Bank of America fights money laundering with SAS

Bank of America fights money laundering with SAS

Bank of America is using technology from business intelligence vendor SAS to detect and monitor fraudulent activity across the enterprise and to comply with the anti-money laundering regulations of the USA Patriot Act.

The bank will also use SAS' anti-money laundering product to monitor, analyse and report suspicous broker behaviour.

SAS cites research by The International Monetary Fund which estimates that between $800 billion and $2 trillion is laundered each year worldwide.

The vendor says the same data management and analytical technologies that help banks identify and market to customers can also be used to detect and predict fraudulent or illegal activity.

The SAS system features transaction surveillance and analysis processes and allows users to define detection measures to more accurately report exceptions throughout the organisation.

Dan Soto, the bank's global anti-money laundering executive, says: "The strategy in partnering with SAS was to develop a fully integrated alert monitoring, workflow and case management solution for use in the fight against money laundering and the financing of terrorism."

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