SAS Empowers Banks to Check Money Laundering

By CIOReview | Tuesday, March 31, 2015
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FREMONT, CA: SAS enables banks to better track the money laundering events through its cutting edge transaction monitoring solution. The SAS Transaction Monitoring Optimization empowers banks to better visualize massive chunks of data and build anti-money laundering (AML) scenarios rapidly.

SAS Transaction Monitoring Optimization brings together the capabilities of data visualization software called SAS Visual Analytics, predictive analytics software called SAS Visual Statistics, and SAS Visual Scenario Designer that enables users to test scenarios and strategies for simulation against a vast amount of data.

The SAS in-memory architecture embedded with industry best practices for model risk management powers the SAS’ AML solution to help banks to rely on their own rather than on third-party service providers. Business analysts can create, challenge, and simulate AML models rapidly against large data volumes.

“Model risk management is an increasing point of focus for AML regulators – they want to know that financial institutions understand how their AML analytics work, and that any tuning is not hampering detection efforts,” said Julie Conroy, Research Director, Aite Group.

“They want to see evidence that systems work via demonstration, explanation and documentation. It’s critical that solutions provide the flexibility to quickly modify scenarios and can visually show how and why changes were made. The new enhancements from SAS are a testament to their leadership in streamlining the process for improved regulatory reporting,” Conroy adds.

The SAS Transaction Monitoring Optimization comes with advanced visualization capabilities and a methodology for segmentation, validation, tuning, and simulation of AML models through which banks can improve program effectiveness and bring down costs.