Security Market Segment LS
Tuesday, 23 November 2021 10:13

SAS and Zencos combat money laundering


Analytics, artificial intelligence, and data management company SAS collaborates with US-based financial crimes and data consulting firm Zencos to meet the growing demand and ramp anti-money laundering technology in Australia.

SAS and Zencos will develop an as-a-service AML cloud solution to help organisations reduce time and costs on financial fraud and crime management and scale processes to futureproof operations.

SAS says its AML solution supports investigators, prioritising high value risks, and recognising potential false positives.

The cloud-based and fully managed solution provides relevant behavioural and profile analysis for customers and third parties, as well as auto-population of regulatory reports.

Zencos has worked with SAS and deployed its technology to service US organisations for more than 20 years. Two of Zencos’ founders were previous SAS employees.

Zencos chief operating officer Fritz Lehman, a 33-year SAS veteran, believes this shared history is what makes the partnership a fruitful one.

“Through this partnership, we are able to make this solution accessible to more Australian businesses through cost-effective cloud-based deployments. We are passionate and excited about what SAS technology enables us to do for our customers, allowing us to be innovative, agile and think outside the box to solve business and risk challenges,” Lehman explains.

SAS and Zencos are focusing on the banking, wealth, insurance and broader payments industries in Australia for the AML as-a-service solution—sectors that face the most significant business risks and regulatory requirements.

“With Zencos, we can offer our services to bigger businesses. Smaller-scale providers typically are not facing legacy technology or scale challenges like some of their larger, global peers. These businesses are more agile and can quickly implement cloud-based technology to effect meaningful business change and operational efficiencies, while mitigating risk exposure,” comments SAS director of alliances and channels ANZ Dermot McCutcheon.

“Australian organisations are more receptive to advancements in data management. This, combined with the local expertise of the SAS team, gives us the needed support to meet customer demands in more places,” Lehman comments on McCutcheon’s sentiments.

“We have been really impressed by the team’s can-do attitude and ability to overcome roadblocks in a smart, pragmatic, customer-centric way. This has led to great success in the initial stages of our local partnership,” Lehman says.

“As we start to gain local customer momentum, we have strong growth plans. To enable this, our priority is to get a local, Australian-based team on the ground, which has been delayed due to the global COVID-19 pandemic. We are also looking to expand our customer focus to all regulated industries who face fraud challenges, ensuring this technology is accessible, affordable and adaptable,” Lehman concludes.

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