Banks stop criminals with latest SAS® Financial Crimes Suite
Better customer risk ratings, smarter detection and investigation techniques deter more financial crime
17 March 2014 - Getting away with financial crime just got harder. The latest SAS® Financial Crimes Suite arms institutions to detect potential suspicious activity more efficiently than ever. A new customer due diligence solution within the suite more accurately detects changes in a customer's risk profile. Enhanced anti-money laundering and case management capabilities also make it easier to have a complete view of threats across an institution's financial crimes investigation unit.
"A comprehensive view of potential threats will help in efforts to thwart criminals from successful attempts of hiding illicit funds," said James Wester, Global Payments Research Director at IDC Financial Insights. "A technology infrastructure with customer risk rating and high-performance analytics will help speed detection and investigation in all channels. Companies like SAS are bringing to market a full suite of modules to support money laundering compliance, customer due diligence and fraud prevention all within a unified framework and user interface for more efficient investigations."
SAS® can focus precious resources on the highest-risk relationships
Data management features easily integrate key customer attributes from external sources and detect incriminating relationships. The regulatory reporting interface controls both workflow and investigations. Context-aware analytics intercept and assess events for possible risk. The resulting baseline customer score can be automatically updated with a new risk rating based on behavior changes.
The solution streamlines the review process by:
SAS® amps up detection for more effective investigations, case management
To increase detection capabilities, a peer group anomaly component has also been added to SAS High-Performance Anti-Money Laundering, which compares an entity's behavior to its historical behavior and the behavior of its peer groups. Peer grouping has also been expanded, adding multiple peer groups and analytics to detect outliers on expected behavior. SAS High-Performance Anti-Money Laundering increases monitoring effectiveness and efficiency through rapid information from new scenario tests via live production data.
SAS Enterprise Case Management has also been enhanced by replacing advanced querying with a single search field, encompassing all content included in the SAS solution. Information is captured and tracked through a central audit service, making investigations seamlessly auditable. More efficient investigations result from the new "to do" lists in the subject field of cases.
Learn about the five core capabilities crucial for fighting financial crime in the whitepaper, A United Front: Making the Case for Integrating Fraud and Anti-Money Laundering Processes .
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 65,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world
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