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Velocity and Areti Bank Partner to Elevate BSA/AML Compliance with Cutting-Edge Technology

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Puerto Rico, Nov 13 2024 – Velocity, a leading provider of financial crime compliance solutions, is proud to announce a strategic partnership with Areti Bank, a prominent global financial institution, to enhance its BSA/AML regulatory compliance through advanced technology.

The collaboration signifies a bold move in the fight against financial crime as Areti Bank goes live with Velocity’s FinCrime Solution Suite, an innovative platform designed to streamline compliance efforts and reduce financial crime risks. This partnership aims to set new standards for excellence in the regulatory compliance space.

The origins of this collaboration trace back to the PRIBA conference last year in Puerto Rico, where discussions between Tom Pirro, Global Head of Sales at The Alacer Group, and Jose Gomez, CCO of Areti Bank, highlighted the need for a comprehensive solution to strengthen Areti Bank’s compliance capabilities.

Tom Pirro, Global Head of Sales at The Alacer Group, expressed his enthusiasm for the partnership:

“We are thrilled to partner with Areti Bank, a forward-thinking institution committed to enhancing its compliance framework with Velocity’s technology. This collaboration is a significant step toward transforming how financial institutions address the complexities of financial crime prevention.”

Gustavo E Nuñez Leyba, Financial Crimes & Sanctions Officer, CAMS, CCI, commented:

“Since launching with Velocity’s FinCrime Suite, we’ve been able to automate our BSA/AML reporting and transaction monitoring functions, which is imperative to grow and scale in a secure manner in a volatile financial industry.”

Key Benefits of the Partnership:

  • Real-Time AML & Fraud Monitoring: Enhanced detection and prevention of financial crimes.
  • Streamlined Compliance Operations: Significant cost reductions through optimized processes.
  • Adaptable & Future-Proof Solutions: Scalable technology designed to meet evolving regulatory requirements.
  • Tailored Tools for Unique Needs: Customizable features that align with Areti Bank’s specific compliance objectives.

With this new partnership, both Velocity and Areti Bank are confident in their ability to deliver tangible value, foster compliance excellence and reduce financial crime risk.

About Velocity

Velocity is a global leader in financial crime compliance solutions, providing financial institutions with cloud-based, low-code AML and fraud prevention tools. The Velocity FinCrime Solution Suite leverages AI, machine learning, and big data to ensure compliance with AML, BSA, and FATCA regulations while optimizing operational efficiency and reducing risk. Velocity supports institutions worldwide in staying ahead of financial crime threats.

Velocity Contact:
Tom Pirro
Global Head of Sales
Phone: 678-951-6346
Email: Thomas.Pirro@alacergroup.com

About Areti Bank

Areti Bank is a 100% digital international bank that focuses on creating a more sustainable world through sustainable banking. It encourages sustainable banking through a conscious use of money, providing financial products and services that positively contribute to sustainable development.

The bank provides a fully-digital and 100% paperless bank account, with the easiest account opening process. Areti bank is for people who care about the role their money plays in the world. They offer a new type of bank with a focus on partnering with people who can help create a more sustainable future.

Alacer’s Velocity FinCrime Solutions Suite strengthens its Cannabis Screening by partnering with CRB Monitor’s robust Cannabis Corporate Intelligence Database

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Bellevue, Feb 22, 2023 – The Alacer Group, a consulting and technology solutions company serving financial institutions, has entered into a strategic partnership with CRB Monitor, a comprehensive and centralized database platform covering cannabis industry participants. Combined with CRB Monitor’s curated, standardized and categorized Marijuana Related Business (MRB) database, Alacer’s AI and Machine Learning driven Velocity FinCrime Solutions Suite will now be able to equip their customers with best-in-class screening to detect and identify Cannabis-Related Businesses (CRB).

“Cannabis is and continues to be a growth industry that is in need of banking services. For those institutions that support banking the cannabis industry, they rely on high quality information and data to combat fraud and money laundering.” said Richard Paxton, Chief Executive Officer of The Alacer Group. “By partnering with CRB Monitor, a leader in helping institutions manage cannabis-related risk, our transaction monitoring solution will provide best-in-class, multi-layer advanced screening to identify bad actors in the cannabis industry.”
“We are excited to help support Alacer’s platform to help banks identify and monitor their exposure to Cannabis. Our gold standard data paired with Alacer’s industry leading AI and Machine Learning provide a best-in-class total solution” said Steven Kemmerling, CEO, and founder of CRB Monitor. “In light of continued cannabis industry and portfolio growth, we’re pleased to find more ways to help financial institutions across the spectrum of cannabis risk appetite.”

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidance on June 29, 2020, clarifying the requirements under the Bank Secrecy Act (BSA) for financial institutions providing services to marijuana-related businesses.
The 2020 Guidance applies to all financial institutions (as defined in FinCEN’s regulations). It specifies how financial institutions can conduct due diligence on hemp-related businesses (including CDD and SAR requirements) to comply with the BSA regulatory requirements. Moreover, the 2020 Guidance also supplements the December 2019 joint statement (issued by FinCEN and three other federal agencies) showing how banks provide financial services to marijuana-related businesses.

About The Alacer Group
Founded in 2009, the Alacer Group is a global consulting and technology company that services both the traditional finance industry consisting of banks, credit unions and lenders, the decentralized finance (DeFi) market, including crypto exchanges, coin companies and crypto coin lenders, as well as the gaming industry. The consultants of Alacer Group, who are among the best in the industry, possess a wealth of experience and are visionary problem solvers with a common mission. They excel in creating innovative and game-changing solutions that help institutions, large and small, gain efficiencies and increase market share.

When integrated with its Velocity FinCrime Solution Suite, a powerful and all-inclusive FinCrime solution, The Alacer Group team is uniquely positioned to help a wide variety of financial institutions prevent and detect Fraud and stay in compliance with ever changing Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and FATCA regulations.

About Velocity
Velocity is a comprehensive financial crime management suite that is built on an advanced AI and ML platform that enables clients to efficiently monitor customer transaction and behavior, identify and prevent fraud, perform sanctions screening and politically exposed person (PEP) matching, know-your-customer (KYC) risk scoring, customer due diligence (CDD), enhanced due diligence (EDD), anti-money laundering (AML) transaction monitoring, perform predictive analytics, and much more. The Velocity FinCrime Suite also offers support for all user functions including alert management, case management, automated workflows, reporting, and dashboards.
Velocity is the ultimate tool to protect your financial institution’s integrity, prevent financial crimes such as fraud, money laundering, human trafficking, and terrorist financing. Velocity ensures institutions worldwide not only meet but exceed regulatory compliance standards.
Velocity is designed to identify and stop bad actors, period!

About CRB Monitor
Founded in 2014, CRB Monitor empowers financial institutions to manage risk and monetize opportunity in the emerging cannabis industry with the best-in-class corporate intelligence platform. CRB Monitor has established itself as a thought leader by developing a taxonomy that clearly and consistently defines and sorts CRBs into relevant risk-based categories and typologies that are relied upon by regulated financial institutions and regulators.

Built to emulate blue-chip corporate intelligence platforms like CapitalIQ, SNL Financial, and IHS Markit, institutional clients rely upon CRB Monitor for enhanced due diligence, onboarding, research, and ongoing monitoring of this emerging, complex, and growing industry.

The incredible platform helps to improve operational efficiency by freeing analysts to spend more time on high-value risk research, not arduous data-wrangling.


Velocity Contact:
Tom Pirro
Global Head of Sales
Phone: 678-951-6346
Email: Thomas.Pirro@alacergroup.com

CRB Monitor Contact:
Steve Kemmerling
CEO
Phone : 844-672-3282
E-mail : Steve@CRBMonitor.com

Velocity Ushers in New Era of Risk Measurement by opening its Country Risk subscriptions for Individual Professionals

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Bellevue, WA USA — (October 14th, 2022) – Velocity announced the launch of their most efficient, convenient and comprehensive Risk Assessment tool ever – the Velocity Country Risk Rating (VCRR) for Individual Professionals. Customers will be able to experience the full line of features with help from Industry-led experts ready to offer personalized support and advice.

Velocity Country Risk Rating platform captures the risk of doing business in a country by taking a comprehensive approach in evaluating specific uncertainties arising within the country from a multitude of risk dimensions. Arising out of various global and systemic factors related to geo-political, macro-economic, social, and legal environments of a country, these uncertainties capture broader regulatory risks germane to a country while placing particular focus in money laundering and terrorist financing risks, among a host of other risks, ranging from global regulatory, to structural terrorism, to systemic regulatory risk and several other risk factors in between.

This Country Risk Rating engine draws its power from a rich data source consisting of 40+ publicly available sources, and 400+ independent sources, including databases, risk perception surveys, sanction lists, country information portals, and relevant current events and surveys, which are utilized by the in-house subject matter experts (SMEs) to develop country risk rating on more than 250 countries using a rare combination of qualitative, quantitative and hybrid data that is normalized for homogeneity, processed for consistency, and corroborated via cross-verifications and triangulations. The multi-faceted country risk rating platform can assess country risk across multiple dimensions, such as for Global regulatory, Narco-terror, Structural terror, Systemic corruption, Systemic regulatory and Systemic legal risk indices. With the best Risk Assessment tool at hand, Velocity’s customers can now use it for a plethora of reasons including Customer Risk modelling for KYC processes, Transaction monitoring for delineating higher risk jurisdictions and Overall enterprise risk assessment and geographical business planning.

The platform introduces a rare combination of granularity, comprehensiveness and depth in risk perception and calculation enabling companies to engage in multiple functionalities, including Granulated Risk categorization, Customized Views, Comprehensive Global Coverage and Active Monitoring of Risk Events. Due to the highly modular, transparent and equation driven calculations that the VCRR platform employs, all risk dimensions are readily apparent to the user, providing significant flexibility in either including or excluding a specific risk dimension, based on user’s application requirements. At its core, the Velocity Country Risk Rating model is a stand-alone reality driven comprehensive risk management tool that can be used by all types of corporate entities and institutions.

With its robust, nuanced, calibrated and standardized Risk Rating assessment, Velocity Country Risk Rating tool is the perfect solution for institutions looking to manage the inherent risks in their international activities. Velocity’s hybrid approach combines qualitative constructs with quantitative scores, making the Risk Rating model and country database highly effective in capturing, categorizing and combating not only stand-alone ML/TF risks but also other types of risks, such as systemic regulatory, systemic legal, global regulatory risk, etc. The Country Risk Rating model goes through a rigorous process and follows CMMi5 Level industry process standards. Expanded granularity in risk description provides the benefit of capturing comprehensive risk for the country being analyzed. The risk review is based on verifying the quality of data, comprehensiveness of coverage, consistency of methodology, and robustness of risk ratings. Thus, providing a multi-dimensional risk view that assesses the potential for a lack of enforcement and support of various emerging regulatory regimes, while enabling corporations and financial institutions to develop and embed fully functioning risk and compliance frameworks.

About Velocity
Alacer’s Velocity FinCrime Solutions Suite is a powerful and scalable set of modules designed specifically for financial institutions to comply with AML (anti-money laundering), BSA (Bank Secrecy Act), and FATCA regulations with ease and simplicity. The solution is built using AI (artificial intelligence), ML (machine learning), and Big Data capabilities, which help to reduce risk and improve efficiency.
Velocity is designed to meet international regulatory compliance accurately and consistently. Each module is highly scalable and offers seamless integration, which helps management to improve efficiency and productivity.

About The Alacer Group
Founded in 2009, The Alacer Group is a business and IT consulting firm providing a comprehensive suite of products and services for financial institutions world-wide. Headquartered in Bellevue, WA., Alacer works with clients to increase their quality and productivity of operations, reduce risk, and achieve compliance.
The Alacer Group is a trusted resource for Fortune 1000 companies and growing organizations. With the application of the right mix of people, process, and technology, Alacer helps to improve efficiency and deliver results – fast.

Alacer Group Partners with Nominodata to Boost its Robust FinCrime Database

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Industry technology leaders combine to eradicate FinCrimes

SEATTLE, Oct. 6, 2022 — The Alacer Group, a consulting and technology solutions company serving financial institutions, has entered into a strategic partnership with Nominodata, which provides software and comprehensive data services that support the AML, money-laundering, HIDTA HIFCA, and financial industries dealing in fraud, human trafficking detection, and compliance. Combined with the Alacer Group’s AI and machine learning driven Velocity FinCrime Solutions Suite platform, this partnership brings together two influential service providers with the common goal of leveraging their combined expertise for delivering best-in-class innovations and productivity-boosting solutions to better eradicate financial crime.

“Identifying businesses and individuals who commit financial crimes requires a continually evolving solution suite and current, high-quality data,” said Richard Paxton, Chief Executive Officer of The Alacer Group. “Our Velocity FinCrime Solution Suite paired together with Nominodata’s comprehensive, global database not only enhances our solution, but propels us ahead of the competition, and more importantly, gives us a significant advantage in our fight against financial crimes.”

According to a report conducted by Lexis Nexis in 2021 that studied the costs of financial crimes compliance found that the total projected cost of financial crime compliance in the U.S. and Canada for 2021 was $49.9 billion (USD), a 19 percent increase from 2020, and a 58 percent increase from 2019. The report’s summary states that the “digital transformation is a game changer for financial crime compliance operations. It requires a more sophisticated, multi- layered solution approach to mitigating risk and ensuring compliance.”

“This is an exciting partnership for Nominodata, our unique datasets when combined with the Velocity platform creates a leading-edge solution. Our partnership offers a unique value proposition allowing our customers to do more with less cost overhead. This integration demonstrates that our nimble approach and low cost data services really are a game changer for technology companies like Alacer” said Al Macdonald Founder/CEO of Nominodata.

About The Alacer Group
Founded in 2009, the Alacer Group is a global consulting and technology company that services both the traditional finance industry consisting of banks, credit unions and lenders, and the decentralized finance (DeFi) market, including crypto exchanges, coin companies and crypto coin lenders. The Alacer Group’s top-tier consultants are a highly experienced group of visionaries and problem solvers that share a unique mission and a knack for bringing game-changing AML and KYC ideas to life.

When integrated with its Velocity FinCrime Solution Suite, a powerful and all-inclusive FinCrime solution, The Alacer Group and its consultants are uniquely positioned to help a wide variety of financial institutions prevent and detect Fraud and stay in compliance with ever changing Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and FATCA regulations.

About Nominodata
NominoData is a solutions company formed to help clients with worldwide identity, compliance, and risk management issues associated with modern day commerce. Our team leverages their expertise into innovative and productivity-boosting solutions that revolutionize their field. NominoData supplies both plug-n-play and integrated software solutions supporting the AML, money-laundering, HIDTA HIFCA, and financial industries dealing in fraud, human trafficking detection, and compliance.

Alacer’s Velocity FinCrime Solutions Suite now features Vital4’s Data to Protect Against Financial Crime Risk

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The Alacer Group, a business consulting company specializing in the financial services and technology industries, has entered a partnership with Vital4, a global leader in AI driven AML data and technology solutions, to enhance their Velocity FinCrime Solutions Suite – a powerful all-inclusive solution for all things FinCrime. The Velocity FinCrime Solutions Suite helps financial institutions prevent and detect Fraud and comply with Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and FATCA regulations and now with the addition of Vital4’s originally sourced Adverse Media and PEP data, businesses will be fully enabled to identify individuals and entities who pose a financial crime risk.
“Quality data is crucial for any analysis – especially in the world of AML. Vital4’s high quality and comprehensive data set will not only help Alacer’s Velocity FinCrime Solutions Suite identify potential bad actors but enhance our ability to provide a complete and accurate view for our clients,” said Richard Paxton, Chief Executive Officer, CEO of The Alacer Group.
Vital4’s CEO, Kristin Stafford says “We are thrilled about the partnership with The Alacer Group. Alacer’s Velocity FinCrime Solutions Suite aligns with our fully automated and comprehensive data collection for AML/KYC compliance.”

About Velocity
Alacer’s Velocity FinCrime Solutions Suite is a powerful and scalable set of modules designed specifically for financial institutions to comply with AML (anti-money laundering), BSA (Bank Secrecy Act), and FATCA regulations with ease and simplicity. The solution is built using AI (artificial intelligence), ML (machine learning), and Big Data capabilities, which help to reduce risk and improve efficiency.
Velocity is designed to meet international regulatory compliance accurately and consistently. Each module is highly scalable and offers seamless integration, which helps management to improve efficiency and productivity.

About The Alacer Group
Founded in 2009, The Alacer Group is a business and IT consulting firm providing a comprehensive suite of products and services for financial institutions world-wide. Headquartered in Bellevue, WA., Alacer works with clients to increase their quality and productivity of operations, reduce risk, and achieve compliance.
The Alacer Group is a trusted resource for Fortune 1000 companies and growing organizations. With the application of the right mix of people, process, and technology, Alacer helps to improve efficiency and deliver results – fast.

About VITAL4
VITAL4 provides global screening solutions to help organizations maintain regulatory compliance and mitigate third-party risk. As a cloud software platform made fast and powerful by proprietary machine learning technology, VITAL4 was developed to bring the agility of SaaS services to enterprise compliance regimes and eliminate slow update cycles, shallow source pools and the human-error risks of manual legacy processes.

VITAL4 was built with four fundamental concepts in mind: compliance, accuracy, global insight and value.

Velocity Contact:
Tom Pirro
Global Head of Sales
Phone: 678-951-6346
Email: Thomas.Pirro@alacergroup.com

VITAL4 Contact:
Suzanne Durden, Director of Marketing
706-248-5877
info@vital4.net

Alacer’s Velocity Partners With SuperChoice To Tackle Fraud And Enhance Transaction Monitoring

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(February 2nd, 2022) -Alacer’s Velocity to provide FinCrime solutions to enhance the transaction monitoring and fraud detection mechanism.

With the increasing use of technology and digital transactions, there comes a high risk of fraud. Financial institutions need to stay alert and are required to monitor, investigate, and report any suspicious transactions to the regulatory authorities. Alacer’s Velocity acts as a shield against all fraudulent activities.

SuperChoice by the adoption of Alacer’s Velocity Fincrime solution is all set to strengthen its digital transaction monitoring efforts against AML compliance and fraud.

‘The evolution of digital transactions, and the sheer volume being made in near real-time, has meant the detection and prevention of fraud as close to the transaction time as possible is crucial. We partnered with proven experts in this space to give a greater level of fraud detection for our clients.” says Andrew Callus, Chief Product Officer, SuperChoice.

Alacer’s Velocity Transaction and Behavior Monitoring System is a highly flexible solution, specifically designed to meet the regulatory standards with ease. It is super convenient to use and helps to detect and provide alerts to the regulatory authorities.

About Velocity

Alacer’s Velocity FinCrime solution is a powerful and scalable set of modules designed specifically for financial institutions to comply with AML (Anti-money laundering), BSA (Bank Secrecy Act), and FATCA regulations with ease and simplicity. The solution is built using AI (Artificial Intelligence), ML (Machine Learning), and Big Data capabilities, which helps to reduce risk and improve efficiency.

Velocity is designed to meet international regulatory compliance accurately and consistently. Each module is highly scalable and offers seamless integration, which helps the management to improve efficiency and productivity.

About The Alacer Group

Founded in 2009, The Alacer Group is a business consulting firm, headquartered in Bellevue, WA. With an elite network of experienced consultants and practitioners, the company is focused on four areas, i.e., financial services, healthcare, technology, and government to provide consulting services, technology solutions, and manage staffing.

The Alacer Group is a trusted resource for Fortune 500 companies and growing organizations. With the application of the right mix of people, process, and technology, the group helps to improve efficiency and deliver results faster.

About SuperChoice

SuperChoice is Australia’s original FinTech Company and a leader in reg tech, founded in 1996. It provides superannuation clearinghouse and digital transaction solution services, including single touch payroll, to the Super Funds, Payroll Software Providers, and Employers.

SuperChoice is privately owned by Potentia Capital and the CPS group. They provide solutions that are focused on making things simpler, easier, and streamlined for everyone within the superannuation ecosystem.







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