NAPERVILLE, Ill.–Alloya Corporate FCU said it has entered into a new partnership with Toronto-based CaseWare RCM, a provider of financial crime detection and prevention solutions. The partnership will allow it to enhance its compliance to anti-money laundering (AML) regulations under the Bank Secrecy Act (BSA), Alloya Corporate said.
Alessa, a product of CaseWare RCM, will be leveraged by Alloya to enhance its due diligence, transaction monitoring, real-time wire screening, fraud detection and regulatory reporting, the organization added.
“A lot of credit unions depend on us and we needed a reliable, flexible and comprehensive solution,” said Margie Giles, SVP-operations at Alloya. “Our decision to select Alessa was based on extensive research and we found that it was the only AML solution that would enable us to meet our digital advancement, efficiency and automation needs in order to innovate and best serve our member community.”
According to Alloya, Alessa is trusted by all kinds of financial institutions to meet their compliance and fraud prevention needs and is consistently chosen because it is a versatile and modular solution that easily integrates with existing infrastructure, and scales with organizations as their size and needs grow.
Additional Automation
By choosing Alessa, Alloya said it will be able to further automate financial crime monitoring and reporting processes while also strengthening its fraud detection capabilities through advanced analytics, like anomaly detection and machine learning.
“Recent surveys have found that the onset of COVID-19 has forced a shift in the services offered and the transactions processed by credit unions,” said Andrew Simpson, COO with CaseWare RCM. “Alloya’s decision to use Alessa will give their organization one more tool to help them confidently adapt to these changes, while still complying with their BSA obligations.”