Thinking hard about AML software
Five years after 9/11, banks are stepping back and taking a more studied approach to anti-money laundering. Dianne See Morrison reports
WHEN software vendors recall the anti-money laundering technology market just after 9/11, they often use the word "frenzy".
Shortly after the attacks, US lawmakers strengthened existing anti-money laundering rules, many of them aimed at financial services firms. Eager to protect their reputations, banks rushed to comply, snapping up AML software. The problem, says Rosemary Turley, head of marketing at AML technology vendor Norkom, was that many firms "leapt before they looked".
"The sheer frenzy
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