Coastal Federal Credit Union selects SAS to combat money laundering

Johannesburg, 14 Nov 2006

Coastal Federal Credit Union has selected SAS Money Laundering Detection to help fortify its anti-money laundering (AML) programme and adhere to the regulations of the USA Patriot Act.

SAS, the leader in business intelligence, is the institution's top choice due to the powerful capabilities of its AML software and the expertise and proven track record SAS has within the risk management arena.

"SAS has demonstrated commitment to the growing credit union market by providing a comprehensive solution comprised of leading analytic and data integration technologies and cost-effective implementation," said Lin Jordan, Vice-President of Risk Management at Coastal Federal Credit Union. "SAS offers the power and flexibility of an enterprise-class solution but packaged for a smaller institution's budget."

While larger banks and financial institutions have felt the most pressure to quickly comply with global regulations to implement anti-money laundering systems, Coastal Federal Credit Union, like other credit unions and regional and community banks, began to come under greater regulatory scrutiny recently regarding AML regulation compliance. As the National Credit Union Administration increased its role as a regulatory compliance watchdog, Coastal Federal Credit Union became more proactive by staying ahead of regulatory needs.

SAS Money Laundering Detection provides the same robust SAS anti-money laundering methodology in a solution tailored for small to mid-sized financial institutions. With an automated process for detecting, investigating and reporting suspicious behaviour, Coastal Federal Credit Union can be more efficient and effective when complying with government regulations. In addition, the proactive nature of the institution helps mitigate its reputation risk in regard to enforcement action.

"While the simplified technology architecture will meet our immediate needs in addressing AML regulations, it also will serve well for our long-term, future needs of driving top-line revenue growth by better understanding our members' behaviour," said Jordan.

Coastal Federal Credit Union

Coastal Federal Credit Union, located in Raleigh, NC, is a not-for-profit, member-owned financial cooperative, committed to providing members with the financial services they need, when and where they need them - affordably, conveniently and professionally. Established in August 1967, the credit union was formed through the efforts of eight employees of International Business Machines Corporation. Coastal Federal Credit Union provides service to members worldwide through a network of 22 branches located in Apex, Cary, Charlotte, Clayton, Concord, Durham, Garner, Raleigh, Sanford, Southern Pines and the Research Triangle Park; the Transaction Call Centre, which provides toll-free telephone access and mail capabilities; Coastal Online Transaction Service, a free online banking program; and Automated Money Information Exchange, an audio response telephone banking system.

SAS

SAS is the leader in business intelligence software and services. Customers at 40 000 sites use SAS software to improve performance through insight into vast amounts of data, resulting in faster, more accurate business decisions; more profitable relationships with customers and suppliers; compliance with governmental regulations; research breakthroughs; and better products. Only SAS offers leading data integration, intelligence storage, advanced analytics and traditional business intelligence applications within a comprehensive enterprise intelligence platform. Since 1976, SAS has been giving customers around the world The Power to Know. www.sas.com

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Coastal Federal Credit Union selects SAS to combat money laundering

SAS solution will help institution to become more efficient and effective