Of Special Interest

2nd March 2012

Predictive analytics at heart of SAS updated AML tool

SAS reports a significant update to its Anti-Money Laundering tool. The update supports multiple forms and languages, and interacts with the new electronic filing systems adopted by global financial intelligence units. Improved customer display shows all relevant customer information based on user roles, rights and privileges, to display key performance indicators of the most recent trends.

SAS add that "..banks can harness risk-based scoring during the onboarding process... The risk classification process regularly assesses a customer's risk profile in a single data pass, based upon transactional behavior or association with high-risk attributes. That means institutions can monitor high-risk peer groups uniquely. End users can modify or create unlimited scenarios through a point-and-click interface, monitoring more risks and behaviors while bypassing trusted accounts and parties posing no threat."

"Enhancing the quality of alerts by applying predictive analytics is a significant process improvement over the typical transaction monitoring approach," said Rodney Nelsestuen, senior research director at CEB TowerGroup. "This helps institutions lower false positives, reduce analyst fatigue, and improve the quality of investigations all of which are increasingly important in the face of tougher regulatory actions and stiffer fines for poor anti-money laundering (AML) monitoring."