Tier1 Financial Solutions, a leading provider of client relationship management, compliance, and fraud prevention solutions, has announced that The New York Racing Association, Inc. (“NYRA”) has expanded its contract with Alessa to help enhance its compliance and anti-money laundering (AML) capabilities under the Bank Secrecy Act (BSA).
NYRA is a regulated gaming institution holding the exclusive franchise to conduct thoroughbred racing at Aqueduct Racetrack, Belmont Park and Saratoga Race Course. NYRA tracks are the cornerstone of New York State's thoroughbred industry, which is responsible for 19,000 jobs and more than $3 billion in annual statewide economic impact.
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.
“NYRA’s continued use of Alessa, in combination with third-party data providers, is an indication of the organization’s firm commitment to use automated data processing systems to aid in ensuring compliance with the BSA,” said Andrew Simpson, Chief Operating Officer at Alessa.
Alessa is consistently selected by gaming and financial institutions to meet their compliance AML obligations, because it is a comprehensive and modular solution that easily integrates with existing infrastructure, and scales with organizations 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.
