AML system is a combination of different types of software, including transaction monitoring software, currency transaction reporting software, customer identity management software, and compliance management software, among others (sanction screening software and case management software). These software are responsible for addressing AML business requirements. They focus on identifying suspicious patterns of transactions, which may lead to the filing of Suspicious Transaction Reports (STRs) or Suspicious Activity Reports (SARs).
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The market values for different software types from 2017-2023. The transaction monitoring software had the highest penetration rate in the overall AML software market in 2017, followed by currency transaction reporting, customer identity management, compliance management software, and others. Transaction monitoring software accounted for ~XX% of the AML software market for the year 2017. It is expected to reach $XX million by 2023, growing at a CAGR of XX%, during the period, 2018–2023, mainly due to the generation of complete analysis of a customer (risk assessment), thereby facilitating prediction of risk levels and future activities, along with providing reports and creating alerts for suspicious activities.
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The AML transaction monitoring software facilitates financial institutes and banks to monitor transactions by the customers at a high frequency, as compared to the traditional solutions. The entire system having transaction monitoring can only give efficient outputs, once the information obtained is combined with the analysis of customers’ historical information and account profile. Thus, the software is able to generate comprehensive analysis of a customer, thereby facilitating prediction of risk levels and future activities, along with providing reports and creating alerts for suspicious activities.
The transaction monitoring includes money transfer, cash deposit or withdrawal, and Automated Clearing House (ACH) activities. The AML transaction monitoring system includes features such as blacklist screening, and customer profiling, among others.
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