The anti-money laundering solution market was valued at US$ 1,503. 99 million in 2019 and is projected to reach US$ 5,866. 51 million by 2027; it is expected to grow at a CAGR of 16. 2% from 2020 to 2027.
New York, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Anti-Money Laundering Solution Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component, Deployment Type, Product, Industry" - https://www.reportlinker.com/p06010026/?utm_source=GNW
Transaction monitoring is a crucial procedure and key control in anti-money laundering (AML) and countering the financing of terrorism (AML/CFT) policies and procedures of financial institutions.The transaction monitoring solution allowed financial institutions to detect and evaluate whether transactions pose suspicion when considered against customers’ respective profiles.
Over the years, the financial regulators have intensified their focus on monitoring AML risk activities, including a thrust for the financial institutes to adopt a suitable transaction monitoring process.Furthermore, regulators expect the firms to prove the capability and efficiency of their systems.
This demand for a sophisticated transaction monitoring system is predominantly driven by the legislations, such as New York States’ Department of Financial Services part 504, and the general move toward the control being evaluated by their outcome quality.
The transaction monitoring software platforms allowed the financial institutions to configure a range of monitoring scenarios, perform efficient data analysis, and filter out the genuine suspicious activities from the other false positives; thus, gaining significant traction in the market. This, in response, is accelerating the demand for AML enabled with sophisticated transaction monitoring solutions.
The anti-money laundering solution ecosystem constitutes three significant stakeholders: software and platform providers, solution integrators, and end users.The software and platform providers offer various software, including transaction monitoring, compliance management, currency transaction reporting, and customer identity management.
These can be deployed on-premise or in the cloud.The solution integrators include service providers and regulatory bodies.
It is mandatory that the software align with the laws and government regulations in the anti-money laundering ecosystem. The end users in the anti-money laundering solution market include healthcare, BFSI, retail, IT & telecom, government, and others.
Any impact on the growth of industries is expected to affect the economic growth of the region negatively.Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 17,515,091 confirmed cases and 313,748 deaths as per WHO.
The US is a prominent market for anti-money laundering solutions.Criminals in the region have been exploiting the disturbance created by the global pandemic to gain profits from numerous crimes such as fraud via electronic means, the sale of counterfeit products, and cybercrime.
To prevent such threats, communities engaged in action against money laundering are taking measures to identify challenges. International cooperation against terrorist financing and money laundering does not appear to be negatively impacted by the global pandemic.
The overall anti-money laundering solution market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the anti-money laundering solution market with respect to all the segments.It also provides the overview and forecast for the global anti-money laundering solution market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the anti-money laundering solution market.
The key companies profiled in the report include Accenture PLC; ACI Worldwide; BAE Systems PLC; Eastnets Holding Ltd.; LexisNexis Risk Solutions Group; Nasdaq, Inc.; Nice Ltd; OpenText Corporation; Oracle Corporation; and SAS Institute. Several other players are also functioning in the market worldwide, contributing significant revenue shares year-on-year.
Read the full report: https://www.reportlinker.com/p06010026/?utm_source=GNW
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