Alacer Velocity’s Suspicious Activity Monitoring, Customer Due Diligence & Customer Risk Rating, Cannabis Screening, Case Management, and Automated Reporting, modules now supply end-to-end coverage to secure ACBB and its 350+ associated banks against financial crime.
Pennsylvania, USA — (January 31st, 2022) – The Alacer Group, a technology-led business transformation organization offering specialized solutions to prevent financial crime has successfully implemented its all-inclusive Financial Crime Solutions Suite, Velocity, at Atlantic Community Bankers Bank (ACBB). The live Alacer-Velocity system now monitors all customer accounts and transactions of ACBB and its client banks.
Financial crime has become a growing worry in the United States over the last 30 years. To address this, the Financial Crimes Enforcement Network (FinCEN), Bank Secrecy Act, and the Patriot Act impose legislation and policies in the United States to combat financial crime such as money laundering, terrorist financing, bribery, corruption, and more. Financial institutions, particularly banks, are obligated to adopt AML procedures to comply with these rules and regulations. When businesses do not comply, they face loss due to financial fraud and attract heavy penalties and restrictions that could result in the revocation of charters. The Velocity- FinCrime Solutions Suite, with its Machine Learning and Artificial Intelligence technology, not only safeguards the ACBB and its associated banks against financial crime but ensures that the banks continue to adhere to the highest compliance regulations imposed by FinCEN, BSA, and the Patriot Act.
Since the stakes were so high, the ACBB, underwent a rigorous selection process. The ACBB team evaluated several small and big names in the financial crime solutions industry and had a eureka moment with Velocity. Checking all their requirements, Alacer-Velocity, a 360o FinCrime Solutions Suite that employs Machine Learning and Artificial Intelligence-led investigations, monitoring, and reporting for fast and efficient regulatory compliance, was the solution they had needed. The competition was not over yet, after beating the competition in the selection process, the Velocity team was challenged with an almost impossible deadline. In little to no time, the Velocity team had to inspect the bank’s current system, identify the gaps, clean and segregate their data and finally implement the solution throughout the ACBB. Astonishingly, not only was the Velocity team able to integrate the financial crime suite in time but they were able to do it under budget as well!
Using Alacer-Velocity FinCrime Solutions Suite, the ACBB is now effectively boosting its anti-financial crime operations. Since Velocity is powered by the latest Artificial Intelligence and Machine Learning technologies and offers multiple detection methods, it now assists the ACBB, and its 350+ associated banks achieve AML compliance while reducing risks and increasing efficiency. Thanks to the robust architecture of Velocity, along with its multiple detection methods, customized workflows, and advanced analytics, the solution now acts as a powerful shield between ACBB’s system and cybercriminals and a useful weapon to fight against financial crime.
The ACBB has employed various modules of Velocity, including,
- Velocity TBMS (Transaction and Behaviour Monitoring system) that monitors all customer transactions.
- Velocity KYCR (Know Your Customer and Risk) for monitoring all existing customers periodic reviews, existing and new customers risk rating, and onboarding new customers.
- Velocity ICMR (Integrated Case Management and Reporting) supports ACBB by consolidating all alerts and case workflows in one location, supplying a way to quickly develop, investigate, evaluate, approve, and file automated SAR (Suspicious Activity Report) reports.
- Velocity CSR (Cannabis Screening and Reporting) aids ACBB to decrease false positives by analyzing entities in CRB monitor lists against transaction and customer data.
Founded in 1983, Atlantic Community Bankers Bank (ACBB) delivers correspondent, payments, and lending services exclusively to financial institutions. As a trusted partner, the company aggregates, innovates, and integrates services with over 400 shareholder and client financial institutions. Their solutions drive efficiency, profitability, and relevance among businesses and consumers. ACBB was formed, owned, and is governed by community-focused financial institutions.
The Velocity Financial Crimes (FinCrime) Solution Suite (FSS) helps financial institutions comply with Fraud and Anti-Money Laundering (AML) regulations with ease and simplicity. The solution uses multiple detection methods and an advanced analytics engine powered by Hybrid Machine Learning and Artificial Intelligence (AI) to help institutions, large and small, achieve compliance while reducing risk. The Velocity Software Suite includes several data disambiguation tools, such as in-built Entity Resolution, designed to help financial institution get their data right. Core features of Velocity include real-time sanctions screening, fraud monitoring, customer due diligence and risk rating, AML transaction monitoring, cannabis screening, and centralized alert-case-SAR management with real-time dashboards, and automated regulatory reporting and analytics.