ACBB set to transform and strengthen its fight against financial crime with Alacer Group’s Velocity, a 360º AML solution

January 26, 2022

Pennsylvania, USA | January 26th, 2022 | ACBB, the region’s leading bankers bank, has announced that it has chosen Alacer Group’s Velocity FinCrime Solutions Suite, the powerful BSA/AML regulation software, to offer end to end AML coverage. Utilizing Velocity’s FinCrime Solutions Suite modules, ACBB’s 350+ banks will be benefitted from its highly secured and efficient AML compliance system.

Financial Institutions are susceptible to criminal activities including money- laundering, terrorist financing, and fraud. Jurisdictions globally require financial institutions to monitor, investigate and report transactions of any suspicious nature to financial intelligence units. Failing to do so, attracts hefty penalties, heavy fines, regulatory restrictions, even to the point of charter revocation. As a trusted banker’s bank, ACBB has followed compliance regulations and provided the same support to its partner banks throughout the years.

ACBB will strengthen its entire anti-financial crime operations with Velocity FinCrime Solutions Suite. Velocity is powered by the latest Artificial Intelligence and Machine Learning technologies and offers multiple detection methods with advanced analytics engines. It will help ACBB achieve AML compliance while reducing risks and increasing efficiency. Velocity’s robust database and systems architecture with a proven track record of handling millions of transactions and accounts will equip ACBB with a powerful weapon in its fight against financial crime.

ACBB will be using Velocity TBMS: Transaction Monitoring for detecting, alerting, scoring, and reporting to regulatory authorities while depending on Velocity KYCR: Customer Risk rating to successfully ensure appropriate understanding of the underlying risk of its customers’ risk profile. Velocity ICMR: Case Management and Reporting will support ACBB with smart technical capabilities in a user-friendly interface to centralize all alerts and case workflows in one place making it easier to create, investigate, review, approve and file automated SAR reports in an accelerated manner. Velocity CSR: Cannabis Screening functionality will provide ACBB with reduced false positives while investigating entities in CRB Monitor lists against transaction and customer data.

About ACBB

Founded in 1983, Atlantic Community Bankers Bank (ACBB) delivers correspondent, payments, and lending services exclusively to financial institutions. As a trusted partner, the company aggregates, innovates, and integrates services with over 400 shareholder and client financial institutions. Their solutions drive efficiency, profitability, and relevance among businesses and consumers. ACBB was formed, owned, and is governed by community-focused financial institutions.

About Velocity
The Velocity Financial Crimes (FinCrime) Solution Suite (FSS) helps financial institutions comply with Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and FATCA regulations with ease and simplicity. The solution uses multiple detection methods and an advanced analytics engine powered by Hybrid Machine Learning and Artificial Intelligence to help institutions, large and small, achieve compliance while reducing risk. Velocity comes with in-built Entity Resolution and few other data disambiguation tools which helps banks / FIs in getting their data right.

About Alacer

The Alacer Group is a client-centric technology firm focused on providing clients a best-in-class FinCrime solution suite – Velocity, utilizing advanced machine learning techniques together with proven rules-based analytics to detect suspicious activity sooner and more accurately. Our modular solution addresses all aspects of BSA/AML compliance and can be scaled to meet current and future operations. Core features of Velocity include real-time due diligence, transaction monitoring, and screening, sanctions screening, fraud monitoring and real-time detection automated regulatory reporting, and analytics, dashboards, workflows, and case management.


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