Coastal Federal Credit Union has selected SAS Money Laundering Detection to help fortify its anti-money laundering (AML) program and adhere to the regulations of the USA PATRIOT Act.
SAS, the leader in business intelligence, is the institution's top choice due to the powerful capabilities of its AML software and the expertise and proven track record SAS has within the risk management arena.
"SAS has demonstrated commitment to the growing credit union market by providing a comprehensive solution comprised of leading analytic and data integration technologies and cost-effective implementation," said Lin Jordan, Vice President of Risk Management at Coastal Federal Credit Union. "SAS offers the power and flexibility of an enterprise-class solution but packaged for a smaller institution's budget."
While larger banks and financial institutions have felt the most pressure to quickly comply with global regulations to implement anti-money laundering systems, Coastal Federal Credit Union, like other credit unions and regional and community banks, began to come under greater regulatory scrutiny recently regarding AML regulation compliance. As the National Credit Union Administration increased its role as a regulatory compliance watchdog, Coastal Federal Credit Union became more proactive by staying ahead of regulatory needs.
SAS Money Laundering Detection provides the same robust SAS anti-money laundering methodology in a solution tailored for small to midsized financial institutions. With an automated process for detecting, investigating and reporting suspicious behavior, Coastal Federal Credit Union can be more efficient and effective when complying with government regulations. In addition, the proactive nature of the institution helps mitigate its reputation risk in regard to enforcement action.
"While the simplified technology architecture will meet our immediate needs in addressing AML regulations, it also will serve well for our long-term, future needs of driving top-line revenue growth by better understanding our members' behavior," said Jordan.