SAS is expanding its anti-money-laundering services by forming a partnership with Florida-based International Trade Alert.
The company is led by John Zdanowicz, a widely known leader in anti-money-laundering solutions. He is president of International Trade Alert. The company is a SAS alliance partner.
Financial terms were not disclosed.
”In an era of increasing globalization, anti-money laundering compliance in trade finance poses numerous challenges for international banks,” said David Stewart, director of SAS Anti-Money-Laundering and Financial Crimes. “Many institutions rely on manual processes to monitor and detect money-laundering schemes. The regulatory community has identified trade-based finance as an area of risk, and subsequently the bar is being raised on expectations of financial institutions to provide better processes and controls.
“Together with Dr. Zdanowicz, SAS will now provide more effective and efficient techniques to protect institutions from reputation and regulatory risk,” he added.
International Trade Alert’s own application will be integrated with the SAS Anti-Money-Laundering product. The automated process will assess risks by trade financing activities.
“Zdanowicz is partnering with SAS to create a seamless tool to monitor trade-based activities and detect suspicious pricing and transactions,” SAS said in a statement.
Zdanowicz is also a professor of finance at Florida International University.