The Anti Money Laundering Solution Market in Europe

Published by: IDC

Published: Dec. 22, 2004 - 21 Pages

Table of Contents

Abstract

This study analyzes the most important requirements in terms of anti money laundering financial institutions have to comply with. Broadly defined, money laundering is the process of disguising the illegal origin of money to make it appear legitimate.

In the aftermath of the terrorist attacks in the U.S. one of the first initiatives decided by worldwide organizations was to block terrorist financing by paying more attention to suspicious money transactions. This has represented a turning point in the approach of legislators towards anti money laundering, which has quickly become one of the most important issues for the financial services sector.

According to Daniele Bonfanti, program manager for the European IT opportunity: financial services program, "Addressing AML is becoming an increasingly challenging task as it requires the implementation of highly flexible and adaptive processes. This means that to be effective in facing money laundering issues banks need to establish enterprise-wide policies and strongly leverage on the available technologies to cut compliance costs and reduce operational risk."

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