SAS has released a new anti-money laundering (AML) application, answering the needs of financial institutions with SAS Anti-Money Laundering.
Enhancements to SAS Anti-Money Laundering streamline the transaction monitoring process to be more customisable, efficient and accurate.
SAS Anti-Money Laundering now helps users to classify and manage risk throughout the customer lifecycle. This is a particular emphasis of the Third European Union Directive on anti-money laundering, and a continued emphasis on enhanced and on-going due diligence from international regulatory agencies.
Through a point-and-click interface, users can create unique risk classifications and risk lists, and integrate them into the ongoing transaction monitoring process. High-risk entities can thus be monitored uniquely based upon their risk profile, which is the intention of a “risk-based approach” to AML compliance. The systems most popular risk scenarios have been enhanced to support grouping across risk levels.
SAS has updated the application’s watch list management capabilities to support fuzzy name and address matching designation for specific geographic regions. SAS Anti-Money Laundering supports direct extraction from popular watch lists such as Office of Foreign Assets Control (OFAC), Bank of England, Office of the Superintendent of Financial Institutions (OSFI) and World-Check. This helps institutions improve the accuracy of name matching and reduce false positives.
Additionally, enhanced dynamic performance management reports help compliance managers assess productivity and efficiency of monitoring processes.