Alacra Compliance adds managerial oversight
Jinfo Blog

By Perrin Kerravala

Abstract

Alacra Compliance saves time by aggregating information from both free and fee-based sources and enabling users to conduct an accurate federated search across these sources (coined “simultaneous search” by Alacra).

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This month’s VIP takes a look at Alacra Compliance. A workflow application, Alacra Compliance helps financial services firms of all types comply with the most common anti-money laundering, anti-terrorist financing, “know your customer” and Customer Identification Program (CIP) requirements legislation and regulations, such as the US Patriot Act and Bank Secrecy Act. The tool helps organisations identify, investigate, analyse and monitor their customers for various indicators of risk, from their initial onboarding and through the life of their relationship.

Alacra Compliance saves time by aggregating information from both free and fee-based sources and enabling users to conduct an accurate federated search across these sources (coined “simultaneous search” by Alacra). The product has a vast source library in the areas of identity verification, regulatory watchlists, politically exposed persons (PEPs) and sanctions lists, company and people profiles, commercial and consumer credit reports, legal suits and liens, news and more.

All research outputs (investigative reports) can be annotated and time-stamped to provide proof of an audit trail. Alacra Compliance also offers automated screening of new entities against particular data sets – a useful feature for clients that must process a high-volume of new entities on a regular basis.

VIP first examined Alacra Compliance in 2010, when the product was newly launched. Since then, Alacra added several workflow management tools for aiding managerial oversight of a firm’s entire investigation pipeline. Managers now can view the status of all investigations in their shop, assign and re-assign investigations and more.

VIP’s full product review takes an in-depth look at Alacra Compliance’s source coverage, simultaneous search capabilities and reporting options.

VIP subscribers can read the review by logging into MyShop.

Purchase your copy of VIP Report: Product Review of Alacra Compliance from the FreePint Shop. Or save money by purchasing VIP No. 102, which also includes the VIP Report: Product Review of Newsdesk.

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