Archive for July, 2013

Global AML Software Market 2013 Report published by Research and Markets

Sunday, July 7th, 2013

Research and Markets has announced the addition of the “Global Anti-money Laundering Software Market 2012-2016” report to their offering.

According to the report, global AML Software Market is expected to grow at a CAGR of 11.3% over the period 2012-2016. This report has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the Americas, and the EMEA and APAC regions analyzing the Global Anti-money Laundering Software market landscape and its growth prospects in the coming years. The report also discusses the key vendors operating in this market.

Commenting on the report, an analyst from TechNavio’s Enterprise Computing team said: ”The Global Anti-money Laundering Software market is witnessing a trend where many AML software vendors are focusing on enhancing their product features. Many vendors, which earlier offered single-purpose applications such as transaction monitoring or compliance reporting, are adding various other modules including KYC, entity resolution, case management and reporting, investigation tools, and customer due diligence checks to provide end-to-end AML compliance functionality. In addition, many vendors are developing sophisticated capabilities such as network analysis and historical profiling, and advanced analytics such as Bayesian learning and neutral networks.”

The report says that the technological advancements in financial institutions are the major drivers in the Global Anti-money Laundering Software market.

New Zealand’s AML legislation takes effect

Tuesday, July 2nd, 2013

Legislation strengthening New Zealand’s financial system against money laundering is taking effect. However, this means more paperwork for some investors.

The Anti-Money Laundering and Countering Financing of Terrorism Act, which comes into force on July 7, makes it easier to recover money gained illegally and closes loopholes used by criminals to launder money.

According to Justice Minister Judith Collins, banks, financial institutions, some financial advisers and casinos will have to verify customers’ identities, assess risks, appoint compliance officers and report suspicious or unusual transactions. She said: “The new laws don’t just help fight crime and terrorism; they also reflect sound practices that reduce financial risks for businesses while also protecting the savings and interests of their customers and investors”.

According to business commentator Brian Gaynor, the new legislation will have a major impact on the way people interact with financial institutions.

The laws will not have a major impact on individuals who deposit or invest money in their own name, unless they undertake a large number of unusual transactions. However, they will have a much bigger impact on trusts and politically exposed persons as their disclosure requirements will significantly increase.