Chartis: SAS an AML transaction monitoring solutions leader

Advanced AI and machine learning methodology and risk mitigation across the customer life cycle demonstrate ‘SAS has established itself as a leader in transaction monitoring services’

Attesting to SAS’ “tremendous amount of institutional knowledge that varies across disciplines from fraud to compliance,” Chartis Research has named the AI and analytics giant a Category Leader in its AML Transaction Monitoring Solutions, 2023: Market and Vendor Landscape.

Among 25 anti-money laundering (AML) transaction monitoring solution providers evaluated by Chartis, SAS attained the most “best-in-class capabilities” rankings, earning the distinction in three categories: analytical modeling, model quality and validation, and workflow automation. SAS also scored high in risk typology modeling and data and systems integrations.

“While this marks Chartis’ first-ever evaluation of AML transaction monitoring solutions, SAS’ expertise in this arena spans more than two decades,” said Nick Vitchev, Research Director of Financial Crime and Fraud Markets at Chartis. “From G-SIBs [global systemically important banks] to small and medium-sized financial institutions, SAS’ cloud-native, language-agnostic solutions can be configured to flexibly help them confront the spectrum of shifting fraud, money laundering and terrorist financing risks.”

Proven techniques for assisting clients on their ‘next-gen’ journey

This latest recognition comes on the heels of SAS’ recent designation as a Category Leader in Chartis’ inaugural appraisement of FRAML solutions, another win upon its ascent to No. 2 in the Chartis RiskTech100^®.

Chartis’ vendor analysis emphasized several areas of particular strength for SAS’ anti-money laundering solutions, including:

• Real-time precision to the millisecond. SAS’ financial crime decisioning offering is noted to combine real-time enrichment of internal and external data and a patented signature-based profiling approach that is “accurate to the millisecond.” The vendor analysis noted that it’s especially suitable for both financial institutions and non-banking organizations that “aim to mitigate risk across the entire customer lifecycle.”
• Monitoring in compliance with rigorous regulatory standards. As firms confront the challenge of building extensive, precise monitoring that honors standards of compliance, SAS’ expansive risk typology monitoring “enables firms to build a compliant transaction monitoring system with relative ease.”
• Exceptional algorithms to accelerate results. Per Chartis, the rating for “SAS Financial Crime Decisioning’s workflow automation was particularly strong, reflecting the company’s innovative AI and ML algorithms.” As SAS’ $1 billion investment in industry-tailored AI solutions continues to bear fruit, the report also mentioned the “comprehensive view of related intelligence,” consolidated within a single work package.

“Emphasis on complex typologies has rendered rules-based transaction monitoring systems inadequate against today’s financial crimes threats and ever-changing regulatory obligations,” said David Stewart, Director of Financial Crimes and Compliance at SAS. “SAS’ AI- and machine learning-driven solutions help financial institutions and non-banking financial firms modernize their AML capabilities to automate manual processes, accelerate event detection and scoring, and streamline decision-making and investigative processes.

“More broadly, SAS’ modular approach allows firms to deploy solutions across the risk management spectrum on a single platform, AI-powered SAS^® Viya^®. This affords them significant opportunity to boost efficiency and effectiveness throughout the enterprise, while proactively preparing for the convergence of core systems.”

Curious to learn how next-generation AML can help firms uncover more financial crime threats while streamlining processes and reducing costs? Download 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.