The USA Patriot Act greatly expanded the universe of institutions covered under Federal Anti-Money Laundering legislation. In addition to banks, compliance is now required of brokerages, money changers, casinos, check cashers and every other institution considered a Money Services Business. This, along with increased pressures on banks and rising penalties for non-compliance, has led to an explosion in the demand for third party AML solutions. At the same time, the increased focus on terrorism financing has created a need to redefine the models and filters used to identify suspicious persons and activity.
In this presentation, Mercator will explore the history and the current environment for AML Solutions. In addition, we will explore some leading edge developments in suspicious activity monitoring, including neural networking, scenario modeling and peer comparisons. We will highlight several of the leading vendors of AML technology, and will discuss some of the near and long-term developments that will affect the market for these solutions.