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Anti-Money Laundering Technology: Maximizing the Benefit, Minimizing the Cost

Published by: TowerGroup

Published: Oct. 22, 2007 - 13 Pages


Table of Contents


Report Coverage

Background

AML Processes

Exhibit 1 Anti-Money Laundering Processes That Can Be Automated (2007)

Overview of Vendors

Exhibit 2 Some Major Vendors of Anti-Money Laundering Solutions (2007) (Part 1)

Exhibit 3 Some Major Vendors of Anti-Money Laundering Solutions (2007) (Part 2)

Different Business Environments

Exhibit 4 Jurisdictional Differences Affecting Anti-Money Laundering Technology Solutions (2007)

Technology Delivery Options

Exhibit 5 Examples of Hosted Anti-Money Laundering Solutions (2007)

Summary

Abstract

Complying with anti-money laundering regulations is a costly burden for financial services institutions. Jurisdictional differences pose barriers to capitalizing on scale economies that technology could bring. Hosted solutions can reduce the total cost of ownership 30% or more compared to licensing. The market is still being tested. This Research Note discusses why hosted solutions will have little appeal to tier1 banks but may find a niche among lower-tier banks seeking to appease regulators. It also discusses why business process outsourcing is not likely to be cost effective for AML compliance and suggests that banks consider more effective use of technology for this purpose.

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