With money laundering on the rise and financial regulatory requirements becoming more stringent, banks and financial institutions across the region are facing challenges to ensure they remain compliant, and best prepared for new regulations to tackle such crimes.
These are some of the topics and issues that SAS is discussing at the ACAMS 4th Annual AML & Financial Crime Conference, taking place on 19 and 20 of January, at the Crowne Plaza in Bahrain.
As a Platinum Sponsor of the event, SAS is showcasing a variety of solutions which address the issue of money laundering and financial crime, such as its game-changing High-Performance Anti-Money Laundering & Visual Analytics, which help prepare financial institutions for these challenges.
“With SAS Financial Crimes Suite, banks and financial institutions in the region can significantly reduce false alerts, shorten operation times and fully customise risk factors to more accurately identify actions and relationships that present the greatest risk,” said Filip Verbeke, Director of SAS’ Fraud and Compliance practice.
Most organizations take a fragmented approach to combating financial crime, with separate departments using different tools to work their own cases. But this leaves organizations vulnerable, as criminals constantly look for – and find – any weaknesses in a company’s defenses. SAS offers a common analytics platform and module-based solutions that increase the effectiveness and efficiency of detection and prevention efforts.
SAS Financial Crimes Suite benefits include the following:
- Reduce false positives. Predictive alert analytics can significantly reduce false-positive alerts by automating decisions and scoring risk to more accurately identify actions and relationships that present the greatest risk before beginning an investigation.
- Speed operations, and monitor more transactions in less time. High-performance analytics dramatically reduces scenario time frames from hours to minutes, so investigators can more expediently identify and focus on the most critical cases. And because array processing lets you monitor multiple risks during a single pass of the data, you can add numerous scenarios with little to no impact on processing time.
- Customize by authoring and configuring scenarios. Scenarios and risk factors are developed directly from your institution’s risk assessment and can be changed easily as your risk exposures change.
The ACAMS AML & Financial Crime Conference is the region’s most trusted compliance forum, providing critical regulatory updates, tactics for combating the latest criminal schemes, and strategies for overcoming the region’s toughest compliance hurdles.
