CARY,Bank of America will use anti-money laundering software from SAS as part of its efforts to comply with US Patriot Act legislation.

The law requires that bans and financial institutions establish procedures and policies to not only report and detected but also prevent money laundering or financing for terrorists organizations.

“The same data management and analytical technologies that help banks identify and market to their best customers can also help them to detect and predict fraudulent or illegal activity,” said Jim Goodnight, president and chief executive officer of SAS, in a statement.

SAS cited data from the International Monetary Fund that estimates at least $800 billion and as much as $2 trillion is laundered every year around the world.

SAS said it is providing BoA, a long-time SAS customer, with an enterprise-wide solution that includes transaction surveillance and analysis along with detection measures and logic designed to detect and “more accurately report exceptions throughout the enterprise.”

“In addition to analyzing suspect behavior to detect and prevent money laundering and terrorist financing, the bank will monitor and analyze broker behavior, reporting risky situations, to help protect customer and company interests,” the companies said.