Govt. tackles Money Laundering – SAS Comments

Sundeep Tengur, Banking Fraud Solutions Manager, SAS UK & Ireland comments:

“Money laundering has been a constant threat to the integrity of the UK financial market. It’s about time the Government took a proactive stance against financial criminals and cut the supply lines to funding terrorism, drug trafficking and human abuse.

“For too long, a lackadaisical approach and outdated monitoring systems have failed businesses. These need to be revamped if these organisations are to take back control, but it’s far from simple. Identifying the criminals committing these malicious acts can be like finding a needle in a haystack. 

“To be more efficient, firms need more accurate monitoring, and be able to see a holistic view of activity for the subject in question. The answer? Analytics. Such tools help to identify emerging risks and patterns that may not be covered under existing strategies. Businesses are therefore empowered perform rapid authoring and simulation of scenarios against very large data volumes to provide more accurate estimation, simulation and detection of financial crime.

“As we find ourselves in an era of rising regulatory expectations and associated costs, firms must be able to investigate suspicious activity as efficiently as possible. No ifs, not buts.

“The new National Economic Crime Centre is no silver bullet to getting rid of these crimes, but it is a clear step in the right direction to mitigate such fraudulent activity once and for all. No longer is it just money on the line but our integrity as a financial player on the global stage. To maintain this, we must fight back.”