Story image

Kiwi-owned AML360 getting noticed in global AML market

28 Jan 16

New Zealand-owned vendor AML360 has been named a leader in the global anti-money laundering software marketplace by market research firm Technavio.

According to Technavio, the global anti-money laundering software market is headed for steady growth, at around 11% during 2016-2020.

“The growing use of predictive analytics to reduce false results and decrease the compliance cost of AML software is a positive market trend,” the company says.

AML360, which has offices in Auckland and New York, was named as one of 17 leading global players alongside established names like Thompson Reuters, IBM and Oracle.

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 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,” Rogers explains.

“But we also knew we had to provide a risk management tool that was affordable.”

SAP provides partners with free access to their cloud platform
“Now that over 3,700 SAP partners have joined our cloud strategy, the free resources will help them accelerate application development."
Company-X celebrates ranking on Deloitte's Fast 500 Asia Pacific
Hamilton-based software firm Company-X has landed a spot on Deloitte Technology’s Fast 500 Asia Pacific 2018 ranking - for the second year in a row.
Gartner names Proofpoint Leader in enterprise information archiving
The report provides a detailed overview of the enterprise information archiving market and evaluates vendors based on completeness of vision and ability to execute.
WatchGuard appoints new channel distributors in A/NZ
The appointments will enable WatchGuard to expand its regional channel reseller footprint.
Tensions on the rise after Huawei CFO arrest
“Recently our corporate CFO, Meng Wanzhou, was provisionally detained by the Canadian authorities on behalf of the United States of America."
Why the future of IT infrastructure is always on and always available
As more organisations embrace digital business, infrastructure and operations leaders will need to evolve their strategies and skills to keep up.
Juniper simplifies data integration to improve threat detection
Updates to the Juniper Advanced Threat Prevention Appliances leverage third-party firewalls and security data sources.
IDC: Tablets stay dead, notebooks keep head above water
An IDC report predicts a soft personal PC market, slipping into further decline with the exception of notebooks, gaming PCs, and business PC upgrades.