NZ BUSINESS NAMED A LEADER IN ANTI-MONEY LAUNDERING MARKET
By Justin Pemberton
Global market research provider Technavio has identified new Kiwi-owned business AML360 as a leading vendor in the global anti-money laundering software marketplace.
The world’s largest market research resource named AML360 as one of 17 leading global players alongside established names like Thompson Reuters, IBM and Oracle in their latest review of Anti-Money Laundering Compliance software.
AML360’s software provides anti-money laundering compliance tools to meet increasingly complex regulatory obligations, for which company directors and business operators are personally liable.
With backgrounds in risk management and international banking, AML360’s company directors Kerry Grass and Daniel Rogers identified the difficulties of small and medium sized businesses in implementing effective anti-money laundering programmes.
“In New Zealand we are seeing these organisations struggle with the new legislation and many are failing audits”, says Daniel Rogers. "A lot of these difficulties are occurring due to lack of resources and subject matter expertise, along with financial constraints.”
New Zealand’s regulatory landscape of AML compliance requirements underwent significant changes following introduction of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The Act was implemented on 1 July 2013 with the first round of audits occurring last year.
“We wanted to design software that offered effective methods so that these businesses can meet regulatory requirements of customer profiling, transaction monitoring, sanctions screening and senior management reporting from a tailored and easy to use dashboard. But we also knew we had to provide a risk management tool that was affordable,” says Rogers.
In their review Technavio emphasise that the “growing use of predictive analytics to reduce false results and decrease the compliance cost of AML software is a positive market trend”. They also predict the global anti-money laundering software market to grow steadily at around 11% during the forecast period of 2016-2020.
Anti-Money Laundering Consultants Limited Mobile: +64 21 803 089