SAS, a US-based business analytics software and services provider, has introduced the latest SAS Financial Crimes Suite (FCS) to help financial institutions detect potential financial crimes and prevent them.
The SAS FCS features a new customer due diligence solution, which detects changes in a customer’s risk profile more accurately. It is equipped with anti-money laundering and case management capabilities, which provides a compreshensive view of threats across an institution’s financial crimes investigation unit.
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The suite uses a visual scenario designer, which immediately identifies potential threat scenarios and risk-rating changes, and then streamlines the information to financial institutions.
SAS FCS not only provides risk-rating feature but also makes banks aware of changes in customer behaviour and offers them with auditable case management through its SAS Enterprise Case Management tool to track all aspects of investigations.
IDC Financial Insights, a US-based firm that assists financial services businesses, global payments research director, James Wester, said a comprehensive view of potential threats will help in efforts to thwart criminals from successful attempts of hiding illicit funds.
"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," Wester added.
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