The USA PATRIOT Act of 2001 broadens the previous legal definition of "financial institution" and enhances the diligence these entities must demonstrate in detecting and preventing money laundering. Penalties for noncompliance with these new regulations are fierce and range from stiff fines to lengthy jail terms. This white paper provides a brief overview of the SAS Anti-Money Laundering solution, a comprehensive solution for the detection, tracking, cataloging and reporting of suspicious activity. The paper covers the key functionality of each component of the solution, including data management and the alert engine, as well as investigation, discovery and data administration. Reader will also learn about techniques for uncovering common money laundering characteristics.
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