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Anti-Money Laundering Solutions 2013

April 2013 • Ref RR1306 Research Report
Number of pages: 45 Single user license: $5000
Number of figures and tables: 9   Corporate license: $7000  

Overview

Anti-money laundering (AML) solutions were originally implemented by financial institutions in response to the first wave of money laundering regulations in the late 1980s and early 1990s. However, in the past five years, there has been renewed interest in AML solutions and a fresh wave of implementations.

This has happened primarily for two reasons:

  • Stricter regulation and supervision – A general push to tighten supervision of the financial system and a renewed US-led crackdown on money laundering and terrorist finance have led to the introduction of a new raft of money laundering regulations over the past decade. Moreover, as the recent investigations into HSBC and Standard Chartered have shown, supervisors are more willing to use their powers and impose heavy fines. Supervisors are also now demanding to see greater evidence of well-developed AML programs in financial institutions.
  • Technology drivers – The rise of internet and mobile banking have increased the velocity and volume of transactions. These technologies have made money laundering easier and made the job of AML teams harder.

 

As a result, firms need to improve their existing AML programs and systems. Facing a stricter regulatory environment and a more difficult task, financial institutions need technology systems that will allow them to deal with a higher volume of transactions more quickly and comply with regulation. In updating their systems, financial institutions are looking to take advantage of new AML innovations, such as more advanced analytics and real-time technologies.

This report covers the competitive landscape for AML systems. The range of solutions and functionalities offered by vendors can make it difficult for buyers to decide which solution best suits their AML program’s needs. The consolidation of vendors, the increasing requirements and demands from regulators, the increased speed and volume requirements, and continued innovation in detection analytics has altered the AML technology landscape.

This report uses Chartis’s RiskTech Quadrant™ to explain the structure of the market. The RiskTech Quadrant™ uses a comprehensive methodology of in-depth independent research and a clear scoring system to explain
which technology solutions meet an organization’s needs. The RiskTech Quadrant™ does not simply describe one technology solution as the best AML solution; it has a sophisticated ranking methodology to explain which solutions would be best for specific buyers.

This report covers the leading vendors offering AML solutions for financial institutions, including Accuity, Aquilan, Detica, Eastnets, FircoSoft, FIS, Fiserv, Jack Henry, Infotech, Logica, NICE Actimize, Oracle, Safe Banking Systems, SAS, TCS, Thomson Reuters, Tonbeller, Verafin, Wolters Kluwer FS, and Wynyard.