Hoist Finance, SAS & Consortix join forces in the fight against financial crime

Swedish credit management company Hoist Finance - operating in several European countries - has chosen SAS anti-money laundering (AML) technology supported by Consortix, a strategic SAS AML partner. The leading AML software in combination with the experience in successful AML implementations makes the cooperation between Hoist Finance, SAS & Consortix an ideal partnership in the fight against financial crime.

The fight against financial crime

Hoist Finance plans to grow its transaction volumes considerably in the future. To be able to do this, they must ensure they have a robust and compliant financial crime process to comply with laws and regulations.

Credit companies are expected to address money-laundering (ML), terrorism-financing (TF) and sanctions risks identified in their risk assessment. This means that when they buy a portfolio from clients, they must screen for politically exposed persons and also take care of transaction monitoring and suspicious transaction reporting, ongoing verification of remittance information and sanctions screening.

Consortix offers a tailored cloud system to meet Hoist Finance’s specific requirements, bringing in compliance industry best practices. To this end, the SAS AML solution provides flexibility and can enable Hoist Finance to meet its regulatory expectations.

Leading technology and in-depth expertise

For Hoist Finance, the customer-friendly approach, the high-quality solution and the experienced and knowledgeable vendor and implementation team were key factors in their choice.

SAS offers more than 40 years of experience in mature data management, advanced analytics and dashboarding and reporting capabilities. SAS is also the only vendor recognized by analysts as a leader in AML, Fraud and Data Science.

In addition, Consortix is one of the leading anti-money laundering and financial crime consultancies in Europe and a SAS partner in the field. Building on 13 years of experience in financial crime prevention and detection. Consortix is in charge of the implementation and provides the SAS AML system in a cloud setup.

Based on leading SAS technology and the in-depth expertise of Consortix's consultants, they are well-positioned to support companies like Hoist Finance in combatting financial crime. Their joint mission is to help financial institutions effectively manage anti-money laundering (AML) and counter-terrorism finance (CTF) operations and regulatory compliance. Together, they provide unique value to organizations that rely on the combination of financial compliance expertise, IT and data-science capabilities, consolidated with AI/machine learning technology.

Robust and compliant financial crime process

With the solution, Hoist Finance is able to identify and classify customers into different risk categories and monitor changes. In addition, Hoist Finance is able to identify new and existing clients as Politically Exposed Persons (PEP) or internationally listed prohibited entities. Hoist Finance can thus better protect itself against potential money-laundering acts and prove to regulators that it has a robust and compliant financial crime process in place.
 

About Consortix

Consortix is one of the leading Anti-Money Laundering & Financial Crime consultancies in Europe and a strategic SAS partner in this domain. Building on their 13 years of experience in financial crime, a specialized team, proven methodologies and SAS product knowledge, they propose Hoist Finance a strategic partnership in the compliance and financial crime area.