SAS® Anti-Money Laundering
Complete money laundering protection, full anti-money laundering compliance
Growing regulatory pressures and the increasing speed and sophistication of money laundering schemes have put financial institutions' reputational and monetary risk exposure at an all-time high. SAS Anti-Money Laundering takes a risk-based approach to monitoring transactions for suspicious behavior. The solution uses advanced analytics and multiple detection methods to uncover illicit activity, and a seamless workflow to increase the effectiveness and efficiency of investigations. In addition, the solution helps financial institutions comply with anti-money laundering (AML) and counterterrorist financing (CTF) regulations.
Benefits
- Reduce AML compliance costs.
- Monitor more transactions and risks in less time.
- Improve the quality and accuracy of alerts.
- Enhance the speed and effectiveness of investigations.
- Reassess and reclassify risk profiles as needed.
Features
- Data management
- Suspicious activity monitoring and reporting
- Customer due diligence/know your customer risk scoring and classification
- Watch list matching
- Investigation/alert management
- Compliance analytics
- Integrated case management
- Regulatory report generation
" Our goal in implementing this system is to quickly obtain an overview of our various business lines so as to better recognize and identify fraudsters."
—René Trépanier
Vice President, Compliance, Operational Security
Laurentian Bank
How SAS® Is Different
- Predictive alert analytics. Only SAS uses predictive alert analytics to significantly reduce false-positive alerts and to more accurately identify actions and relationships that present the greatest risk to the institution.
- Depth and breadth. No other solution lets you monitor more transactions and more risks in less time. With SAS, you can process more than 2 billion transactions in a single night, and the system is powerful enough to run multiple scenarios and risk factors without any performance degradation.
- Faster implementation. The solution includes a banking-specific data model optimized for financial crimes analytics and incorporates data management best practices from more than a hundred successful implementations to get you up and running quickly.
- A common technology platform. All financial crime solutions from SAS are built on a common technology platform to ease the sharing of data and analytics, while reducing administrative costs.
Benefits
- Reduce AML compliance costs.
The system automatically scores alerts prior to routing them for investigation, which:
- Greatly reduces the number of false-positive alerts, so investigators don't waste their valuable time on pointless investigations.
- Reduces staffing hours required for alert triage.
- Monitor more transactions and risks in less time.
- Monitor multiple risks during a single pass of the data through the use of array processing.
- Add numerous scenarios with little to no impact on system processing time.
- Improve the quality and accuracy of alerts.
The solution uses predictive alert analytics to score alerts prior to passing on to investigators, which:
- Ensures that investigators spend their time on the highest-scoring alerts that pose the greatest risk to the organization.
- Reduces your audit and regulatory risk by providing an objective and consistent means for escalating alerts to investigators.
- Enhance the speed and effectiveness of investigations.
An intuitive interface enables efficient review and faster decisions by:
- Providing quick access to all information relevant to an investigation – customer information, profiles, triggering transactions, KPIs, etc.
- Displaying all information in a way that is tailored to the role, rights and privileges of each user.
- Reassess and reclassify risk profiles as needed.
- The risk classification process assesses a customer's risk profile on an ongoing basis, based on transactional behavior or association with high-risk attributes.
- Accounts or customers can be added to high-risk lists by product, service, customer and geographic categories.
- Reclassification decisions are captured in an audit trail for easy internal or regulatory review.
Features
- Data management
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- Includes a banking-specific data model that:
- Maps transaction records to support transaction, account, customer and household dimensions.
- Includes the core schema for preparing data for nightly batch analysis.
- Includes a knowledge center data schema that supports data retention and investigation.
- Supports multiple data types (nonmonetary event data, geographic data, risk lists, third-party data, associate data and a variety of customer information data) in addition to transaction data.
- Includes a banking-specific data model that:
- Suspicious activity monitoring and reporting
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- Applies scenarios and risk factors to transactions to detect potentially suspicious activity.
- Generates alerts for events that meet the rule parameters.
- Subjects alerts to additional workflow processes (e.g., suppression, risk scoring and routing).
- Includes an easy-to-use, point-and-click interface that enables:
- Easy creation and modification of scenarios and risk factors.
- Creation of customized routing rules for distributing the workload to compliance analysts.
- Customer due diligence/know your customer risk scoring and classification
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- Automatically integrates onboard customer risk scores with actual transactional behavior.
- Enables reassessment of customer risk classifications either manually or upon periodic review.
- Documents information gathered during enhanced due diligence for a more accurate view of money laundering risk.
- Watch list matching
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- Imports sanctions and other watch lists to identify persons, organizations or high-risk jurisdictions that represent regulatory risk.
- Uses fuzzy matching logic to increase the accuracy of entity matches.
- Enables transaction, party or counterparty matching lists to be worked as alerts or cases.
- Combines functionality with the Dow Jones Watchlist service to provide leading compliance risk information in a format designed for automated screening and risk management.
- Investigation/alert management
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- Includes a Web-based investigation interface that gives analysts easy access to the knowledge center database, which serves as the system of record for regulatory and auditing purposes.
- Enables "super users" to grant rights and privileges to other users via an administrative tab.
- Displays alerts generated by other transaction monitoring systems.
- Exports alerts generated by the system to third-party case management systems as needed.
- Compliance analytics
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- Follows a proven compliance analytics methodology that uses predictive models to score the likelihood that an alert will contribute to a productive investigation.
- Reduces the need to tune individual scenarios, since throughput is governed by analytic models.
- Deploys generalized models initially, and then re-scores models against your organization's data after the system is up and running.
- Integrated case management
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- Includes a Web-based user interface that supports the management, investigation and reporting needs of analysts and investigators.
- Documents and retains all actions performed on alerts and cases for audit and regulatory review.
- Automatically identifies alerts that may be related to existing cases.
- Regulatory report generation
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- Enables easier review, submission and management of multiple types of regulatory reports (SARs, STRs, CTRs) via a user-friendly, central regulatory reporting console.
- Enables easy editing or correcting of prior regulatory filings.
- Supports new e-filing processes, including error handling.
- Ensures consistent processes for SAR, STR and CTR filing.
- Supports multiple forms and languages to accommodate varying jurisdictional requirements.
- Captures response codes, error codes, etc., from government financial intelligence units.
- Supports new FinCEN forms.
- Centrally manages SAR access privileges to ensure confidentiality.
Screenshots
Submit reports electronically through the regulatory reporting console.
SAS Anti-Money Laundering lets you run suspicious activity reports and submit them electronically through the regulatory reporting console.
View alert information on the home screen.
The SAS Anti-Money Laundering home screen displays alerts, their causes and their severity scores.
Ready to learn more?
Call us at 1-800-727-0025 (US and Canada) or request more information.
