Anti Money Laundering software sees growth
New technologies set to drive 9% annual growth rate, market value to reach $690m by 2015
The development of and demand for Anti Money Laundering (AML) technologies will drive a compound annual growth rate of 9% to reach over $690 million by 2015, according to a recent industry report released by financial research and consulting firm Aite group.
The increased demand for AML software is being fuelled by increasing regulation, high profile regulatory enforcement and next-gen solutions that can address both AML and fraud management needs among today's businesses, according to the report.
The Aite Group ranked SAS, business analytics software and services provider for the global market, as the top AML software provider.
The SAS suite of AML solutions, called SAS Anti-Money Laundering is designed to help businesses decrease regulatory risks, reduce in false positives and increase efficiencies.
"SAS brings a significant amount of analytic firepower to the space, given its roots in statistical solutions," said Julie Conroy McNelley, senior analyst for Retail Banking Practice, Aite Group. "SAS has a wide range of pre-packaged scenarios that are available with the solution, allowing for easy adjustment for financial institutions as needed. The solution's architecture is a plus for smaller institutions that don't have a data warehouse in place, as it provides the data schema for creating a data mart, and can support a number of different relational databases."
The Aite report entitled ‘Global Anti-Money Laundering Vendor Evaluation: A Reinvigorated Market,' is based on interviews conducted with 18 global AML compliance vendors and 36 financial institutions from January to April this year.
The Aite group has forecasted that the current global AML software market, which is valued at $450 million, will continue to grow dramatically over the next few years,
Market drivers will include rapid growth in the Asia Pacific; the Middle East and Africa; financial institutions in the United States and Europe replacing outdated solutions and smaller financial institutions replacing manual processes with automated solutions. The report specifies that AML solutions should include customer due diligence, suspicious activity monitoring, case management and watch-list filtering.
"The Aite report has given us a comprehensive view of today's AML segment along with what is currently being demanded by global businesses. We are humbled by the report's move to name us as the leading provider for AML solutions for the international market. The top ranking reflects our strong commitment towards the creation and development of key AML products that can meet the requirements of our customers. We are currently witnessing an increased demand for strategic solutions that deal with money laundering, fraud and other forms of financial abuse and SAS is looking to play a major role in the AML software segment's development by continuing on its promise of providing global businesses with solutions that can not only help reduce the occurrences of these financial crimes but also drive in more productivity and efficiency," said Jonathon Saunders, sales director, SAS Middle East.