What is Watchlist Monitoring?
The purpose of this post is to give you an overview of the watchlist monitoring feature of SAS Anti-Money Laundering.
SAS Anti-Money Laundering enables institutions to meet regulations that concern sanctions monitoring. This is accomplished by providing code modules to read in and process data from consolidated watch list vendors. It’s important to note that SAS Anti-Money Laundering does not provide the third-party watch list data itself. This solution provides the tools to read and process the watch list data only. More specifically, SAS Anti-Money Laundering provides the ETL (or extract, transform, and load) code for the World-Check, Dow Jones, Accuity, and 314(a) watch lists. After the watch list data is stored in the solution, it is then compared against customer data in the financial system to detect customers, individuals, or organizations with potential sanctions targets.
The watch list monitoring process consists of three jobs: the fcf_aml_load_watchlist job, the fcf_aml_set_core_matchcodes job, and the fcf_aml_prep_matchcode job. You can access and run these jobs in SAS Job Execution, which comes out-of-the-box with a SAS Viya install.
After you’re in SAS Job Execution, in the left panel under SAS Content, expand Products, SAS Anti-Money Laundering, and then jobs.
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First, you run the fcf_aml_load_watchlist job. To do this, right-click the fcf_aml_load_watchlist job, and select Submit job.
This job reads in watch list data from the chosen third-party vendor and performs processing on the data before storing it in the amlwatchlist schema. This job also produces match codes for the watch list data. Match codes are encoded representations of input character variables that are used to match data in a non-exact way. Each match code encapsulates certain information about the input value or values from which it is derived. If two input strings generate the same match code, then those two strings are intended to represent the same entity, if the match sensitivity level applied during match code creating is the same upon processing.
Next, you run the fcf_aml_set_core_matchcodes job, by right-clicking and selecting Submit job, which generates the match codes for the client data. These are stored in the core schema.
Lastly, you run the fcf_aml_prep_matchcode job, again by right-clicking and selecting Submit job, which compares the watch list match codes and the client match codes. After the comparison is complete, any matches are stored in the amlprep schema.
Two out-of-the box scenario flows have already been created to produce alerts on the watch list prep data generated by the fcf_aml_prep_matchcode job.
SAS Anti-Money Laundering enables you to meet regulations, including regulations that concern sanctions monitoring. To view more information about this optional watch list feature and our SAS Anti-Money Laundering solution in general, please visit https://support.sas.com/en/software/sas-anti-money-laundering-support.html.
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