Racing organisation and gaming facility New York Racing Association (NYRA) has extended its contract with AML compliance solution provider Alessa for sanctions screening, transaction monitoring and regulatory reporting.
The contract with Alessa by Tier1 Financial Solutions will help NYRA to enhance its compliance and AML capabilities under the Bank Secrecy Act (BSA).
To meet its federal and state regulatory obligations, NYRA uses Alessa with World-Check for sanctions and watch list screening, transaction monitoring and suspicious activity report filing to FinCEN.
Alessa by Tier1 Financial Solutions is a controls monitoring and fraud prevention solution for banking, insurance, FinTech, gaming, manufacturing, retail and more. Alessa allows organisations to detect suspicious transactions, identify high-risk customers and vendors and decrease fraud risks that reduce profitability and increases costs.
The reason behind Alessa being consistently selected by gaming and financial institutions to meet their compliance AML obligations is its comprehensive and modular solution that easily integrates with existing infrastructure and scales with organisations as their size and needs grow. The option to add third-party data gives regulated institutions the additional tools they need to take a risk-based approach to their AML compliance program.
Commenting on the deal, Alessa COO Andrew Simpson said, “NYRA’s continued use of Alessa, in combination with third-party data providers, is an indication of the organisation’s firm commitment to use automated data processing systems to aid in ensuring compliance with the BSA.”
Founded in 1955, NYRA is a regulated gaming institution holding the exclusive franchise to conduct thoroughbred racing at Aqueduct Racetrack, Belmont Park and Saratoga Race Course. NYRA is responsible for 19,000 jobs and more than $3bn in annual statewide economic impact.
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