Vertical Markets

Anti-money laundering

by msecadm4921

Banks can increase efficiency while improving investigations and SAR quality, says a business analytics software firm. SAS has launched its latest version of SAS Anti-Money Laundering to better manage suspicious financial activity. Offered are predictive analytics, an enriched regulatory reporting console, and more risk-based scoring techniques.

“Enhancing the quality of alerts by applying predictive analytics is a significant process improvement over the typical transaction monitoring approach,” said Rodney Nelsestuen, senior research director at CEB TowerGroup. “This helps institutions lower false positives, reduce analyst fatigue, and improve the quality of investigations all of which are increasingly important in the face of tougher regulatory actions and stiffer fines for poor anti-money laundering (AML) monitoring.”

SAS Anti-Money Laundering has predictive analytics improving alert quality while minimising false positives, leading to a more effective and meaningful investigation, it is claimed. This helps escalate alerts to investigation more accurately, so investigators can focus on the most egregious risks, while reducing costs associated with model governance.

The updated regulatory reporting console in the software supports multiple forms and languages, and interacts with new electronic filing systems being adopted by global financial intelligence units. An improved user interface speeds investigations by displaying all relevant customer information based on user roles, rights and privileges, to display key performance indicators of the most recent trends.

Banks can harness risk-based scoring during the onboarding process with new features in the software. The risk classification process regularly assesses a customer’s risk profile in a single data pass, based upon transactional behaviour or association with high-risk attributes. That means institutions can monitor high-risk peer groups uniquely. End users can modify or create unlimited scenarios through a point-and-click interface, monitoring more risks and behaviours while bypassing trusted accounts and parties posing no threat.

Laurentian Bank in Canada has seen major growth in recent years. Laurentian Bank is the first bank to combine SAS Anti-Money Laundering with two other solutions from SAS Enterprise Financial Crimes for Banking.

“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. “Our goal in implementing this system is to quickly obtain an overview of our various business lines so as to better recognise and identify fraudsters.”

More than 100 institutions use SAS for AML, including: AG2R La Mondiale (France), Bank of Tokyo-Mitsubishi UFJ (Japan), Commonwealth Bank of Australia (Australia), Danske Bank (Sweden), Forex Bank (Sweden), Gazprombank (Russia), Hana Bank (Korea), HDFC Bank (India), Industrial Bank of Korea (Korea), Kookmin Bank (Korea), Landbouwkrediet – Crédit Agricole (Belgium), Laurentian Bank (Canada), Medmera Bank (Sweden), Northwest Federal Credit Union (US), Resona Group (Japan), Riyad Bank (Saudi Arabia), Samba Financial Group (Saudi Arabia), Samsung Securities Co. (Korea), Skandinavisk Data Center (Denmark), Soneri Bank (Pakistan), Sovereign Bank (US), Sumitomo Mitsui Banking Corp.

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