Pioneering Evaluation by Chartis Research
In an unprecedented analysis conducted by Chartis Research, SAS has been honored as a Category Leader in AML Transaction Monitoring Solutions for the year 2023. This accolade underscores SAS’s profound knowledge and pioneering solutions in anti-money laundering (AML) transaction monitoring. Out of 25 scrutinized providers, SAS stood out, showcasing supreme expertise in analytical modeling, model quality and validation, and workflow automation. SAS also excelled in risk typology modeling and the integration of data and systems.
A Legacy of Innovation and Expertise
Nick Vitchev, the Research Director of Financial Crime and Fraud Markets at Chartis, shed light on SAS’s extensive experience, stating,“While this marks Chartis’ first-ever evaluation of AML transaction monitoring solutions, SAS’ expertise in this arena spans more than two decades.” He further highlighted the versatility of SAS’s solutions, which cater to a wide range of financial institutions, from the largest banks to smaller firms, in navigating the complex landscape of fraud, money laundering, and terrorist financing risks.
Continued Excellence in Financial Crime Prevention
The recognition from Chartis is a testament to SAS’s ongoing commitment to excellence in financial crime prevention. Following its recent accolade as a Category Leader in FRAML solutions by Chartis, SAS has solidified its position in the financial crime prevention sector, climbing to the second rank in the Chartis RiskTech100® for 2024. The analysis by Chartis pointed out several strengths of SAS’s AML solutions, including unmatched real-time precision, adherence to stringent regulatory standards, and superior algorithms that boost workflow automation.
Revolutionizing AML with Advanced Solutions
David Stewart, Director of Financial Crimes and Compliance at SAS, commented on the transformation in AML capabilities, “Emphasis on complex typologies has rendered rules-based transaction monitoring systems inadequate against today’s financial crimes threats and ever-changing regulatory obligations.” He elaborated on the transformative impact of SAS’s AI- and machine learning-driven solutions on AML processes, enabling a modernization of capabilities, automation of manual tasks, and streamlining of decision-making processes.
Leveraging a modular approach with the AI-powered SAS® Viya® platform, SAS enables firms to implement comprehensive solutions across the risk management spectrum. This strategy not only boosts efficiency and effectiveness but also equips organizations for the future integration of core systems, providing a significant advantage in combating financial crimes.
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The Evolution of AML
As the battle against money laundering intensifies, SAS’s leadership in AML transaction monitoring solutions represents a beacon of innovation and excellence. With a focus on pioneering AML strategies, SAS is leading the charge in uncovering financial crime threats, optimizing processes, and reducing costs, heralding a new chapter in the fight against money laundering.
For those keen on exploring how next-generation AML can revolutionize their fight against financial crimes, SAS offers insightful strategies and tips to modernize and strengthen anti-money laundering efforts.
