Boston, June 4, 2020 – Although there are clear benefits to the cloud, financial institutions have been reluctant to adopt a full cloud model, citing concerns regarding the security and location of customer data and processes. The use of the cloud is slowly becoming more widespread within financial services, but adoption for AML depends on the size of the institution and moves through a series of steps, from an on-premises solution to data lakes, to private clouds, and finally to AML as a service.

This report examines the current state of AML in the cloud, describes the different options, and provides a review of the vendor offerings and their use by FIs. Based on Aite Group’s interviews of 25 FIs and AML software vendors during March and April 2020, it highlights some of the considerations for the adoption and use of cloud computing.

This 30-page Impact Report contains seven figures and seven tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Abrigo, Accenture, ACI Worldwide, BAE Systems, BEAM Solutions, Brighterion, CGI Group (CGI), ComplyAdvantage, Computer Services Inc. (CSI), Deloitte, EY, Featurespace, Feedzai, Fenergo, FICO, FinScan (Innovative Systems), Fiserv, GB Group (GBG), Genpact, Guardian Analytics, IBM, IdentityMind Global, Inform GmbH, Jack Henry, KPMG, NICE Actimize, Oracle, Pelican, Promontory, PwC, QuantaVerse, Quantexa, Quantiply, SAS, ThetaRay, Verafin, Wipro, and Wolters Kluwer.