RiskTech Forum

SAS Revamp Anti-Money Laundering Offering

Posted: 10 August 2016  |  Source: SAS


Faster validation of suspicious activities. Better, more accurate alerts. Quicker click-through to critical data. The newest release of SAS® Anti-Money Laundering goes further than ever to help analysts in financial institutions comply with anti-money laundering (AML) and counterterrorist financing regulations. The updates enable users to monitor more risks within even larger data volumes – and do so in minutes.

“A spotlight on efforts to stop the spread of terrorist activities plus increased regulatory pressure puts AML compliance as a top priority for financial institutions,” said Bill Fearnley, Research Director of Compliance, Fraud and Risk Analytics at IDC. “Deploying advanced analytics and visualization tools help compliance analysts uncover patterns and anomalies so they can quickly document cases.”

Among respondents to a 2016 SAS and Longitude financial crime survey of 120 banks, 19 percent had been fined by regulators or law enforcement agencies in the past three years – of those fined, 22 percent faced penalties of $1 billion or more.

Fines like these can cause serious reputational damage. They ramp up pressure on banks to investigate and address suspicious activity swiftly, a process complicated by high transaction volumes from online and mobile banking.

SAS Anti-Money Laundering is a complete solution that covers suspicious activity monitoring, customer due diligence, watchlist filtering and investigations case management. The software alleviates critical pain points for compliance departments:

“One of the fastest ways to tarnish a bank’s reputation is media attention to a financial crimes scandal,” said David Stewart, Director of Banking Solutions in SAS’ Security Intelligence Practice. “Money launderers and organized-crime rings adapt quickly. So it’s vital for banks to deploy systems that not only monitor known risks, but can identify emerging patterns that may require coverage. SAS Anti-Money Laundering’s visual and behavioral analytics helps organizations avoid penalties related to noncompliance.”