Lowering the Cost of Compliance with Alacra Compliance Enterprise
Jinfo Blog

By Sophie Alexander

Abstract

Alacra Compliance Enterprise integrates a wide range of free and fee-based sources via a single platform helping organisations highlight various indicators of risk in relation to existing and potential clients in the areas of Anti-Money Laundering (AML), anti-terrorist financing and Know Your Customer (KYC). The latest release is fully customisable allowing a more consistent and thorough search process saving time and money.

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Alacra Compliance Enterprise (ACE) is an onboarding and investigation tool designed to help a company comply with regulations in the areas of Anti-Money Laundering (AML), anti-terrorist financing and Know Your Customer (KYC). It simultaneously searches all the databases a company uses to onboard a client including multiple sources of sanctions lists, PEPs, adverse news, public records, credit reports, criminal records as well as hundreds of other relevant websites and can also search a client’s own ‘"Do Not Do Business” lists.

Since ACE was reviewed by FreePint last year, it has undergone a few notable changes increasing the product’s appeal for those needing to screen, onboard and monitor a high volume of clients on a regular basis.

Enhanced Source Content & User Interface

As well as enhancing its source content, the user interface is more configurable. It’s now possible to search and include related entities, re-use previously created entities as well as search multiple addresses or Alias names increasing the match rate and saving time on data entry.

Users can store investigations enabling an audit trail and it now only takes weeks rather than months to set the client up on the product. With a configurable management dashboard, managers can better oversee all operations. All these changes have resulted in a significant improvement in productivity for many firms.

Greater Productivity & Reduced Risk

Automated screening of new entities is a particularly useful feature for clients who have to regularly process a high volume of new entities. The addition of several workflow management tools means managers can oversee all the firm’s investigations allowing them to see their status and assign or re-assign cases.

For audit purposes, the investigation results report is time and date stamped and can be annotated. In addition to this the most important information can be brought to the front of the report, highlighting anything that may affect the onboarding process.

ACE is already recognised as a leading KYC solution and the latest release allows for an even more streamlined and consistent compliance process resulting in greater productivity and reduced risk and would be particularly valuable for firms with a high volume of cases to process.

FreePint subscribers can log in to view Mini Review: Alacra Compliance Enterprise now.

Editor's Note: Compliance in Context

This article is part of the FreePint Topic Series: Compliance in Context, which runs from September to October 2013. Register your interest, and you'll get pre-notification of when registration opens for any webinars in this series, as well as a free copy of the FreePint Report: Buyer's Guide on Regulatory Compliance when we publish in October.

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