Data and AI leader SAS in collaboration with technology partner Neterium – a visionary, API-native regtech company – have announced the general availability of SAS Real-Time Watchlist Screening. The cloud-native solution, with scalable offerings for screening entities and payments, combines real-time and batch list screening. Its best-in-class, explainable matching algorithms reduce false positives while also enhancing transparency and confidence.
“The world’s geopolitical landscape is highly dynamic and laden with evolving risks that make real-time insight into entities and transactions critical for banks and other obligated firms,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “SAS innovated this solution with Neterium, melding our mutual strengths, to bring greater efficiency, productivity and trust to the anti-money laundering (AML) and counter-terrorist financing (CFT) technology landscape.”
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Institutions that fail to comply with regulatory bodies, such as the Office of Foreign Assets Control (OFAC), the European Union and the United Nations, face potentially severe financial and legal penalties and significant reputational damage. To help firms avoid conducting business with sanctioned entities, terrorist organizations or criminal enterprises, SAS’ new, yet proven financial crimes compliance solution features:
- As-a-service list management. Advanced list management integrates seamlessly with existing platforms through standardized REST APIs. Automated update and deployment of subscribed watchlists eliminate the need for manual intervention. This highly efficient as-a-service offering minimizes false positives and significantly reduces analyst workload while continuously updating and refining its data, ensuring decisions are based on the most current information available.
- End-to-end capabilities. Deployed on SAS® Viya®, SAS Real-Time Watchlist Screening delivers real-time screening, data orchestration, alert triage and case management, and operational reporting capabilities in an advanced, all-in-one solution. Monthly features and functionality updates ensure continuous development and improvement.
- Holistic matching. The solution evaluates all available data points (e.g., name, gender, date and place of birth, identifiers, geolocation, etc.) in a single step using AI-enabled meta-matching and meta-scoring. It offers seamless integration with commercial watchlists, while also accommodating private allow and deny lists – augmentable by SAS-coded rule authoring. Fuzzy matching combined with semantic matching algorithms help overcome common naming challenges, like transliteration, cultural affinity detection, regional spelling variations, aliases and use of non-Latin characters.
- Customization and auditability. Customizable screening parameters and scoring mixes allow users to adapt and fine-tune the solution to match their changing needs and risk appetite. Full audit trails, secure and explainable AI, and glass-box models help firms meet shifting regulatory requirements across jurisdictions. Simultaneously, whether implemented in a public or private cloud environment, SAS’ scalable, microservice-based architecture adds flexibility and optimized cost management.
“The depth and breadth of SAS‘ financial crimes compliance platform is unparalleled in the market,” said Florence Vicentini, Chief Commercial Officer at Neterium. “By integrating Neterium’s leading-edge watchlist screening capabilities into the SAS platform, we’ve created a powerful synergy that equips SAS customers with an unmatched solution to help meet their regulatory mandates and mitigate ever-changing financial crime risks.”
SOURCE: PRNewswire