Solution Brief
Anti-money laundering
Quickly adapt to an evolving regulatory landscape and financial crime threats
The issue
Money laundering activities and other types of financial crimes continue to be a challenge as customers increasingly shift their behavior to digital banking services from traditional banking channels. Regulators and supervisory bodies have had to transform their requirements and expectations frequently to keep pace with this change and innovation. Customer adoption of digital channels has given financial institutions (FIs) an opportunity to deliver positive experiences and access across many channels. But this same trend has increased risk exposure and intensified the battle against financial crime. Staying in compliance and fighting financial crime in an ever-changing regulatory landscape is more complex than ever.
Many FIs struggle to balance all the demands – meeting high customer expectations, remaining compliant with evolving anti-money laundering (AML) regulations and staying ahead of new financial crime threats. Siloed systems and outdated technologies make it even more challenging.
The challenge
Evolving regulatory landscape
In addition to implementing new rules to address rapidly changing financial crime threats, today’s regulators are pushing for more advanced and proactive AML programs. With a proven AML solution from SAS, FIs can respond nimbly to new demands by regulators.
Escalating financial crime threats
Digital acceleration allows criminal organizations to run complex money laundering and terrorist financing schemes while evolving their modus operandi. At the same time, advanced technology such as Gen AI give criminals new methods of conducting their activities. By adopting a hybrid analytics approach to detection – traditional rules combined with AI and machine learning (ML) strategies – FIs can more easily identify complex threats.
Fragmented systems and data sources
Siloed systems and data sources are not only costly – they also prevent FIs from getting a holistic view of customers and related financial crime risks. To avoid intelligence gaps, FIs can use a comprehensive, next generation AML solution – including advanced data and AI capabilities – to break down financial crime risk management silos and meet all compliance-related requirements.
(Gain visibility to quickly address evolving, multifaceted compliance requirements; Tackle escalating financial crime threats with speed; Get a holistic view of risk to optimize decision making)
Our approach
In a fast-changing environment, FIs that strategically adopt a next-generation AML solution can effectively address escalating financial crime threats, high customer expectations and complex AML compliance requirements. With SAS, you can:
Tackle a range of compliance requirements from a single platform
SAS addresses AML requirements with a fully integrated platform for transaction monitoring, customer due diligence (CDD), sanctions and watchlist screening, case management and regulatory reporting. From capturing data to regulatory reporting, it breaks down financial crime risk management silos, streamlines AML operations and helps meet all compliance-related requirements.
Obtain clean, accurate and trustworthy data and AI
SAS helps you quickly import all types of data, prepare it for analytics and resolve entities. Data quality techniques standardize, deduplicate and correct data, while data governance tools let you set and enforce overarching rules that control how your institution collects, manages and archives data.
Gain a holistic view of customer behavior for monitoring
Data orchestration seamlessly integrates data from diverse sources through flexible compute environments, enabling you to reliably transform and enrich multiple data types. This includes transaction data, non-monetary event data, geographic data, risk lists, third-party data and a variety of customer information.
SAS difference
To uncover sophisticated financial crime schemes, FIs need more than rules and standard data and AI. A hybrid approach to detection helps to rapidly identify complex money laundering and terrorist financing threats.
With SAS you get:
Fewer false positives
- ML models for dynamic segmentation identify customer segments and adapt thresholds within transaction monitoring detection strategies.
- Create risk-based customer segments that evolve as financial and transactional profiles change and use dynamic segmentation to accurately detect threats.
Transparency and explainability
- SAS gives visibility into the decisions models make so AML teams will understand why activities were flagged. In turn, they can explain outcomes to regulators and maintain model governance and transparency.
Integrated due diligence
- Know your customer (KYC) and CDD, coupled with data and AI, ML and advanced network visualization, show a holistic view of entity risk for due diligence processes and for identifying and monitoring beneficial owners.
- Multi-dimensional dynamic risk-rating models, unique to your institution’s risk appetite, can adapt to changing size, geo footprint, customer base, frequency of screening and regulatory expectations.
Investigation and case management
- Integrated case management provides a centralized platform for viewing and investigating events and entities.
- Interactive drag-and-drop page builder and self-service capabilities enable administrative users to quickly configure settings, views and workflows – optimizing suspicious activity investigation and reporting.
SAS facts
80%
Reduce false positives by up to 80%
25%
Increase efficiency by 25% through automation
3-5x
Improve regulatory report conversion rates by 3-5x