Soneri Bank deploys SAS to curb financial crimes
Soneri Bank has chosen to utilise software like SAS Anti-Money Laundering and SAS Credit Risk Management for Banking, to help drive in more profitability, establish a high performance risk framework and achieve compliance with set Basel II requirements.
"Soneri Bank has constantly maintained a strong commitment towards being able to adapt to the emerging trends and technologies in the financial segment," said Amin Feerasta, Country Credit Head, Soneri Bank. "In line with this, we have chosen to partner with SAS, a known industry leader in business analytics software. Utilising SAS software will not only help us achieve our vision to become one of the region's leading financial institutions but will also help us keep true to our promise of meeting the banking needs of our customers."
"We have chosen SAS for its proven solution expertise, major presence across more than 3,100 financial institutions from around the world and its local reputation for a highly customized solution," said Haider Devjianie, CIO, Soneri Bank. "Through the years, Soneri Bank has ably positioned itself as a strong growing bank. Through the use of SAS software, we have not only managed to reinforce our operations but are now fully capable of addressing key challenges like internal data structure requirements. Truly, SAS gives us a big advantage by being so uniquely flexible" Recent industry reports have shown that financial crimes are growing every day. As a result, governments from around the world are now directing key efforts to reduce occurrences of this growing threat. To date, financial institutions and their boards are under increased regulatory scrutiny and have implemented major steps to ensure that proper policies, controls and procedures are met. SAS Anti-Money Laundering automates the process of detecting, investigating and reporting on irregularities. The system provides a cross-channel view of financial fraud risk, which helps speed up the investigative process, identify unknown relationships and provide essential and important information. The solution analyzes transactional activity to identify anomalies that go undetected by manual processes. The system's advanced scoring and prioritization capabilities will focus analysts on the most relevant financial risks, reduce wasted resources spent on false positives and help Soneri Bank in adapting more quickly to newer money risks as they emerge. The use of SAS software, which is part of the bank's move to effectively manage enterprise risk and strengthen its efforts to address financial fraud, is also expected to help the bank improve its ratings and lower finance costs. The Basel II framework seeks to increase financial stability by better aligning a bank's regulatory capital to actual risks. Through Basel II supervision and eventual compliance, banks with a lower risk profile are rewarded. With this in mind, Soneri Bank has integrated SAS for Enterprise Risk Management into its risk management procedures, which had previously been separated from the business lines. Aside from aiming to meet Basel II requirements, the bank is also looking into ways on how to improve on existing business