New report highlights key providers of anti-money laundering solutions in Asia
(14 August 2017 – Asia) A new report from Kapronasia highlights the important trends and developments in the space as well as the functionality and features of the leading vendors’ AML products in the Asia-Pacific.
According to Kapronasia, the boom in digital payments across Asia has altered the way in which financial crime and money laundering occurs.
As a result, it has become more difficult for financial intuitions to track and trace when money is flowing across several jurisdictions in a small period, with the situation further complicated by the number of anti-money laundering (AML) solution vendors in the market.
While each solution is unique in how it deals with the requirements for AML, there are some interesting commonalities: The first is the ability of almost all vendors to offer different types of deployment, including on-site or software as a service. Some firms were more sophisticated as they also had a hybrid solution that combined features of different types of deployment for different parts of the same solution. But most firms have shown awareness of the fact that as they reach out to users of all types and sizes, they need to be more flexible in how they deploy the solution.
AML systems are using the some of the latest technology including advanced machine learning, artificial intelligence, and natural language processing. In addition to making existing processes faster, it also allows the larger financial firms to deal with rapidly growing transaction volumes. Similarly, other constraints that the financial institutions have include regulatory inspection and increasing cost pressures. Artificial intelligence-enabled solutions are expected to reduce these challenges, reduce costs, and increase efficiency. While AI can come up with predictive scenarios and machine learning helps considerably in managing false positives and false negatives. Predictive analytics provides an objective view of data related to risk along with mitigation plans. It provides a fair idea on the feasible thresholds for configuring various money laundering patterns.
The 2017 Asia Pacific Vendor Landscape: Anti-money Laundering Solutions report is one of the few reports looking the AML landscape in Asia as well as a comprehensive look at the solution providers in the space. It is a must-see report for any financial institutions and market participants.
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