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With money laundering on the rise around the world, regulatory response has also increased. Recent enforcement actions have focused on an institution's lack of consistent internal controls, governance and oversight.
In response to these increasing regulatory pressures, financial institutions are in search of reasonable measures they can take to ensure that they are in compliance with regulations. Translation: Financial institutions aren’t interested in implementing the most sophisticated analytic techniques available at exorbitant costs. Instead, they want a reasonable monitoring system that:
- Mitigates all risks identified in their risk assessments.
- Can be implemented in months rather than years.
- Has lower infrastructure and support costs.
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While searching for such a solution, financial institutions should consider these challenges regarding AML monitoring efforts:
Mitigating AML compliance risk is a moving target. Institutions should be asking: Will a monitoring system be able to change as our business changes? As risks of illicit activity change? As regulatory expectations change?
There’s a disconnect between the level of knowledge needed for compliance and traditional monitoring systems. Institutions should ask: Will my monitoring system incorporate our in-depth knowledge of policies, procedures and controls? Will it cover all risks identified in our risk assessment? Will we be able to explain adequately the rationale behind our decisions to auditors and regulators?
Implementation and total cost of ownership of an AML solution can pose additional risks. Institutions should ask: Will my AML monitoring system be implemented in time for our next regulatory review? Will the cost of adapting to future demands place an undue burden on my institution?
Increasingly, financial institutions are turning to SAS for help in overcoming these challenges by deploying a low-risk AML monitoring solution that:
- Adapts easily to their unique compliance needs by covering all risks in their risk assessment.
- Changes as their business needs and regulatory expectations change.
- Can be implemented in three to six months, with a low total cost of ownership.
SAS’ AML customer portfolio includes a diverse set of financial institutions:
- From around the world – North America, Latin America, Europe, Middle East,
Africa, Asia.
- Of all sizes – Assets from $2 billion to more than $1 trillion.
- From all sectors – Leading money center banks, Wall Street investment banks,
regional banks, foreign exchange banks.
SAS is recognized by our customers as a vendor that delivers on our promises, with an AML solution that has proven adaptability.
Because no two financial institutions have the same AML monitoring needs, SAS offers one proven methodology available via three distinct solution offerings:
SAS Anti-Money Laundering – a sophisticated, risk-based monitoring and alert system that detects the subtle patterns that could indicate suspicious behavior. Designed to meet the needs of large, global financial institutions, this solution manages and refines mountains of customer data from all areas of the enterprise and automatically identifies, classifies and surfaces suspicious activities.
SAS Money Laundering Detection – the same robust SAS anti-money laundering methodology in a solution tailored for small to mid-sized financial institutions. This solution provides an automated process for detecting, investigating and reporting suspicious behavior.
SAS Solutions OnDemand – for customers in the Americas, SAS provides the option to host your AML application as a service.
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