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October 12, 2012

SAS introduces new anti-money laundering application

The new application reduces the time taken to provide investigators relevant information, conduct preliminary analyses and identify areas that need further attention

By CBR Staff Writer

Business analytics software and services provider SAS has introduced its Financial Crimes Suite, a new suite of software that the company claims can deter financial crimes.

The company said the new analytics platform allows users thoroughly analyse cross-channel enterprise data on a single platform to provide protection against losses from financial crimes and regulatory noncompliance.

The new suite, which is built on SAS’ analytics and information management technology, will enable organisations to use interconnected modules to roll out either single or multiple modules, decreasing implementation times and improving results.

Powered by company’s analytics technology, the new anti-money laundering application includes enhanced scenario tuning and what-if analysis.

It also claimed to reduce the time taken to provide investigators relevant information, conduct preliminary analyses and identify areas that need further attention.

SAS Financial Crimes Suite brings together multiple SAS applications and technologies for detecting, preventing and managing financial crimes including money laundering and fraud.

The new suite components include data management, detection and alert generation, alert and case management, predictive alert analytics and fraud detection built on category-specific workflow and advanced analytics including entity-link analysis.

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The suite’s configurable alert management provides a unified view of all work in progress across channels, giving investigators enhanced insights for taking action to reduce risk, fight fraud and improve results.

Dashboard reporting shows key performance indicators so analysts, investigators and managers can continually monitor areas of specific interest.

SAS Financial Crimes Suite also offers cross-channel visibility using entity link analysis, a common ground for information sharing and collaboration that enables firms to measure risk for a group of entities, uncover previously unknown collusive activities and understand their overall financial crimes exposure.

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