KYC/AML Software Solutions, 2020: Market Update and Vendor Landscape

This report examines financial institutions’ (FIs’) evolving technology requirements for Know Your Customer (KYC)/anti-money laundering (AML) processes and systems. In FIs, many elements of KYC/AML requirements overlap to create a common compliance-orientated process. For this reason, we have chosen to address both solution types in a single report, to capture commonalities
in their systems and processes, and in the vendor landscape.

In FIs, KYC/AML capabilities are bought primarily by the compliance side of the business, although a company’s operational units have a significant role to play in KYC and customer onboarding. However, for the purposes of this report we consider the vendor landscape for both KYC and AML capabilities to be still largely compliance-driven, although within this context there is significant overlap between the KYC and AML areas. In addition, several AML vendors have migrated over to the KYC side of the market, complicating the
picture. In light of all these factors, we consider a unified view to be the best approach for providing as comprehensive a view of the industry as possible.

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