Alloya FCU partners with financial crime detection, prevention solution provider

In an effort to enhance its compliance with anti-money laundering regulations under the Bank Secrecy Act, Alloya Corporate Federal Credit Union has partnered with CaseWare RCM, a provider of financial crime detection and prevention solutions.

A CaseWare RCM product, Alessa, will be leveraged by Alloya to enhance its due diligence, transaction monitoring, real-time wire screening, fraud detection and regulatory reporting, according to a Tuesday press release.

Alloya Corporate FCU 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, the press release stated.

“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 at 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.”

More information about CaseWare RCM and Alessa can be accessed by clicking here.

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