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Sovereign Bank Taps SAS Anti-Money-Laundering Software
System will monitor transactions for fraudulent and terrorist-related activity.
February 2, 2005
1 Min Read
Sovereign Bancorp Inc. has revealed plans to use compliance software from SAS Institute Inc. to monitor transactions for money-laundering or other suspicious activity.
Sovereign, with $60 billion in assets, selected SAS on the strength of its roster of financial-services industry customers, according to an SAS statement.
Banks are required to comply with a host of regulations designed to deter money laundering and terrorist financing, including screening customers against government-supplied terrorist lists and reporting suspicious activity to law-enforcement and regulatory authorities.
Software from companies such as Mantas, SAS, and Searchspace uses pattern-recognition and data-management techniques to scan quantities of data and flag potentially fraudulent transactions.
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