Financial Crime and Compliance Data Market Booming

Spending on data and information to help organizations tackle financial crime and compliance needs is soaring, according to a new report published  by Burton-Taylor International Consulting (part of TP ICAP’s Data & Analytics division).

This  analysis is based on independent Burton-Taylor research and in-depth interviews with leading and emerging suppliers of data and information services to support anti-money laundering (AML) and know-your-customer (KYC) needs.

“There have been sustained increases in spending in this area,” says report author Chris Porter, Director at Porter Walford Consulting and an associate at Burton-Taylor.  “Our research shows that financial services firms and other companies in high-risk sectors are increasingly turning to external suppliers of AML and KYC data and information to help them crack down on financial crime and meet their legal obligations”.

The report finds that spending on external suppliers of AML/KYC data and information reached almost USD500 million in 2016, more than double the level five years earlier.

“There are some big names in financial crime and compliance data including Thomson Reuters, LexisNexis Risk Solutions and Dow Jones Risk and Compliance”, said Douglas B. Taylor, Founder & Managing Director of Burton-Taylor.

“However, we are also seeing plenty of challenger companies tackling these needs, with providers such as RDC, Bureau van Dijk, info4c, Arachnys, C6 Intelligence and others all jostling for position”.