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With money laundering on the rise around the world, regulatory response is also increasing. Recent enforcement actions have focused on an institution's lack of consistent internal controls, governance and oversight.
In response, financial institutions are in search of reasonable anti-money laundering measures they can take to ensure regulatory compliance, including implementing a monitoring system that:
- Mitigates all risks identified in their risk assessments.
- Can be implemented in months rather than years.
- Has lower infrastructure and support costs.
- Is proven to pass regulatory muster.
Because no two financial institutions have the same anti-money laundering monitoring needs, SAS offers one proven methodology available via distinct solution offerings:
SAS® Anti-Money Laundering is an enterprise solution that takes a risk-focused approach to the critical task of monitoring for suspicious activity. The solution applies advanced analytics and scenarios against customer and transactional data from all areas of the enterprise to automatically identify, classify and surface suspicious behavior. Once identified, a seamless workflow enables the investigative function to proceed with increased effectiveness and efficiency.
SAS® Money Laundering Detection provides the same robust SAS anti-money laundering methodology in a solution tailored for small to mid-sized financial institutions. This solution provides an automated process for detecting, investigating and reporting suspicious behavior.
SAS® Solutions OnDemand gives customers in the Americas the option of having SAS host your anti-money laundering application as a service.
SAS® Anti-Money Laundering for Teradata (PDF) enables financial institutions to reap the benefits of SAS' industry-leading financial crimes solution on Teradata's industry-leading parallel processing platform. This solution reduces the amount of time needed for compliance processing while lowering data preparation and storage costs, and while providing data-driven decision making capabilities that mitigate operational exposures.
How SAS® Anti-Money Laundering Can Help
- Reduces false positives.
- Users can easily refine scenarios and risk factors.
- Frees investigators to focus on high-risk events rather than chasing down all simple alerts.
- Adapts to changing business needs and regulatory expectations.
- A flexible and scalable data model includes a broad set of transaction types, products, channels and services.
- A point-and-click interface enables easy modification of the system’s scenarios and risk factors.
- Ad hoc report generation lets you answer virtually any question.
- Lower total cost of ownership over time since you won't have to upgrade due to system obsolescence.
- Prioritizes high-risk events for investigation.
- Consistent and straightforward descriptions give compliance staff clear explanations.
- Enables a more effective investigative process.
- Provides more accurate results based on enterprisewide knowledge and security.
- Automatically monitors all known institutional risks.
- Risk scores customers based on prior behavior, expected behavior and known CIP information across all accounts for unmatched depth of analysis.
How SAS® is Different
- Transparency. The solution’s monitoring process is completely transparent and easily understood. The solution provides a significant analytical tool that works through logical processes, bridging the gap between technology and compliance functions.
- Adaptability. The solution is part of the flexible SAS Business Analytics Framework and is adaptable to each institution's risk profile. Scenarios and risk factors are driven directly from the bank's anti-money laundering risk assessment and can be easily changed as the institution's or the industry's risks change.
- Depth of coverage. The solution does not merely assess transactions; it employs scenarios and risks across a wide array of an institution's specific knowledge to develop alerts that can surface more suspicious activity that ever before possible. And as anti-money laundering functions evolve to cover all of an institution's financial crimes monitoring programs, the SAS Business Analytics Framework gives institutions the flexibility to accommodate changing requirements.
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