SAS has released an enhanced version of its anti-money laundering solution that is designed to streamline the transaction monitoring process. The solution focuses on classifying and managing risk throughout the customer lifecycle. This is a particular emphasis of the Third European Union Directive on anti-money laundering, and a continued stress on enhanced and on-going due diligence from international regulatory agencies. 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 on 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. The solution 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 is designed to help institutions improve the accuracy of name matching and reduce false positives. Additionally, enhanced dynamic performance management reports should help compliance managers assess productivity and efficiency of monitoring processes.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more