The January 2023 Aite-Novarica Group report examines AML compliance technology spending among midsize and smaller financial services firms, noting wide disparities by institution size. Most firms are at least somewhat satisfied with their AML frameworks, with larger institutions investing more heavily in new solutions. Cloud and SaaS adoption is growing, with over 75% expressing satisfaction with API/SaaS-based frameworks and many expecting the industry to be fully SaaS-based within a decade. While about 20% plan significant investments within a year, most anticipate major upgrades in the next two to five years as benefits are seen to outweigh risks.

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