Transaction Filtering

Filter, investigate and prevent non-compliant transactions with Alessa

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Real-time transaction screening

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:

  • Real-time transaction monitoring
  • Smart algorithms for accurate name matching in sanctions and watchlist screening
  • Configurable risk scoring for a realistic assessment of the risks associated with a transaction
  • Workflows to assign transactions for investigation and resolution
  • Case management to guide and log information collected during investigations
  • Ability to block or allow transactions depending on the results from investigations
  • Log of all steps, actions and decisions for audits and examinations


Features and Benefits

Real-Time Monitoring

Review transactions for potential BSA/AML violations in real time

Manage Sanctions Risks

Ensure receivers/senders are not sanctioned or high-risk entities

Smart Screening

Advanced algorithms increase accuracy of potential matches

Risk Scoring

Get assessment of risks based on transaction details


Automatically assign and ensure completion of investigations

Case Management

Track every step, action and decision during filtering process

Transaction Filtering Regulations

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:

  • Be based on the risk assessment of the institution;
  • Be based on technology, processes or tools for matching names and accounts, based on the FI’s risks, transaction and product profiles;
  • End-to-end, pre- and post-implementation testing of the program;
  • On-going analysis of the technology or tools for matching names and accounts, as well as the OFAC sanctions list and the threshold settings;
  • Documentation of the program tools, processes or technology.

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 and Transaction Filtering

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

  • Monitors every transaction
  • Compares sender and recipient data against internal, national and international sanction and watch lists for cross-border transactions
  • Uses a sophisticated matching algorithm to flag potential list matches along with a matching score (strength of match)
  • Alerts compliance staff of matches and pauses any transactions until an investigation has been completed
  • Logs all checks, steps, actions and decisions for audit, examinations and reporting

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.


Risks Of Deficient Filtering

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:

  • There was limited monitoring on some accounts
  • Account rather than the customer level monitoring, prevented an integrated review of all activities
  • Number of alerts generated per account was set to 3 a day in order to keep the transaction review workload manageable
  • The system only looked at percentage changes in activity, not the total value involved. Consequently the system did not identify a pattern of improbably high-value transactions

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.


Sanctions/List Screening

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.

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Transaction Monitoring

Screen transactions in real time, periodically or by specific events for compliance and fraud prevention programs.

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Regulatory Reporting

See why Grasshopper Bank chose Alessa for AML compliance, including transaction monitoring and regulatory reporting.

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