With weighty regulation coming to bear this year, specifically around anti-money laundering (AML), financial institutions will address compliance by deploying new generation compliance management technology, according to analysts.
As financial institutions prepare for the demands of the new year, industry analysts are predicting that Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance management software will be a key focus for them in 2012. After much criticism from federal examiners in 2010/11, the anticipated trend for financial institutions will be in addressing compliance using IT, eliminating silos of automated systems and creating more effective BSA and AML compliance programmes.
Analyst firm Gartner agrees that this as an upcoming trend mostly due to the increased regulatory pressures, and the rising cost of high volume transaction scanning is the driving factor for financial services firms to invest in AML systems.
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