LANDSBANKINN IS ONE OF HUNDREDS OF GLOBAL ORGANIZATIONS THAT RELY ON SAS® ANTI-MONEY LAUNDERING.
How do you separate the dubious from the day-to-day?
That’s the challenge facing Landsbankinn – and other banks of all sizes around the globe – as they try to root out financial crime. If each potential crime is a needle, it's buried in a haystack of everyday transactions. Knowing which ones to flag and which ones not to requires the right strategy – and technology – to identify suspicious patterns.
Landsbankinn seeks to fulfill the strictest requirements in regards to money laundering, criminal financing and other illegal activities. And to meet those demands, we need to have a sophisticated and robust solution. Thordur Orlygsson Chief Compliance Officer Landsbankinn
Accentuating the (real) positive.
While a vast majority of the transactions that Landsbankinn processes won’t trigger any alerts, a handful may point to suspicious activity.
Before turning to SAS, the screening system flagged about 1,000 false positives transactions each day. With a limited number of investigators, lowering that number to focus on truly suspicious claims was a goal.
With its significant market share in Iceland, Landsbankinn is on the list of global systemically important banks (G-SIBs) according to the Financial Stability Board.
90% reduction in false positives.
By using SAS Anti-Money Laundering to identify patterns and SAS Visual Analytics to give visualization capabilities to analysts across the organization, those 1,000 daily false positives were reduced to 100.
For Landsbankinn – a longtime SAS customer – the combination of anti-money laundering and data visualizations put a new spin on their view of analytics.
This is one of the fastest implementations that I’ve ever done. And also very successful. I would say that SAS is an enabler. It’s enabled us to understand our data, to report on our data, to make decisions on our data. It’s a vehicle to transform the bank. Skuli Jensson Head of Risk Solutions Landsbankinn