Evaluating the Vendors of Watchlist and Sanctions Solutions
Watchlist operations has become one of the most crucial areas of focus for financial institutions struggling to comply with anti-money laundering and counterterrorist funding regulation.
In Evaluating the Vendors of Watchlist and Sanctions Solutions, Celent profiles 16 watchlist software vendors, evaluates them using its ABCD Vendor View, and hands out XCelent Awards to four firms. The report is designed to help firms assess the capabilities of watchlist solutions, for both customer review and payments screening purposes.
Technology is evolving to meet the challenges institutions face in watchlist operations. Vendors have enhanced their solutions in terms of scalability, rules and analytics—including self-learning algorithms—alert/ case investigation workflow, and automation.
“Watchlist operations at financial institutions have become increasingly complex,” says Neil Katkov, PhD, Senior Vice President, Asia for Celent and author of the report. “Compliance departments seem to be constantly faced with new regulation. Of course, the FIs themselves seek to optimize the efficiency of their watchlist operations.”
Celent’s ABCD Vendor View is a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services.
This is the third in a series of four reports covering the current state of the AML technology market. The other reports in the series are:
- Trends in Anti-Money Laundering 2011. Presents the results of an exclusive Celent survey of AML compliance departments at over 50 financial institutions and benchmarks AML operations and costs, examines key issues in anti-money laundering and anti-fraud, and analyzes trends in AML technology.
- Evaluating the Enterprise-Wide Compliance Vendors: Solutions for Anti-Money Laundering and Anti-Fraud. Profiles 22 providers of end-to-end AML/fraud solutions, and assesses them using Celent's ABCD evaluation model.
- Specialist Providers of Anti-Money Laundering Technology (forthcoming). Presents an overview of advanced technology issues in AML and provides profiles of a variety of specialist vendors. Because these firms are working in different areas, an ABCD evaluation is not provided.
This 94-page report contains 30 figures and 16 tables.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Celent’s ABCD Vendor View and the XCelent Awards
About the Profiles
FinScan by Innovative Systems
LexisNexis Risk Solutions
Tata Consultancy Services
Leveraging Celent’s Expertise
Related Celent Research