In a testament to its leading-edge AI and analytics capabilities, SAS has received remarkable recognition in anti-money laundering (AML) transaction monitoring solutions. The notable acknowledgement comes from Chartis Research, who for the first time, conducted an evaluation of AML transaction monitoring solutions. In its recent "AML Transaction Monitoring Solutions, 2023: Market and Vendor Landscape" report, Chartis named SAS a category leader, demonstrating the company's significant standing in the field.
Chartis appraised 25 AML transaction monitoring solution providers, among which SAS scored highest in best-in-class capability rankings. The AI and analytics giant impressed particularly in three categories: analytical modelling, model quality and validation, and workflow automation. SAS also shone brightly in the areas of risk typology modelling and data and systems integrations. The high-ranking accomplishments mark the well-established position SAS commands in the sector, shaped by its versatile expertise spanning across multiple disciplines from fraud to compliance.
Reflecting upon the company's achievements in the sector over the past two decades, Chartis Research Director of Financial Crime and Fraud Markets, Nick Vitchev, stated: "From G-SIBs [global systemically important banks] to small and medium-sized financial institutions, SAS cloud-native, language-agnostic solutions can be configured to flexibly help them confront the spectrum of shifting fraud, money laundering and terrorist financing risks."
The recent nod from Chartis follows a series of recognitions for SAS. The technological leader recently earned the status of Category Leader in Chartis' inaugural burnishing of FRAML solutions. Adding to its accolades, SAS is placed second in the venerable Chartis RiskTech100 standings.
Multiple strengths in SAS's anti-money laundering solutions earned highlight in the vendor analysis by Chartis. These included real-time precision to the millisecond, compliance with rigorous regulatory standards, workflow automation, and use of exceptional algorithms to accelerate results. Chartis acknowledged SAS's financial crime decisioning offering for its patented signature-based profiling approach that combines real-time enrichment of internal and external data, thereby elevating the accuracy of results to the millisecond.
On the company's commitment to combatting financial crime, David Stewart, Director of Financial Crimes and Compliance at SAS, stated: "SAS AI- and machine learning-driven solutions help financial institutions and non-banking financial firms modernise their AML capabilities to automate manual processes, accelerate event detection and scoring, and streamline decision-making and investigative processes."
SAS offers a modular approach to solutions across the risk management spectrum that can be deployed on a single platform, namely, the AI-powered SAS Viya. This integrated system provides firms with significant opportunities to boost efficiency and effectiveness throughout the enterprise while being proactive in preparing for the convergence of core systems.