The most complete financial crime detection system to date
Laurentian Bank acquires SAS® Anti-Money Laundering
Laurentian Bank of Canada is a banking institution with operations across the country. Founded in 1846, it manages more than $24 billion in balance sheet assets and currently employs more than 3,800 people. The bank serves individuals and small and midsized businesses. It also offers its products to a vast network of independent financial intermediaries through B2B Trust and provides full-service brokerage services through Laurentian Bank Securities. Laurentian Bank is firmly established in Quebec, where it operates the third-largest retail branch network in the province.
Laurentian Bank has been experiencing major growth in the past several years. Its loan and deposit volumes have increased significantly, and its net income has been breaking new records for the past four years. "Our competitors know us for our flexibility and our agility, qualities that let us react quickly and allow us to, among other things, efficiently implement new processes to fight financial crime, thereby securing our constantly growing operations," said René Trépanier, Vice President of Compliance, Operational Security.
Intensified battle against money laundering
To do so, financial institutions must find ways to adapt the rules, parameters and scenarios for detecting illegal activity in order to establish the risk profile for each account or individual, and handle them according to the level of risk established by this system.
The classifications, parameters and scenarios developed by SAS, combined with the flexibility of its SAS Anti-Money Laundering solution, will allow Laurentian Bank to not only be at the leading edge of the technology, but to also adapt to future realities and challenges. "Using this solution means Laurentian Bank acquires an efficient and proven system. Also, the system is scalable and highly flexible, features that will allow us to remain in the lead," said Trépanier.
Toward an integrated system for fighting financial crime
"The system we were using up until now was more than sufficient to meet industry standards and regulations," said Trépanier. "The purpose of using the anti-money laundering solution is to exceed these standards by implementing an integrated financial crime detection and prevention system. It's important for us to do more and to better fulfill our duty as a corporate citizen as efficiently as possible."
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Vice President of Compliance
Efficiently implement new processes to fight financial crime, increasing security for the bank's operations.
“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.”
Vice President, Compliance, Operational Security