Money laundering gets a clean-up

SAS today launched a money-laundering detection solution for the financial services industry to oncover criminal activities and meet government regulations.

The company's financial services sector manager Malcolm Lister said the product has the ability to refine detection measures and logic to more accurately report exceptions in the enterprise.

He said the capability to ‘tune' the solution increases detection rates while reducing the number of false positives.

The solution, built on a banking-specific, integrated and open-ended architecture, can gather information from different data sources, transform the appropriate data into useable knowledge, identify potential money laundering activity and report on the results.

Organisations can use customised logic to track scores of suspicious transactions across many business units.

Analytical models provide the intelligence to constantly refine existing business rules and to discover new ones to increase the accuracy of the automatic detection engine. Analytics can also help weigh the severity of rules violations and rank suspicious behaviour, SAS officials said.

Customer details are constantly reviewed against suspected criminals ‘hot lists' issued by law enforcement agencies and other public information on suspicious organisations and individuals through regular crosschecking of the customer base, new customer files, and updated customer records, officials said.

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