The most complete financial crime detection system to date

Laurentian Bank takes the lead in financial crime detection and prevention

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 over 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, Compliance, Operational Security.

By combining three solutions from the SAS® Enterprise Financial Crimes Framework for Banking, Laurentian Bank is the first bank to use these products together, making it a true leader in the fight against financial crime in Canada.

“This is a first for both Laurentian Bank and SAS. We are working jointly with the experts at SAS to perfect this system and make it a reality; it will redefine the standards within our industry,” explained Trépanier.

This integrated system is based on three critical components:

• SAS Anti-Money Laundering 
• SAS Enterprise Case Management 
• SAS Fraud Framework
  

Developing this new system has not been without its challenges – it is the first time these three solutions have been combined. Even though each of these solutions has proven its individual effectiveness, using them together is an innovation requiring certain adaptation. "Our team and the SAS team are working hand in hand on this project. The SAS expertise will allow us to be the pioneers in the industry. Our data creates a virtual incubator for SAS, allowing it to make the solution a reality, to model it, and then to transfer it to the entire industry," stated Trépanier.

Identifying potential fraudsters and criminals constitutes a large part of financial crime detection. Combining the solutions provides a better overview by using all the databases and a better qualification of alerts, allowing for more efficient and simpler interventions. "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," he added.

A swift, scalable system
When it comes to financial crime, the speed of detection is crucial. Identifying initial fraud attempts by criminals helps save considerable sums of money. By unifying  the databases, the SAS solutions allow for faster, more effective detection of attempted fraud. The SAS systems also stand out for their flexibility and scalability by making use of collected data and trends regarding potential fraud.

Laurentian Bank chooses SAS® for its business intelligence solutions
Laurentian Bank is already using SAS in other areas of activity, mainly for its credit risk and market segmentation operations. “We have developed business ties with SAS and have a great respect for their competence, meaning that we are going into this implementation project with confidence. We were ready to team up with SAS to develop this solution, even if that meant not being able to benefit immediately from a finished product. From the outset, we had full confidence in SAS products and expertise, and we have seized this wonderful opportunity to position ourselves at the forefront of the financial crime detection and prevention industry while developing a system perfectly adapted to our needs. Ultimately, this is how we will best protect our clients,” said Trépanier.  

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