VANCOUVER, BC, February 24, 2022 /PRNewswire/ — The Global Anti-Money Laundering (AML) Software Market Size hit $1.63 billion in 2021 and is expected to register a significantly rapid revenue CAGR over the forecast period, according to the latest analysis from Emergen Research. The growing need to monitor and report suspicious activities to financial regulatory authorities is one of the major factors expected to drive the market revenue growth.
Strict regulations are necessary because compliance reduces the chances of criminal conspiracy, which reduces the risk of money-related crimes such as terrorist financing, bribery, and money laundering. In addition, the increasing number of financial frauds has led to the adoption of regulations by different regulators, including the Financial Industry Regulatory Authority (FINRA), China Banking and Insurance Regulatory Commission (CBIRC) and Australian Transaction Reporting and Analysis Center (AUSTRAC).
However, failure to comply with regulations results in heavy fines for non-compliant parties. Increasingly stringent government compliance and regulations and instructions for financial institutions to adopt AML solutions such as Know Your Customer/Customer Due Diligence (KYC/CDD) to ensure customers are not implicated in crimes related to silver are expected to drive the market revenue growth over the forecast period.
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However, the high upfront cost associated with deploying AML solutions is a major factor that can impede revenue growth. AML software detects unusual financial activity and implements laws to combat illegal transactions. The AML process involves transaction monitoring, know-your-customer (KYC), and currency transaction reporting, among others. Moreover, even after adopting AML solutions, it can be difficult to detect fraud in some cases. In such situations, financial institutions consolidate KYC data using various methods and technologies to improve data quality. In addition, financial institutions hire external consulting firms to look deeper into customer data, which costs relatively more than regulatory fines.
Global anti-money laundering software market revenue is expected to register a CAGR of 15.1% during the forecast period, and revenue is expected to increase by $1.63 billion in 2021 for $5.77 billion in 2030. Increasingly stringent government regulations to deploy AML solutions are a key driver of market revenue growth.
COVID-19 impact analysis:
The COVID-19 pandemic has had a positive impact on the global anti-money laundering software market. The pandemic has led to a rapid increase in online sales and an increase in the use of online payment options. The increasing use of non-cash payments such as mobile payments, online payments, and the use of prepaid cards has increased the risks of fraudulent monetary transactions, which is driving the demand for AML software among financial institutions. Additionally, the growing number of online scams involving medical supplies, personal protective equipment, essential items, and illegal COVID-19 donation activities are expected to increase the adoption of AML software.
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Current trends and innovations:
Illegal financial transactions are the most common threat in the banking process. AML software supported by Internet of Things (IoT) and Artificial Intelligence (AI) is the best solution to such threats. The main objective of the AML software is to detect any fraudulent transactions and send real-time data to the financial authority. The entire activity can be monitored and tracked by the Suspicious Activity Report (SAR) to perform client risk analysis. The risk analysis process includes understanding the nature and purpose of customer relationships and updating customer information, which potentially reduces money laundering risks.
Europe The market is expected to record a significantly robust revenue growth rate over the forecast period owing to the early adoption of new technologies and increasingly stringent government regulations for the deployment of AML solutions in financial institutions across countries. of the region.
Some major companies included in the Global Anti-Money Laundering (AML) Software Market report are Oracle Corporation, BAE Systems PLC, Tata Consultancy Services Limited (Tata Sons Private Limited), Fiserv, Inc., Fidelity National Information Services, Inc., Experian PLC, SAS Institute, Inc., ACI Worldwide, Inc., CaseWare International, Inc. and AML Partners LLC.
· In October 2020, Oracle Corporation announced the launch of Financial Crime and Compliance Management Cloud Service to help midsize financial institutions combat money laundering and financial crime. Additionally, the solution manages the entire anti-money laundering lifecycle, enabling financial institutions to reduce compliance costs and immediately track unusual customer behavior to prevent illegal activity. .
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Emergen Research has segmented Global Anti-Money Laundering (AML) Software Market on the basis of component, deployment type, application, end-use and region:
- Components Outlook (Revenue, USD Billion; 2019-2030)
- Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Transaction monitoring
- Currency transaction reports
- Customer identity management
- Compliance Management
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Health care
- IT and Telecom
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- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
g. Rest of Europe
- Asia Pacific
D. South Korea
e. Rest of APAC
- Latin America
b. Rest of LATAM
- Middle East & Africa
a. Saudi Arabia
b. United Arab Emirates
vs. South Africa
e. Rest of MEA
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