Tokyo, Japan
August 29, 2006Evaluating the Vendors of
Anti-Money
Laundering Solutions 2006
Report Published by Celent
Spending on anti-money laundering
software globally will increase to US$375 million by 2009, a compound
annual growth rate of 5.9%.
Technology has become an essential tool for
complying with anti-money laundering (AML) and counterterrorist funding
legislation. Formerly tech-unaware regulators in the US and EU are now
emphasizing the importance of effective AML analytics as a cornerstone of
compliance. Both financial institutions and regulators are demanding
enhanced functionalities from AML solutions, driving the development of
improvements to these systems.
In the three years since Celent's first AML
vendor report, Ranking the Vendors of Anti-Money Laundering Solutions,
July 2003, the vendor landscape has gelled. Firms that then had only a few
clients struggling to make the new technology work are now fixtures of the
AML technology landscape. Vendors have significantly upgraded their
systems, enhancing usability with web-based interfaces, improving workflow
efficiency with advanced case management features, and plugging gaps in
features and functionality. In an ever-more competitive market, newer
entrants have been relentless pursuing scalability in a bid to win
sought-after multicountry deals from the big global financial
institutions, while conversely the high end system vendors are launching
"AML lite" versions of their software aimed at the emerging
regional, small, and midsize financial institution market.
“The intensified AML policies of the US
have produced a ripple effect on the international regulatory scene that
has driven growing investment in AML software worldwide,” says Neil
Katkov, author of the report. “But in the AML software industry, the
question on everyone's lips is, ‘How long will this growth continue?’“ This
report is the most comprehensive handbook to the AML software market
available. It profiles and evaluates 19 established and emerging vendors
of anti-money laundering software, including BI-heavy transaction analysis
software and filtering solutions for screening government watchlists such
as OFAC. Each vendor is profiled individually, with accompanying screen
shots and architectural diagrams. Detailed tables compare the client
bases, features and functionality, technology platforms, typical
implementation schedules, and pricing structures and price ranges of the
solutions. The evaluation of the
solutions, presented in Celent's ABCD vendor view, is based on vendor
responses to an extensive RFI, in-depth product demonstrations, and over
50 conversations with the financial institutions who use the software. Vendors
profiled in the report are Accuity, Ace Software Solutions, ACI
Worldwide, Actimize, ChoicePoint/Bridger Insight, Experian/Americas
Software, Fortent/Searchspace, FircoSoft, LogicaCMG,
Mantas, Metavante/Prime Associates, NetEconomy, Norkom
Technologies, Northland Solutions, SAS Institute, Side
International, STB Systems, Top Systems, and Wolters
Kluwer Financial Services/PCi. The
100-page report contains 46 figures and 12 tables. A table of contents is
available here.
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