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Anti-money laundering technologyPublished by: Datamonitor Published: Nov. 5, 2003 - 21 Pages Table of ContentsTABLE OF CONTENTS ABOUT DATAMONITOR 2 ACTION POINTS 5 Outline of the brief 5 3 key things you need to know about AML 5 Point 1: FSIs must recognize that AML is more an operational and less an analytical challenge 6 Point 2: FSIs should vary their approach to AML, from simple rules-based detection to advanced analytics, based on the size and nature of their business 7 Point 3: FSIs need to focus on process automation to minimize the cost implications of meeting AML requirements 8 JUSTIFICATION 9 Key drivers behind AML 9 Regulatory drivers 9 Business drivers - the risk-based approach to AML 10 Leading vendors 13 Searchspace 13 Mantas 13 ACI Worldwide 13 SAS Institute 14 THE FUTURE DECODED 15 3 trends for the future 15 The AML market is experiencing a wave of investments by European FSIs, with overall growth now gradually tailing off 16 UK and Benelux have relatively mature AML processes and technology in place, with Italy, Spain and France showing the largest growth of AML investment to 2006 17 Software will see slightly higher growth than services, hardware, and internal spend 19 APPENDIX 21 Future readings 21 Relevant links 21 SPP writing team 21 AbstractIntroductionThis brief discusses recent developments and initiatives with regard to anti-money laundering (AML) in the financial services sector. It outlines and examines key regulatory and business drivers, discusses implications for technology vendors, and provides AML spending forecasts to 2006. Scope * This brief covers all Western European markets * It provides spending forecasts to 2006, by country and source (software, services, hardware, and internal spend) * It provides an outline of regulatory and business drivers of anti-money laundering initiatives Report Highlights The financial services sector is currently in the midst of a wave of investments to comply with anti-money laundering (AML) regulations. Since 2001, to a large extent triggered by the September 11 attacks, there has been an increased global effort by regulators to improve processes to detect and deter money launderers and terrorist financing. Whilst increased regulatory and enforcement efforts represent the main drivers behind this trend, FSIs will approach the issue with a risk-based paradigm, which will result in varying approaches to AML projects by different types of institutions. Reasons to Purchase * Obtain access to latest spending forecasts for AML in European financial services * Gain insight into key drivers and trends behind AML projects in financial services companies Get Full Details About This Report >> |
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