As criminals grow more sophisticated in their money laundering methods, financial services organisations like banks and insurers rely on ever-more advanced AML solutions to detect financial crime. Notably, SAS® Anti-Money Laundering attained the highest score of any evaluated vendor in the “current offering” category. The AI-powered anti-money laundering software solution scored 4.85 out of 5 overall and received the highest possible score in 12 of the category’s 13 criteria, including:

• Users and roles
• Watchlist management and screening
• Rules-based scoring and alerting
• AI/machine learning-based scoring and alerting
• Internationalisation, currencies, and reporting
• Scale

The influential research and advisory firm’s assessment of SAS’ current AML offering notes that it “provides an overall robust solution.”

“Key management for encrypting data is explicitly configurable,” the report continues. “Rules-based and AI/ML based risk scoring is nice and functional. The solution can also provide rule recommendations. Workflow for model building is also functional and intuitive. Case management screen customisation and usability is superior.”

According to a global AML study by SAS, KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS), one-third of financial institutions have accelerated their adoption of AI and machine learning for AML compliance since the COVID-19 pandemic began. Moreover, those that have deployed these advanced AML capabilities are seeing tremendous benefits.

“While anti-money laundering compliance expectations have increased due to more complex regulatory priorities, AI and machine learning are delivering on their promise of making AML programs more automated, efficient and effective,” said David Stewart, Director of Financial Crimes and Compliance at SAS. “It’s not hype or hyperbole. SAS has helped financial institutions achieve more than 90% model accuracy, reduce false positives by up to 80% and realise a twofold improvement on their SAR conversion rate.”

Financial services sectors have a crucial role to play in the ongoing development of African countries and are priority sectors on African Continental Free Trade Area (AfCFTA) Trade in Services agenda. In support of this, each country needs to ensure that it has strong regulation in place and in line with best practice principles set out by the global watchdog.

Stephan Wessels, SAS Head of Customer Advisory for South Africa, said: “The cost and consequences of financial crimes and illicit finance is a plight that emerging economies in Africa cannot afford – and especially as markets become increasingly globalised in the digital era.”

Earlier this month the head of South Africa’s National Treasury expressed that the country is taking the global anti-money laundering regime seriously – and that the country intends to have addressed any regulatory weaknesses in its money laundering controls by the end of the year.

“This is certainly a great step forward for the country – and financial services providers will need to ensure that their business and practices are in keeping with updates to the regulation,” said Wessels.

“We are very proud to be names a Leader in anti-money laundering solutions by Forrester. This is a testament to our advanced market solutions that are built to fight against money laundering and illicit finance with AI, machine learning, intelligent automation and advanced network visualisation – and to meet the challenges and risks in an ever-changing operating environment.”

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