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In2IT, SAS partner to combat money laundering in Africa

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Sumit Kumar Sharma, enterprise architect at In2IT Technologies.
Sumit Kumar Sharma, enterprise architect at In2IT Technologies.

IT consultancy and managed service provider In2IT Technologies has partnered with analytics provider SAS to offer compliance and fraud detection solutions to financial services organisations in SA and Africa.

SAS helps organisations transform and modernise their anti-money laundering (AML) programmes through its data analytics solutions developed to detect fraud and unusual activity using analytic, artificial intelligence (AI) and machine learning capabilities.

Through the new partnership, In2IT will develop a data platform aligned with SAS offerings, enabling organisations to develop compliance and fraud prevention frameworks to monitor transactions and networks.

In2IT will then resell the SAS technology, while also acting as an implementation partner, ensuring the solutions are customised to the client’s requirements.

Given shifting regulations, evolving threats and growing volumes of diverse data, using AI and machine learning to rapidly detect and report suspicious activity is fast becoming an AML imperative, according to In2IT.

“Money laundering, in particular, is a challenge for many financial institutions in SA, as well as throughout the continent, and compliance remains a challenge, as governments are beginning to clamp down on security in this industry,” says Sumit Kumar Sharma, enterprise architect at In2IT Technologies.

“There are also a number of impending regulations, especially in SA, that will impact the insurance sector in particular. We see a significant amount of potential in our markets for SAS’s global intelligence and analytics solutions.”

According to the Financial Intelligence Centre, financial crime is on the rise in SA, with just under half of local organisations having fallen victim to financial crime within the past year. This is despite the financial services industry becoming increasingly regulated in an effort to prevent money laundering, terrorism financing and other black market activities that are rife in developing economies.

In2IT and SAS believe the use of innovative technology is key to addressing these crimes and regulatory requirements.

“We are excited to partner with In2IT, as we believe they have the capabilities and expertise to help drive significant customer value and address a critical regulatory mandate within the financial services industry,” says SAS EMEA alliance and channels senior director Steve Harris.

“Our solutions will empower In2IT to help firms solve the most complex problems faced in the industry in these regions, while helping them to create new opportunities.”

The portfolio includes AML, customer due diligence, visual investigation, fraud detection and investigation, fraud management and cyber security solutions.

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