Singapore, Singapore, July 19, 2017 --(PR.com
)-- Asia is a fast-growing region that has seen financial transaction volumes and international trade boom over the last few decades. Along with the growth of financial services, we have also seen a rise in the level of financial crime, especially money laundering. The move towards digital payments across the region has changed the way money laundering occurs, and it is becoming more difficult to trace it when money is flowing across several jurisdictions in a small period. For financial institutions, the situation is further complicated by the number of anti-money laundering (AML) solution vendors in the market.
Kapronasia’s latest report “2017 Asia Pacific Vendor Landscape: AML Solutions” takes a comprehensive look at 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.
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 (SaaS). 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.
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 review of the solution providers in the space. It is a must-see report for any financial institutions and market participants.