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SAS top pick for firms fighting money laundering

The need for regulating potential money laundering and terrorist financing continues to be a concern for financial institutions across the world. Firms are turning to SAS, the leader in business intelligence (BI) and analytics, as an ally in combating potential criminal transactions. As evidence, SAS has more than doubled the number of anti-money laundering (AML) packages sold since the beginning of 2007.

“SAS AML is a component of our integrated banking intelligence solutions from SAS to improve operations, strengthen risk management capabilities and increase competitive edge,” said Albert Lau Yiong, Chief Executive Officer, EON Bank Group in Malaysia.

“The large number of interest and sales SAS for anti-money laundering has generated through new customers in 2007 and 2008 demonstrates that institutions are recognizing the value of the solution,” said David Stewart, Director of Financial Crimes at SAS. “In addition, the Asia Pacific region, as noted in a recent SAS announcement, has been heavily investing in an integrated approach to risk management that includes AML.”

Installed directly or through a SAS OnDemand solution, SAS Anti-Money Laundering is a sophisticated AML solution that takes mountains of information from all areas of a financial business, manages and refines that information, and turns it into knowledge to automatically identify and classify potential suspicious behavior. It can help banks meet stringent government regulations, protect shareholder confidence and maintain a strong reputation.

The solution’s integrated and open-ended architecture lets banks gather information from transactional, demographic, and nonmonetary data sources, transform the appropriate data into an enterprisewide view of behavior, and support the monitoring and investigative processes required to meet their regulatory obligations.

Currently, more than 55 financial services institutions use SAS for anti-money laundering, including: Banco de Oro Unibank (Philippines), Bank of America (USA), Bank of Queensland (Australia), BB&T (USA), Banco De Chile (Chile), Coastal Federal Credit Union (USA), Commonwealth Bank of Australia (Australia), Development Bank Philippines (Philippines), EON Bank (Malaysia), First Citizens (USA), Hana Bank (Korea), Huntington Bank (USA), Kookmin Bank (Korea), Land Bank of The Philippines (Philippines), Philippines Veterans Bank (Philippines), SAMBA Financial Group (Saudi Arabia), Samsumg Securities Co. (Korea) and Sovereign Bank (USA).