Anti-Money Laundering Software Market to Rise at Nearly 11.07% CAGR to 2021 | ReportsnReports
PUNE, India, December 5, 2017 /PRNewswire/ --
Anti-Money Laundering Software Market is increased need for suspicious activity reporting. SAR is a process of creating a report with information that alerts law enforcement if a certain customer transaction activity is possibly suspicious and might indicate money laundering or terrorist financing. SAR has become an essential part to fight terrorist financing, money laundering, and other financial crimes. The reason for SAR being used is that it is not possible for a bank to detect and report all possible illicit transactions that flow through the bank. SAR provides information on potential criminality and helps banks to manage complexities that arise due to the regulations and high costs associated with AML initiatives. Hence, it is essential for the quality of SAR content to be good for an effective SAR operation.
Get complete report on Anti Money Laundering Software Market spread across 70 pages, analyzing 24 major companies and providing 59 data exhibits now available at http://www.reportsnreports.com/reports/929225-global-anti-money-laundering-software-market-2017-2021.html.
The analysts forecast global anti money laundering software market to grow at a CAGR of 11.07% during the period 2017-2021. key players in the global anti money laundering software market: ACI Worldwide, EastNets, FICO TONBELLER, Fiserv, NICE Actimize, RELX, FIS, BAE Systems, Experian, Oracle, SAS, Thomson Reuters, aml360, AML Partners, AML RightSource, Safe Banking Systems, Truth Technologies, and Verafin. Other Prominent Vendors in the market are: Aquilan Technologies, Banker's Toolbox, CaseWare Analytics, Fenergo, Infrasoft Technologies, Innovative Systems, Jack Henry & Associates, MetricStream, Ocean Systems, Regulatory DataCorp, Temenos, Wolters Kluwer, 3i Infotech, IBM, KPMG, TATA Consultancy Services, Ascent Technology Consulting, Aquilan Technologies, Banker's Toolbox, targens, CGI, and MemberCheck. Purchase a copy of Global Anti Money Laundering Software Market 2017-2021 report at http://www.reportsnreports.com/purchase.aspx?name=929225.
One trend in anti-money laundering software market is increasing demand for know your customer analytics. AML and KYC analytics are becoming important focus areas for all financial services firms worldwide because of increasing cost of compliance, risk of non-compliance, and the challenges related to acquiring and retaining the right customers. Before the introduction of KYC analytics, AML software used automated transaction monitoring systems that produce alerts in case of suspicious transactions. Advances in technology enable banks and financial institutions to collect an enormous amount of data, but these organizations face multiple challenges in compiling the data to build strong relationships, improve return, and reduce risk. KYC analytics can reduce the complex and expensive burden of compliance on both AML and KYC departments. AML software with KYC analytics enables banks to properly document, understand, and actively manage the flow of data across the organization and its systems.
Further, the report states that one challenge in market is high cost of implementation. The deployment of AML software is an expensive process as it has defining requirements and its implementation takes a long time. This increases the importance of the process because once the deployment has taken place, it is expensive to make any changes. It also requires expensive additional infrastructure, complex programming, and extra time and money to ensure data integration and data quality. Most AML software vendors charge additional fees for software updates, which include improved features. Some vendors force the end-users to purchase updates by refusing to provide technical support if they have not purchased the latest version.
Related research titled " Global Anti-money Laundering Software Market Size, Status and Forecast 2022" is spread across 100 pages and profiles 18 companies that provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. This report studies Anti-money Laundering Software market, focuses on price, sales, revenue of each type in the United States. This report also focuses on the sales (consumption), production, import and export of Anti-money Laundering Software market forecast to 2022, from 2017. Firstly, this report focuses on price, sales, revenue and growth rate of each type, as well as the types and each type price of key manufacturers, through interviewing key manufacturers. Second on basis of segments by manufacturers, this report focuses on the sales, price of each type, average price of Anti-money Laundering Software, revenue and market share, for key manufacturers.
The Anti-money laundering software industry development trends and marketing channels are also analyzed and the feasibility of new investment projects is assessed and overall research conclusions offered. With the tables and figures the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals. Manufacturers profiled in this report are Thomson Reuters, Fiserv, SAS, SunGard, Experian, ACI Worldwide, Tonbeller, Banker's Toolbox, Nice Actimize, CS&S, Ascent Technology Consulting, Cellent Finance Solutions, Verafin, EastNets, AML360, Aquilan, AML Partners, Truth Technologies. Anti-money Laundering Software Market Report 2017 is available at http://www.reportsnreports.com/reports/849362-global-anti-money-laundering-software-market-size-status-and-forecast-2022.html
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