Over the past five years, the financial service industry has witnessed far-reaching technology-led transformations, with companies looking for improving the efficiency of their financial departments by incorporating innovative IT solutions. The banking software industry has witnessed significant developments in the past decade, in terms of understanding, exploring, researching, managing, and utilizing resources to create value. A similar trend is expected to prevail in the next decade, and the banking software industry is expected to evolve in terms of facilitating global, multi-service, low-cost, and digital banking. However, over the past decade, significant threats of terrorism from money laundering have become a major concern for regulatory bodies such as Financial Crimes Enforcement Network (FinCEN) and Financial Action Task Force (FATF). Therefore, with the growth in the banking software industry, there is an increasing demand for regulators, such as anti-money laundering (...