Financial Crime Compliance Technology: AML Transaction Monitoring Edition—2023 XCelent Awards, Powered by VendorMatch

The ongoing transition to AI-enabled, high performance financial crime compliance systems is a leading indicator of the application of digital technologies to risk functions at financial institutions. As the risk back office pivots to digital technologies and processes, the supplier landscape has expanded dramatically with the addition of numerous new regtech entrants offering digitally-enabled solutions. In turn, the incumbent providers of AML systems have been enhancing their offerings in order to support these evolving technology requirements.

As a result of these shifts in technology and the supplier landscape, half of the systems profiled in this edition of Celent's AML TM systems report were developed by new entrants over the past five to ten years. Most of the systems featured in this edition, whether regtech or incumbent, offer cloud deployment options; and all of the solutions incorporate some degree of AI functionality.

To analyze the capabilities of AML transaction monitoring systems, we invited 40 software providers worldwide to participate in Celent’s research. Because some vendors chose not to participate or ultimately did not fulfill the participation requirements, the final report features 17 profiled vendors and 12 vendors fully participating in our ABC Vendor View analysis.

The profiles include Celent's analysis of the product, key features and analytics, and selling and servicing details. The 17 profiled vendors are Azentio, Eastnets, Featurespace, Fenergo, Google Cloud, Hawk AI, Kiya.ai, LexisNexis Risk Solutions, Napier, NICE Actimize, Oracle, Quantexa, SAS, SymphonyAI Sensa-NetReveal, TCS, Tookitaki and Verafin.

To help financial institutions and other regulated companies better understand the vendor landscape and compare providers, we use Celent's ABC methodology to position 12 of the systems across three dimensions: Advanced Technology, Breadth of Functionality and Customer Base and Support.

The report recognizes the following products with XCelent Awards for AML Transaction Monitoring Systems:

Inflexion Point in Financial Crime Compliance

HSBC: Cloud-Based Financial Crime Detection at Scale

Enfuce: Card Fraud Prevention as a Service

Changing the Rules: The Evolution of Transaction Monitoring

Digitizing the Risk Back Office: Five Themes for Risk in 2023

IT and Operational Spending on Anti-Money Laundering: 2023 Edition

Technology Trends Previsory: Risk, 2023 Edition

Maximizing the Value of Adverse Media Monitoring: Enabling a Dynamic Risk Assessment Framework for Anti-Money Laundering Compliance

Innovation in Risk: A Snapshot through the Lens of Model Risk Manager 2022

Improving Outcomes with Entity-Centric AML: Keeping A Razor-Sharp Focus on the Customer

Transforming AML Investigation with AI: Righting the Automation Imbalance in Compliance Operations