Money laundering is a term used for an illegal process of hiding money, which has been obtained illegally through a complex sequence of finances or banking transactions. Since the banking transactions have now been made so easy, there are also high incidences where the money is laundered and kept illegally through a chain of complex transactions that can only be figured out through the use of a technically advanced Anti-money Laundering Software.
An Anti-money Laundering Software is used in the operation and management units of legal and financial companies. They are an integral part of such businesses and the finance industry because they help meet one of the most important legal requirements required in the finance industry. These tools now have a global presence because of their efficiency at addressing the issues related to direct and indirect money-laundering. They can be utilized for effectively monitoring a customer’s transactions regularly, for accessing their account profile and historical information.
Some of the modules that are present in an Anti-money Laundering Software are as follows: Know Your Customer, Dissemination of AML policies and procedures, Entity Resolution, Automated Standard operating procedures, Transaction Monitoring, Compliance Reporting, Investigation Tools, Alert based case management, Document management (this is one of the most important modules for it helps to have access to the customer-related documentation, mainly the customer identification documents, and account opening package, etc.), Delivery of AML, Modules to train users for due diligence checks on customers, including electronic verification, and also Workflow engine.
This report focuses on the top players (Profiles) :- 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
There are mainly four categories of Anti-money Laundering Software, and hence the market of Anti-money Laundering Software can be divided into four chief types. A transaction monitoring system, customer identity management systems, and compliance management software, currency transaction reporting (CTR) systems. Where a transaction monitoring helps track the real identity of the sender and the receiver, the currency transaction reporting helps track the conversion of currency by tracking the chain of transactions from phase one to the last. Similarly, compliance management and customer identity management also help with the money-laundering.
In the North American and Australian regions, the anti-money laundering software is highly demanded. These countries are already the major manufacturers and consumers software based on protecting complex money transfers. In North America, the market is segmented in the following regions; Mexico, Jamaica, Canada, Bermuda, Bonaire, Dominica, United States of America, and the US Virgin Islands. In South America, maximum consumption is in the following states: Argentina, Bolivia, Peru, Ecuador, Chile, Venezuela, Suriname, Peru, and Colombia. And in Australia, most of the manufacturing and supply units are in New Zealand, the Solomon Islands, and Tonga. In Asia, the highest demand is in India, China, Indonesia, Pakistan, Maldives, Nepal, Afghanistan, Sri Lanka, and Bangladesh.
The U.S senator recently asked for reforms in the anti-money laundering software, and now every financial company needs to maintain a complex and comprehensive database of shell ownership of the firm.
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