Here is the rewritten article in Markdown format:
Financial Crime Prevention Best Practices in Israel: Ayalon Insurance Leads the Way
TEL AVIV - In an effort to combat financial crimes, Israeli insurance giant Ayalon Insurance has implemented cutting-edge technology to identify, assess and mitigate the risk of money laundering and terrorist financing. The company’s efforts come as part of Israel’s crackdown on financial malfeasance, which has led to the confiscation of over $25 million annually.
The Growing Concern of Financial Crime
Money laundering is a growing concern globally, with the insurance sector being particularly vulnerable due to its use of third-party brokers and agents. In Israel, the risk of terrorist financing from outside the country adds an extra layer of complexity.
Ayalon’s Approach
Ayalon invested in SAS Anti-Money Laundering (AML), a solution designed specifically for the insurance industry. The company’s AML system uses advanced analytics to detect financial crime in multiple ways, including:
- Transaction monitoring scenarios that incorporate data from various sources
- Overnight batch processing to identify high-risk transactions and triage them for investigation
The Benefits of SAS Anti-Money Laundering
According to Amit Geva, Ayalon’s CIO and Executive Vice President, “SAS’ industry knowledge and insurance-ready models have helped us realize complex solutions in half the time. The ability to assimilate complex and advanced capabilities in a short time has enabled us to meet challenging regulatory timetables.”
Ayalon plans to expand its use of SAS Anti-Money Laundering in phases, with the goal of adding value around compliance and supporting new product development.
The Value of Strategic Partnerships
Geva added, “Working with SAS gives us two strategic advantages. Immediately, we can comply with anti-money laundering regulations and deal with the various complexities. SAS helps us exceed these requirements while supporting effective business processes.”
Ayalon’s relationship with SAS began several years ago, with the development of a strategic enterprise data warehouse. Today, thousands of users rely on SAS to perform their daily work.
Why Ayalon Chose SAS
“We chose SAS Anti-Money Laundering for its ability to handle complex validation scenarios,” Geva said. “Also, I have confidence in the SAS team in Israel, which understands our business better than any other vendor we reviewed.”
Conclusion
By implementing SAS Anti-Money Laundering, Ayalon has set a new standard for financial crime prevention in Israel, demonstrating the importance of adopting best practices to combat this growing threat.