce the legal, financial and reputation risks for non-compliance. Ask Alessa how we can enhance your transaction screening process.
Screen individuals and entities against sanctions and watch lists in real-time during on-boarding or periodically during the lifecycle of the customer relationship – all to mitigate risks and maintain compliance.
Screen transactions in real time, periodically or by specific events for compliance and fraud prevention programs.
See why Grasshopper Bank chose Alessa for AML compliance, including transaction monitoring and regulatory reporting.