Grasshopper Bank chooses Alessa for end-to-end AML compliance

By Pavithra R

Grasshopper Bank, a digital bank serving founders, their companies, and the investors and supporting them across the innovation economy has announced that the firm has selected Alessa with Thomson Reuters CLEAR ID Confirm and Refinitiv World-Check risk intelligence to meet its know your customer (KYC), sanctions and watch list screening, transaction monitoring, customer identification program (CIP), and regulatory reporting obligations of its anti-money laundering (AML) compliance program.

“We are an innovative bank that is disrupting business banking. The decision to use Alessa stems from our commitment to deliver a true digital banking experience for our clients while still building an effective compliance program to prevent money laundering or the financing of terrorist activities,” said Grasshopper Bank’s Sally Myers, Chief Risk Officer.

Alessa is an integrated solution with due diligence, sanctions screening, transaction monitoring and regulatory reporting that makes AML compliance easy and cost-effective. It is trusted by banks, MSBs and FinTechs to meet their AML and other regulatory and compliance needs. Its versatile and modular nature makes it a consistently chosen solution that integrates easily with existing infrastructure, and scales with organisations as their size and needs grow.

“Grasshopper Bank was looking for a comprehensive, cloud-based AML solution that could offer identity verification, sanctions and watch lists screening, transaction monitoring and SAR/CTR reporting to FinCEN,” said Andrew Simpson, Chief Operating Officer at CaseWare RCM, Grasshopper Bank.

“Since Alessa has invested in a number of integrations to complement its core AML capabilities, it is able to provide services like identity verification with Thomson Reuters CLEAR ID Confirm and screening and due diligence with Refinitiv World-Check as part of its offering – all in the Microsoft Azure cloud.”

Founded in 2016, Grasshopper Bank is a national bank offering a full array of commercial banking products to innovation economy companies and the venture capital firms that fund such companies. The bank provides cloud-based banking solutions and financial services that enable innovative, emerging, and established companies to address the day-to-day challenges of their financial operations efficiently.