Velocity FSS, formerly known as the Alacer Group, offers a comprehensive suite of financial crime prevention solutions designed to help financial institutions comply with regulations and combat illicit activities.

The Solutions Velocity FSS Provides

Velocity FSS delivers a range of modules to address various aspects of financial crime:

• Sanctions & List Screening: Screens against major sanction regimes and internal lists to identify high-risk entities.
• Customer Due Diligence & Risk Rating: Facilitates end-to-end due diligence with integrated onboarding workflows.
• AML Transaction Monitoring: Detects, alerts, scores, and reports suspicious transactions to regulatory authorities.
• Fraud Detection: Employs adaptive AI for fraud investigation, case monitoring, and management.
• Case Management & Reporting: Provides real-time views on case progress, productivity, and quality, with e-filing capabilities to multiple jurisdictions.
• FinCEN 314a Compliance: Manages the 314a process with dedicated workflows.
• Cannabis and Crypto Monitoring: Identifies and monitors transactions related to the cannabis industry and cryptocurrency activities.
• Entity and Country Resolution: Connects and resolves data points at scale to reveal real-world connections.
• FATCA Compliance: Aggregates and updates FATCA-relevant information with integrated IRS electronic reporting.

The Type of Customers Velocity FSS Works With

Velocity FSS caters to a diverse clientele within the financial sector, including:

• Retail Banking: Protecting customer trust and securing operations with advanced financial crime detection.
• Correspondent Banking: Ensuring smooth international transactions and compliance.
• Banking as a Service (BaaS): Strengthening platform security and compliance for service providers.
• Fintech Companies: Supporting growth with AI-driven financial crime prevention tools.
• Money Transfer & Payments: Securing every transaction to maintain service trustworthiness.
• Pension Funds and Investment Firms: Safeguarding assets and ensuring compliance with regulations.
• Insurance Providers: Enhancing services by protecting against fraudulent activities.
• Casino/Gaming Industry: Minimizing financial crime risks within gaming operations.

What Sets Velocity FSS Apart

Several factors distinguish Velocity FSS in the realm of financial crime prevention:

• Comprehensive Coverage: An end-to-end solution encompassing all facets of financial crime mitigation.
• Advanced Technology: Utilization of AI, machine learning, and big data for accurate and efficient detection.
• Scalability: Proven capability to handle millions of transactions, accommodating institutions of varying sizes.
• Quick Deployment: Robust delivery methods ensure timely and budget-friendly project implementation.
• Domain Expertise: Development and implementation guided by global compliance and AML experts.
• Cost Efficiency: Feature-rich systems and support delivered in a cost-effective manner.

By integrating cutting-edge technology with deep industry knowledge, Velocity FSS provides financial institutions with the tools necessary to combat financial crime effectively and maintain regulatory compliance.