As global financial landscapes continue to evolve, the challenges of anti-money laundering (AML) compliance and fraud prevention become increasingly complex. At the recent Anti-Money Laundering Financial Crime Conference hosted by TCI this week in Johannesburg, experts convened to shed light on these issues. The event, cosponsored by global analytics leader SAS, featured an insightful presentation by Christopher Ghenne, Global Head for Banking Compliance Solutions at SAS.

Speaking on ‘The New Waves of Sanctions and How to Deal with It’, Ghenne said that “financial institutions today are navigating an intricate maze of AML (anti-money laundering) and KYC (know your client) obligations. From soaring payment volumes to the development of new financial products, the operational challenges and risks are ever-present."

He underscored the importance for institutions to efficiently screen transactions and customers in real-time against a range of global data sources, sanctions, politically exposed persons (PEPs), regulatory watch lists, adverse media, and internally managed lists.

SAS champions the cause of robust AML mechanisms. "In these times of increased compliance expectations, leveraging AI and machine learning is imperative to make AML processes more streamlined, efficient, and reliable," said Ghenne.

SAS was recently named as a Leader in anti-money laundering solutions in The Forrester Wave: Anti-Money-Laundering Solutions, Q3 2022 report, achieving an exceptional score of 4.85/5. SAS’s AI-powered AML tool, demonstrated at the conference, offers an all-encompassing, risk-based approach. By harnessing the capabilities of embedded AI, machine learning, and advanced analytics, this tool significantly elevates AML and counter-terrorist financing (CTF) efforts. In the backdrop of the current landscape marked by surging false positives and evolving AML / CFT regulations, such innovative solutions become indispensable for financial institutions.

“In the continuing-evolving financial landscape, it's imperative for institutions to stay a step ahead in compliance and prevention. With the seamless integration of AI and advanced analytics, we not only address the challenges of today but proactively prepare for the complexities of tomorrow. The future of financial integrity lies in harnessing technology's prowess to safeguard our institutions and serve our communities better,” concluded Ghenne.