Coastal Federal Credit Union Combats Money Laundering with SAS®

Larger banks and financial institutions have been under pressure to quickly comply with global regulations to implement anti-money laundering (AML) systems. And now credit unions and regional and community banks are beginning to face similar regulatory scrutiny. After the National Credit Union Administration increased its role as a regulatory compliance watchdog, Coastal Federal Credit Union selected SAS® Money Laundering Detection to stay ahead of regulatory demands.

The SAS solution will help the credit union fortify its anti-money laundering program and adhere to the regulations of the USA PATRIOT Act. The capabilities of SAS' powerful AML software and the company's expertise and proven track record in risk management made SAS the top choice for Coastal Federal Credit Union.

A powerful solution for a smaller budget
"SAS has demonstrated commitment to the growing credit union market by providing a comprehensive solution comprised of leading analytic and data integration technologies and cost-effective implementation," says Lin Jordan, Vice President of Risk Management at Coastal Federal Credit Union in North Carolina. "SAS offers the power and flexibility of an enterprise-class solution but packaged for a smaller institution's budget."

SAS Money Laundering Detection provides the same robust SAS anti-money laundering methodology in a solution tailored for small to midsized financial institutions. With an automated process for detecting, investigating and reporting suspicious behavior, Coastal Federal Credit Union can be more efficient and effective in complying with government regulations.

"While the simplified technology architecture will meet our immediate needs in addressing AML regulations, it also will serve well for our long-term, future needs of driving top-line revenue growth by better understanding our members' behavior," says Jordan.

SAS Money Laundering Detection provides powerful analytics and data integration packaged for a smaller institution's budget.