Alessa

Alessa is an AML compliance and fraud prevention platform designed to assist organizations in reducing risk, detecting and preventing financial crimes, and ensuring regulatory compliance. The product is suitable for organizations of all sizes, including small, medium, and large enterprises, as well as public and private institutions. It caters to various professions and industries such as banks, credit unions, casinos and gaming organizations, lending and financing companies, money services businesses (MSBs), and compliance professionals in the financial sector.

Key Features

360° View of Client Risk: According to the vendor, Alessa provides organizations with a comprehensive view of client risk on a daily basis, enabling them to proactively identify and mitigate potential risks before they adversely impact the business.

Identity Verification & KYC: Alessa offers real-time identity verification capabilities, allowing organizations to verify the identities of individuals and businesses before engaging in transactions. The vendor claims this feature ensures compliance with KYC regulations and helps prevent fraud.

Transaction Monitoring: Alessa analyzes transactions in real-time or periodically in batches, detecting and alerting organizations about suspicious activities that require further investigation. The vendor states that this feature helps prevent financial crimes such as money laundering and fraud.

Watchlist and Sanction Screening: Alessa screens individuals and businesses against multiple watchlists, including PEPs, negative news, OFAC, and other sanctions lists. This feature ensures compliance with regulatory requirements and mitigates the risk of engaging with high-risk entities, according to the vendor.

Risk Scoring: Alessa assesses the risk of doing business with individuals or businesses during onboarding and throughout the relationship. The vendor claims that by calculating risk scores based on various factors, organizations can make informed decisions about risk exposure.

Case Management: Alessa provides configurable workflows and case management tools for investigating, escalating, and resolving suspicious activities or alerts. This feature ensures efficient and effective management of potential risks, as per the vendor's claims.

Regulatory Reporting: Alessa automates the creation, validation, and electronic filing of regulatory reports such as SARs, STRs, CTRs, and LCTRs. According to the vendor, this feature reduces the time and effort required for manual reporting processes.

Fraud Management: Alessa helps organizations detect and prevent fraud by continuously monitoring and analyzing customer, employee, and vendor activities in real-time. The vendor claims that it provides a comprehensive view to identify fraudulent activities and take appropriate action.

Account Takeover Fraud Prevention: Alessa offers solutions to safeguard customer accounts and protect organizations from account takeover fraud. According to the vendor, it detects and prevents unauthorized access and fraudulent activities that can lead to financial losses and reputational damage.

Continuous Controls Monitoring (CCM): Alessa automates process monitoring and analysis using rules-based analytics. According to the vendor, it quickly flags suspicious activities, monitors compliance with internal controls, and detects potential fraud, waste, and abuse within business processes.

Procurement Monitoring: Alessa provides state-of-the-art monitoring and analysis to detect misuse, abuse, and fraud in procurement processes. The vendor claims that it ensures compliance with policies and helps prevent overpayments, false invoicing, and theft of inventory.