SAS a leader in trade-based anti-money laundering says Chartis

Analytics, software and solutions provider SAS has been named a RiskTech Quadrant Category leader in trade-based anti-money laundering (TBAML) by Chartis, which provides research and analysis on the global market for risktech and fintech.

The SAS solution combines data extraction, data fusion, document and transactional analytics, know-your-customer and anti-money laundering (AML) analytics and workflow management.

Chartis says that the integration of analytics for trade documents provided by SAS to extract text from images and to perform various checks for trade fraud and AML risk indicators stood out in particular.

Stiff competition
Chartis evaluated SAS and nine other vendors, publishing Trade-Based Anti-Money Laundering Solutions, 2022: Market and Vendor Landscape as its first ever assessment of financial crime compliance.

SAS has rolled out the fully featured TBAML platform to a handful of clients, and currently leads the market in what Chartis describes as a nascent area.

 Automating manual tasks

Among its TBAML offerings, SAS co-developed with EY the Trade Risk Analytics Compliance Kit (TRACK), which was engineered to automate manual tasks and improve the detection accuracy of TBAML, sanctions risks and boycott violations for an unnamed major bank.

TRACK replaced approximately 100 checks with a single, hybrid machine-learning model, which scores the probability a trade transaction warrants further investigation.

The model continuously learns from past outcomes. Chartis says application of the solution resulted in a more than 30 per cent jump in operational efficiency and a 60 per cent reduction in false positives by the sanctions screening module.

Further details about the award and the Chartis publication, Trade-Based Anti-Money Laundering Solutions, 2022: Market and Vendor Landscape, can be found here.


Categories: Trade Based Financial crimes News

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