Rising regulatory pressures and transaction volumes require improved efficiency and accuracy
Faster validation of suspicious activities. Better, more accurate alerts. Quicker click-through to critical data. The newest release of SAS® Anti-Money Laundering goes further than ever to help analysts in financial institutions comply with anti-money laundering (AML) and counterterrorist financing regulations. The updates enable users to monitor more risks within even larger data volumes – and do so in minutes.
“A spotlight on efforts to stop the spread of terrorist activities plus increased regulatory pressure puts AML compliance as a top priority for financial institutions,” said Bill Fearnley, Research Director of Compliance, Fraud and Risk Analytics at IDC. “Deploying advanced analytics and visualisation tools help compliance analysts uncover patterns and anomalies so they can quickly document cases.”
Among respondents to a 2016 SAS and Longitude financial crime survey of 120 banks, 19 per cent had been fined by regulators or law enforcement agencies in the past three years – of those fined, 22 per cent faced penalties of $1 billion or more.
Fines like these can cause serious reputational damage. They ramp up pressure on banks to investigate and address suspicious activity swiftly, a process complicated by high transaction volumes from online and mobile banking.
SAS Anti-Money Laundering is a complete solution that covers suspicious activity monitoring, customer due diligence, watch list filtering and investigations case management. The software alleviates critical pain points for compliance departments:
“Financial crime is an insidious issue which challenges all banks globally and in the UK,” said Christopher Ghenne, Business Solutions Manager at SAS. “Organisations that fall foul to financial crime risk tarnishing their reputation and overall trust. It’s only when banks are equipped with the tools that allow them to monitor risks and identify emerging patterns can they really begin to isolate potential threats. SAS Anti-Money Laundering’s visual and behavioural analytics helps organisations avoid the heavy penalties related to non-compliance.”
SAS is the leader in analytics. Through innovative analytics, business intelligence and data management software and services, SAS helps customers at more than 80,000 sites make better decisions faster. Since 1976, SAS has been giving customers around the world THE POWER TO KNOW®.