Chartis names SAS a leader in AML transaction monitoring

Report gives high marks for data integration, speed and modeling; gives SAS top rating available for the second consecutive year

Chartis Research has rated data and AI pioneer SAS a category leader in its AML Transaction Monitoring Solutions, 2024 Market Quadrants report. This marks the second time in as many years SAS has earned the analyst firm’s highest scores in the anti-money laundering evaluation.

Among the solutions of 37 providers evaluated by Chartis, SAS^® Anti-Money Laundering equaled the top set of ratings for vendor capabilities, receiving the highest possible score in five categories. Chartis gave SAS a five-star, “best in class” rating for:

• Data and system integrations.
• Focus on modeling and risk typology.
• Focus on speed and volume.
• Platform and case management.
• Workflow automation.

“SAS’ category leader position in AML transaction monitoring reflects a comprehensive solution that delivers strong performance across a broad set of highly complex use cases, with deep analytical capability and a multilayered AI approach that can monitor vast volumes of transactions at high speed,” said Nick Vitchev, Research Director at Chartis. “Moreover, the SAS Viya platform enables high levels of flexibility and customization via its data orchestration layer and modeling and analytics capabilities – features that are increasingly critical in navigating the complexity of transaction monitoring.”

‘Strong capabilities across the anti-money laundering cycle’

Chartis’ vendor analysis was full of kudos for SAS, including “high coverage” for all criteria for both completeness of offering and market potential in anti-money laundering solutions. Among the strengths they highlighted:

Data and systems integration. Chartis noted SAS’ ability to integrate third-party and proprietary data into its transaction monitoring due to the “deep data orchestration capabilities” of SAS^® Viya^®. It also found that SAS’ “embedded monitoring of customer lifecycle events, processing both financial and non-financial transactions across different channels and products, makes its transaction monitoring solution notably flexible and adaptable.” Those capabilities, along with real-time enrichment, promote both effective financial crime risk management and reduction of false positives.

Modeling and risk typology. SAS earned high marks for its “expansive focus on modeling and risk typology capabilities,” which make it easy for organizations to build a transaction monitoring program. “SAS offers extensive coverage across the financial crime spectrum,” Chartis wrote, “with strong libraries that help address the growing need for typology and channel customization in many high-risk entities.”

AI and machine learning algorithms. SAS’ AI and machine learning – which Chartis called “cutting edge” – use large language models to create virtual assistants that streamline compliance processes. Chartis also said that SAS’ models-as-a-service approach to entity resolution “enhances data integrity and facilitates better decision-making, ultimately making workflows more efficient and effective.”

Efficiency and scalability. Finally, Chartis recognized SAS for its implementation process, which “[ensures] a swift transition for organizations,” and its scalable solutions that “[allow] businesses to expand their capabilities as needed.” The analyst firm also noted that SAS’ out-of-the-box machine learning detection enables users to employ advanced analytics without up-front customization, “making it easier to address complex challenges right from the start.”

“As Chartis notes in this report, the AML landscape is changing fast,” said David Stewart, Director of Financial Crimes and Compliance at SAS. “Technological advances, along with evolving regulatory demands, call for tighter AML controls. This recognition of SAS as a category leader underscores the comprehensive strength of SAS Anti-Money Laundering, the flexibility and speed of SAS’ models-as-a-service offerings – along with the speed, power and scalability of the SAS Viya platform.”

Want more on how modern AML can help fight financial crime threats efficiently and cost-effectively? See the SAS white paper Next-Generation AML: 6 tips to modernize your fight against money laundering.

About Chartis Research

Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis' goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.