Latest SAS Anti-Money Laundering release streamlines monitoring for better accuracy, efficiency   31st March 2008 SAS, says that its new Anti-Money Laundering release streamlines the transaction monitoring process to be more customisable, efficient and accurate. Through a point-and-click interface, users can create unique risk classifications and risk lists, and integrate them into the ongoing transaction monitoring process. High-risk entities can thus be monitored uniquely based upon their risk profile, which is the intention of a "risk-based approach" to AML compliance. The system's most popular risk scenarios have been enhanced to support grouping across risk levels.  SAS has updated the solution's watch list management capabilities to support fuzzy name and address matching designation for specific geographic regions. SAS Anti-Money Laundering supports direct extraction from popular watch lists such as Office of Foreign Assets Control (OFAC), Bank of England, Office of the Superintendent of Financial Institutions (OSFI) and World-Check. This helps institutions improve the accuracy of name matching and reduce false positives. Additionally, enhanced dynamic performance management reports help compliance managers assess productivity and efficiency of monitoring processes. The AML application can be Installed directly or through a SAS OnDemand solution. SAS says it lets banks gather information from transactional, demographic, and non-monetary data sources, transform the appropriate data into an enterprise-wide view of behaviour, and support the monitoring and investigative processes required to meet their regulatory obligations. Currently, more than 40 financial services institutions use SAS for anti-money laundering, including: Bank of America (USA), BB&T (USA), Banco De Chile (Chile), Coastal Federal Credit Union (USA), Commonwealth Bank of Australia (Australia), Danske Bank A/S (Ireland), First Citizens (USA), SAMBA Financial Group (Saudi Arabia), Sky Financial (USA) and Sovereign Bank (USA).
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