Icelandic Banks Stay Ahead in Compliance Training

Staying Compliant with Anti-Money Laundering Regulations

Reykjavik, Iceland - As money laundering through banks by organized criminals becomes an increasingly pressing global concern, Icelandic financial institutions are under intense regulatory pressure to stay compliant. To meet this challenge, SDC, a leading IT-service provider for 120 Nordic banks, has developed a cutting-edge anti-money laundering surveillance system.

Meeting the Challenge with a Customized Solution

According to Suzan Moos, Business Analyst and Developer at SDC, the company’s goal is to provide small and medium-sized Icelandic banks with the same level of governance infrastructure as larger institutions. “We want to ensure that our clients can maintain high standards of compliance without breaking the bank,” she said in an interview.

SDC’s anti-money laundering solution, based on SAS Anti-Money Laundering software, has been specifically designed for smaller banks, which often struggle to keep up with complex regulatory requirements. The system provides a centralized governance and oversight framework that enables quick searching, defining, and correcting of errors, as well as the implementation of new scenarios and changes.

Flexibility and Adaptability

Moos emphasized the importance of individualized tailoring for each client’s specific needs, allowing banks to adapt the solution to their unique requirements. “We’re not just providing a one-size-fits-all solution,” she said. “Our system is flexible enough to accommodate the diverse needs of our clients.”

Supporting Compliance Efforts

As a provider of data and IT solutions services, SDC plays a crucial role in supporting Icelandic banks in their efforts to comply with anti-money laundering regulations. Moos stressed that while the company is not responsible for ensuring individual bank compliance, it is essential that SDC provides guidance and counseling to its clients on this complex topic.

Enhancements Ahead

Looking ahead, Moos highlighted two new initiatives that will further enhance SDC’s anti-money laundering solution. These include:

• Real-time semantics, which would enable automated alerts on improper conduct, such as flagging suspicious money transfers
• The integration of SAS Visual Investigator to provide a 360-degree view of bank customers

“By leveraging these technologies, we’re confident that our clients will be able to stay one step ahead in their efforts to combat money laundering,” Moos said.

Conclusion

With SDC’s cutting-edge solution, Icelandic banks can rest assured that they are well-equipped to meet the challenges of anti-money laundering compliance and maintain a strong reputation for transparency and accountability.