Combating Money Laundering with SAS

With illegal financial activity and regulatory pressures to squelch it both on the rise, the manual processes many organizations have used to detect money laundering activities just don't cut it any more.
Organizations are looking for an anti-money laundering solution that can take mountains of information from all areas of the business, manage and refine that information, and then turn it into usable knowledge that will help automatically identify and classify suspicious behavior.

That’s why Sovereign Bank has chosen SAS Anti-Money Laundering software as an additional component to its anti-money laundering program.

The SAS solution will be used by Sovereign to automate the review of transaction activity. Sovereign’s decision was based, in part, on the fact that one of the world’s largest financial institutions had already selected SAS to power its anti-money laundering program.

"SAS is proud to build upon our relationships with industry leaders like Sovereign and offer technologies to address their specific business needs," says Dr. Jim Goodnight, CEO of SAS. "The strength of SAS analytics and data management technology – at the core of all our solutions – sets a solid foundation for financial institutions to partner and grow with SAS."

SAS Anti-Money Laundering provides an enterprisewide solution, tracking transactions across all products, channels and lines of business to ensure a comprehensive view of each customer. SAS also offers a hosted solution complete with other SAS technologies instead of a variety of vendor components.

In addition, SAS provides a consortium for its anti-money laundering customers, giving them a forum to share best practices and knowledge. Within the software industry, SAS is known for its steadfast reputation, financial stability and commitment to its customers, as demonstrated by its high investment in research and development.