Transaction Screening
Comply with regulations by screening transactions in real time with Alessa
Real-time transaction screening
For AML departments in financial institutions (FIs), Alessa’s transaction screening capabilities allows organizations to comply with regulations by interdicting transactions that are prohibited by OFAC or other regulatory bodies in real time. Our solution includes:
- Real-time monitoring of transactions
- Rules and AI-based analytics for smart screening
- Ability to match individuals and organizations involved in transactions against sanction and watch lists
- Configurable risk scoring to get a realistic assessment of the risks associated with a transaction
- Workflows and case management to investigate flagged transactions
- Ability to block or allow transactions depending on results from investigations
- Log of all steps, actions and decisions taken for audits and examinations
Features and Benefits
Real-Time Screening
Review cross-border transactions in real time
Sanctions Risk Management
Screen receivers/senders to ensure they are not sanctioned or high-risk entities
Smart Name Matching
To identify the closest matches against sanctions and watch lists
Risk Scoring
Realistic assessment of risks based on transaction details and past activities
Workflows
Automatically assign investigations with configurable workflows
Case Management
Track every action and decision during investigations
Wolfsberg and Transaction Screening
According to the Wolfsberg Guidance on Sanctions Screening, transaction screening is the process of screening a movement of value within the FI’s records, including funds, goods or assets, between parties or accounts.
In order to mitigate risk associated with trade finance transactions and international wire transfers, FIs should conduct real-time screening of cross-border transactions against Sanctions Lists, where any of the sending, originating, receiving, intermediary or beneficiary banks are located in different countries.
Recently our partners at ICICI Bank and Transfast provided their perspective on how financial institutions can take this type of guidance and apply it to their AML program.
Alessa and Transaction Screening
The transaction screening functionality within Alessa allows AML compliance teams to screen payments in real time and take a risk-based approach for transaction interdiction, and asset freezing. The solution
- Reviews 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
Alessa can be configured to release transactions without sanctions risk, memorize past decisions and apply them to future transactions (decision learning), treat incoming and outgoing payments differently and much more – all designed to reduce the burden of compliance.
Transaction Screening in Action
When the banking system initiates the request for a wire transfer, Alessa screens the sender and receiver against third-party data and whether the transfer is to a high-risk jurisdiction. If the wire transfer is blocked, a message is returned to the banking system and the status is updated to “At Due Diligence”.
An alert is triggered and routed to the appropriate person(s). If after investigation the decision made is to release the payment, the platform sends a new message to the core banking system to update the status to “Processed”. Alessa relays the request to the payment gateway using the messaging infrastructure.
Many financial institutions have selected Alessa for their transactions screening needs. See who else has made the switch.
RELEVANT SOLUTIONS
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.
Transaction Monitoring
Screen transactions in real time, periodically or by specific events for compliance and fraud prevention programs.
Regulatory Reporting
See why Grasshopper Bank chose Alessa for AML compliance, including regulatory reporting.