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Evaluating the Vendors of Watchlist and Sanctions Solutions

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17 April 2013
Neil Katkov

Abstract

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.

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