Under the terms of the deal, International Trade Alert, an alliance partner of SAS, will deliver an objective, data driven assessment of regions and products most commonly involved with aberrant trade practices.
US-based International Trade Alert’s application combined with the SAS anti-money laundering solution will allow institutions to automate the process of assessing risks posed by their trade financing activities and take action to mitigate those risks. Mr Zdanowicz is partnering with SAS to create a seamless tool to monitor trade-based activities and detect suspicious pricing and transactions.
Mr Zdanowicz said: SAS anti-money laundering is truly unique in its ability to take immense amounts of data from all areas of an organization, perform a rigorous analysis and return a prioritized set of situations most likely to represent suspicious behavior.
David Stewart, director of SAS anti-money laundering and financial crimes, added: In an era of increasing globalization, anti-money laundering compliance in trade finance poses numerous challenges for international banks. Many institutions rely on manual processes to monitor and detect money laundering schemes. The regulatory community has identified trade-based finance as an area of risk, and subsequently the bar is being raised on expectations of financial institutions to provide better processes and controls. Together with Dr Zdanowicz, SAS will now provide more effective and efficient techniques to protect institutions from reputation and regulatory risk.
