SAS recently released the latest version of its Financial Crimes Suite, which seeks to help financial institutions detect potential suspicious activity in a customer’s risk profile and to provide organizations with a complete view of threats.
The solution features enhanced anti-money laundering and case management features that provide a comprehensive view of threats.
“A comprehensive view of potential threats will help in efforts to thwart criminals from successful attempts of hiding illicit funds,” James Wester, the global payments research director at IDC Financial Insights said. “A technology infrastructure with customer risk rating and high-performance analytics will help speed detection and investigation in all channels. Companies like SAS are bringing to market a full suite of modules to support money laundering compliance, customer due diligence and fraud prevention all within a unified framework and user interface for more efficient investigations.”
The Financial Crimes Suite operates on a visual scenario designer that recommends optimal detection models and instantly assesses the impact of potential scenarios and risk-rating changes.
Additionally, the solution helps financial institutions to prevent money laundering by weighing all customer data to establish baseline expectations. Data management features integrate customer attributes from external sources and identify potentially incriminating relationships.
The solution also features high-performance anti-money laundering tools that provide relevant information to investigators within hours. Enterprise case management features within the solution replace advanced querying with a single search field to cover all included content.
SAS provides business analytics software and services and is the largest independent vendor in business intelligence.