The Alacer Group successfully implements its end-to-end financial crime solution-Velocity, at the Atlantic Community Bankers Bank (ACBB)

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.

About ACBB

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.

About Velocity
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.

Alacer Group’s Velocity AML Suite Selected for Deployment in Prominent Bangladesh Banks

SEATTLE, WA–Marketwired –  The Alacer Group, dedicated to helping business leaders accelerate performance, quality, productivity and profitability, today announced that its Velocity AML Suite has been chosen by three prominent banks in Bangladesh to improve AML case workflow and security. After an extensive search process, Mercantile Bank Limited, Social Islami Bank Limited (SIBL) and Meghna Bank selected Alacer’s Velocity AML Suite to ensure robust KYC/CIP onboarding, sanctions screening, payments interdiction and transaction profiling, all key operational areas that support local and international anti-money laundering efforts. The banks selected the Velocity solution for its ability to be quickly deployed, its robust reporting features and for the delivery of consistent and full compliance with AML regulatory requirements.

All implementations are currently underway through Alacer’s local technology partner, DataSoft Bangladesh Limited.

About Velocity
Alacer’s Velocity AML Suite is a powerful and scalable set of system modules specifically designed for facilitating AML case workflow and reporting. Velocity combines smart case management, sanctions screening, transactions monitoring and KYC/CDD functionalities. Each component in the suite is scaled to meet local and global regulatory requirements accurately, consistently and predictably. Velocity offers seamless integration with core banking systems and can be used on its own to perform KYC/CDD, alerts reviews, transaction monitoring, sanctions screening, real-time payments interdiction and periodic reviews. The system is purposefully designed to meet international regulatory compliance standards and its powerful reporting capabilities gives management insights on effectiveness, productivity and resource utilization.

About DataSoft Bangladesh Limited
DataSoft is a CMMi level 5 in progress, ISO 9001:2008 certified leading software product and services company in Bangladesh. Since 1998, DataSoft has established a successful track record of delivering innovative and cost-effective technical services to customers in the corporate and public sectors. Fortune 500 companies have selected DataSoft for mission critical public services, IT services such as e-Payment, Customs House Automation and Port IT operation (CTMS), automation of commercial banks, and the deployment of a SaaS model on a private cloud to more than 2200 microfinance banks. For more information, please visit the website at http://datasoft-bd.com/.

About The Alacer Group
Headquartered in Bellevue, WA, with offices in New York and Dallas, The Alacer Group is a business consulting firm focused on four practice areas: big data, technology, finance and healthcare. Offering expert consultants around the globe, Alacer works with companies to resolve their needs quickly and smartly, resulting in positive outcomes. Alacer’s experienced anti-money laundering specialists design, develop, and implement effective process and system solutions for financial institutions. We help clients strengthen AML and compliance controls while improving efficiency through the application of the right mix of people, process and technology. For more information, please visit the website at  The Alacer Group or find us on LinkedIn.

The Panama Papers and the UK’s ‘Dirty Dozen’ — Medium

From Simon Cowell to David Cameron’s father, the Panama Papers offer up a rogue’s gallery of wealthy UK citizens

Which country/region has seen its highest profile citizens, celebrities and politicians most exposed by the Panama Papers? For Western nations it is the UK, by a landslide. From Prime Minister David Cameron’s father to American Idol creator and producer Simon Cowell to Margaret Thatcher’s son, the International Consortium of Investigative Journalists (ICIJ, which released the Panama Papers) and the press in the UK have produced a rogue’s gallery of wealthy actors. Keep in mind, none of the UK’s ‘dirty dozen’ has admitted to any wrongdoing.

In the event you don’t have time to review the Panama Papers’ data, the infographic posted above that lays out the case for each member of the ‘dirty dozen’. . . To view a full size render of this graphic, please click here: The Panama Papers and the UK’s ‘Dirty Dozen’ — Medium

Do financial crimes pay off? — Medium

How much do you really know about your neighbor?

In the course of analyzing the ins and outs of financial crimes for the world’s banks, I’ve studied enough cases of money laundering to enable me to do it should I ever decide to become a criminal. In fact, what I’ve learned is that it pays to be a criminal. Rarely does the restitution in finance-related legal decisions match the amount of money originally stolen. And depending on the type of person you were before your crime spree, your punishment could be just a short vacation in a crime camp as opposed to an extended stay in prison. Regardless, the rest of your stolen loot is waiting for you upon your exit so you can go legit and eventually become a pillar of your community.

Case in point: the most famous financial criminal of all time, Frank Abagnale. He is now a recognized expert in the fight against financial fraud, has worked for the FBI and became a bestselling author by telling his story in a book called, Catch Me if You Can. You probably know Abagnale better as Leo DiCaprio’s main character in the Steven Spielberg-directed film adaptation of his book, which presented Abagnale’s style of financial fraud as a glamorous, cash-filled party. As with his crimes, he issued a laissez faire statement in response to questions raised by the press regarding the validity of the ‘stories’ in the book. . .

Click here to read the rest of this story: Do financial crimes pay off? — Medium

5 things drug cartels love about Hong Kong — Medium

The Big Buddha, the nightlife and other reasons drug kings love to stash cash in The Pearl of the Orient

Latin American drug cartels have apparently infiltrated Hong Kong with cocaine and methamphetamine, and as a result, new reports of money laundering are starting to leak out of the Asian peninsula. According to media covering this emerging story, three Columbian individuals based in Guangzhou, China have been accused of laundering more than five billion dollars for drug cartels based in Mexico and Colombia. They operate in Hong Kong, using bank accounts based there and in mainland China.

Investigations by the South China Morning Post (SCMP) show that the infamous Mexican Sinaloa cartel, run by the equally infamous El Chapo, has established a criminal and legitimate corporate presence in Hong Kong. In addition to trafficking cocaine and meth to the city, the SCMP says the “group also ran front companies and bank accounts which it used to launder drug funds, according to official Mexican documents and interviews with law enforcement sources.”

A violent Sinaloa spin-off, the Jalisco New Generation cartel, is quickly making inroads in Hong Kong too. . .  Click here to read the rest of this story: 5 things drug cartels love about Hong Kong — Medium

Money launderers get the gangster treatment — Medium

Canadian authorities creative in shutting down financial crimes

A few weeks ago, I warned readers about the money laundering avalanche that could be headed straight for our northern neighbors, Canada. In an effort to stave off this avalanche, the Canadian government has taken impressive proactive steps as of late. In the first example, we see an unlikely pairing of agencies to curb money laundering in casinos; in the second, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) takes on the heavy role of bringing the Canadian real estate market up to speed on anti-money laundering regulations and compliance.

An unlikely pair

When you think about anti-money laundering efforts in casinos you probably don’t assume that a gang unit will come to the rescue, but that’s exactly what is happening today in British Columbia. The newly formedJoint Illegal Investigation Team, which will be housed within the Combined Forces Special Enforcement Unit (CFSEU-BC), combines an anti-gang agency with the Ministry of Finance’s Gaming Policy and Enforcement Branch. As a team, its mission is to investigate groups that use gambling facilities to legalize financial proceeds from criminal activity.

The task force creation is a key part of Phase 3 of the BC government’s anti-money laundering strategy, which launched in 2011. This action seems overdue considering that money laundering activity in casinos is reaching a boiling point. One chart shared by the task force indicated that the total amount of suspicious cash transactions since April of last year totaled $119.1 million. . . Click here to read the rest of this story: Money launderers get the gangster treatment — Medium

A chink in the prince’s armor? — Medium

Has Erik Prince fallen from a trusted provider to the U.S. government to a known bad actor?

Erik Prince’s real life reads like fiction. Son of a wealthy industrialist, he’s been a White House intern, attended the prestigious Naval Academy, is a former Navy Seal, founder and former chairman of the defunct Blackwater USA, current chairman of Frontier Services Group…and now, an accused money launderer? According to a piece published in The Intercept, Prince is under investigation by the U.S. Department of Justice and other federal agencies for attempting to broker military services to foreign governments and possible money laundering.

How did an intelligent, wealthy, well-educated and well-connected Prince fall so far out of favor? After forming Blackwater’s notorious mercenary services organization in 1997, Prince either served as the American society’s hero or villain, depending upon which side of the political aisle one was standing on. The Republican Party embraced Blackwater, while the Democrats saw legal and moral issues; regardless, in 2010 the Obama administration still funded Blackwater to the tune of $220 million for State Department and CIA support. All told, the company received over two billion dollars in government security contracts between 1997–2010.

Prince resigned as Blackwater’s chairman in 2009 after he was exposed in the press as an alleged CIA asset by former CIA director Leon Panetta. . . Click here to read the rest of this story: A chink in the prince’s armor? — Medium

Where Money Laundering Hides in America — Medium

The soft underbelly of rural America provides perfect hiding places for even the most unusual schemers

If you want to find bison roaming freely on the prairie or long, dusty roads where the vistas stretch for empty miles, Oklahoma is where you want to be. Until recently, this sparsely populated landscape is also where you could have found a lucrative horse ranch that two leaders of Los Zetas, a ruthless Mexican drug cartel, used to launder more than $22 million.

Money laundering in America isn’t just happening in the more obvious places such as Atlantic City’s gambling district or Manhattan’s high-priced real estate market. Thieves are getting craftier…and thinking outside of the box when it comes to choosing a home base for illegal operations.

One wonders why federal authorities didn’t figure out in quicker fashion that the Oklahoma horse ranch was shady, since a number of the racing horses had vanity names such as “Number One Cartel” and “Morning Cartel.” But eventually, justice was served. . . Click here to read the rest of this story: Where Money Laundering Hides in America — Medium

Is a money laundering avalanche about to smack Canada? — Medium

If you believe some of today’s headlines, the answer is yes

According to a report issued by Transparency International, Canada is one of the least corrupt countries in the world. And, thanks to its FINTRAC unit, it has long been rumored to be one of the toughest enforcers of money laundering regulations at the government level unit. However, reports are now emerging in its media outlets about new money laundering opportunities and threats in Canada — proof that no country is truly immune to the evils of financial fraud. My take? Since these are just threats and not real cases, I think they may be indicators of Canada’s strength, rather than weakness.

I fear too many North American readers of news stories today only catch the headlines and fail to digest the actual content. They see a headline that says liquor stores, casinos or real estate companies in Canada could fall victim to money laundering schemes, and walk away from the article thinking that the country has somehow lost its tough grip on its regulations. In actuality, nothing could be farther from the truth.

Unlike most government operations, FINTRAC is very proactive. Here are some examples. . . Click here to read the rest of this story: Is a money laundering avalanche about to smack Canada? — Medium







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