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RBC harnesses SAS to reduce risk and protect reputation

Saturday 22 November 2003 09:11 CET | News

Canadian RBC Financial Group (RBC) has acquired SAS data management software to help the banks global operations comply with the many anti-terrorism and anti-money laundering regulations in effect worldwide.
Canadian regulations require Canadian financial institutions to review customer data records on a regular basis against lists established by the authorities containing names of people or organizations suspected of terrorist activity. In addition, institutions must report any findings to federal authorities including Canadas financial intelligence unit, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). RBC will use SAS data matching capabilities to automate the process of screening its customer names against the various lists issued by authorities. Using data quality technology from SAS subsidiary, DataFlux, RBC will be able to replace its manual screening processes, better allocate its resources, automate alerts and minimize the number of false positives.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce

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