SAS is a leader in the fight against money laundering, according to a report by a research firm

Global AI and analytics titan SAS has been named a Leader in Anti-Money Laundering Solutions by Forrester. The Forrester Wave™: Anti-Money-Laundering Solutions, Q3 2022 evaluates the 15 most significant anti-money-laundering (AML) technology vendors in the industry, evaluating and ranking them based on 26 evaluation criteria.

As criminals become more sophisticated in their money laundering methods, financial services organizations like banks and insurers rely on ever more advanced AML solutions to detect financial crime. Notably, SAS® Anti-Money Laundering received the highest score of any vendor evaluated in the “current offer” category. The AI-powered anti-money laundering software solution earned an overall score of 4.85 out of 5 and received the highest possible score in 12 out of 13 category criteria, including:

  • Users and roles
  • Manage and Filter Watch Lists
  • Rules-based scoring and alerting
  • AI/machine learning based scoring and alerting
  • Internationalization, currencies and reporting
  • Ladder

The influential research and consulting firm’s assessment of SAS’s current AML offering notes that it “provides a robust overall solution.”

“Key management for data encryption is explicitly configurable,” the report continues. “The rules-based, AI/ML-based risk scoring is nice and functional. The solution can also provide rule recommendations. The workflow for building models is also functional and intuitive. Customization and usability of the case management screen is superior.

According to a global AML study by SAS, KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS), one-third of financial institutions have accelerated their adoption of AI and machine learning for AML compliance since the onset of the COVID pandemic -19. Additionally, those who have deployed these advanced AML capabilities are seeing tremendous benefits.

“As anti-money laundering compliance expectations have increased due to more complex regulatory priorities, AI and machine learning are delivering on their promise to make AML programs more automated, effective and efficient. “said David Stewart, director of financial crimes and compliance at SAS. . “This is not hype or hyperbole. SAS has helped financial institutions achieve over 90% model accuracy, reduce false positives by up to 80%, and realize a two-fold improvement in their SAR conversion rate. »

Financial services sectors have a crucial role to play in the ongoing development of African countries and are priority sectors on the trade in services agenda of the African Continental Free Trade Area (AfCFTA). To this end, each country must ensure that it has strong regulations that comply with the principles of good practice defined by the global watchdog.

Stephan Wessels, SAS Head of Client Advisory for South Africa, said: “The cost and consequences of financial crime and illicit finance is a blight that emerging economies in Africa cannot afford – and all the more so as markets are becoming increasingly global in the digital age.

Earlier this month, South Africa’s head of national treasury said the country takes the global anti-money laundering regime seriously – and that the country intends to address any regulatory weaknesses in its money laundering checks by the end of the year.

“This is certainly a big step forward for the country – and financial services providers will need to ensure their operations and practices are compliant with regulatory updates,” Wessels said.

“We are very proud to be named a Leader in Anti-Money Laundering Solutions by Forrester. This is a testament to our advanced marketplace solutions which are designed to combat money laundering and illicit finance with AI, machine learning, intelligent automation and advanced network visualization – and to address the challenges and risks in an ever-changing operating environment.

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