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Overview: The U.S. Department of Treasury released in October 2005 the final ruling that life insurance and annuity companies must implement money laundering-prevention programs and comply with Suspicious Activity Report (SAR) guidelines by May 2006. This white paper takes a brief look at ways SAS Anti-Money Laundering is designed to help these companies comply with regulations. You will learn about SAS' ability to detect a variety of suspicious activities. Anti-Money Laundering helps life insurance and annuity companies comply with regulations while assuring policies and procedures are applied in a consistent manner across the enterprise. AML provides a platform for managing transaction data, monitoring known risks, detecting unusual behavior and events, investigating alerts, retaining all pertinent details, and filing regulatory reports if necessary.
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