Digitization of Financial Institutions Propelling Anti-Money Laundering Solution Demand

The global anti money laundering market size is expected to reach USD 1.99 billion by 2025, registering a CAGR of 13.6% over the forecast period according to a new report by Radiant Insights, Inc. As the detection and prevention of money laundering threats increase with improvements in law enforcement activities, criminals and corrupt individuals are taking substantial care to conceal the sources of their illicit wealth.

Download Free Sample Report @ https://www.radiantinsights.com/research/anti-money-laundering-market/request-sample AML solutions are expected to aid governments in mitigating the risk of anonymity in transaction and fund transfers that facilitate money laundering activities.

Moreover, AML is expected to help enterprises to decrease the risk associated with cross-border transactions and the exploitation of virtual currency due to threats.

While these developments have eased the way funds can be transferred between two nodes, they have also created vulnerabilities and several new ways for illegally transferring money that are more difficult to detect.

Thus, technologies such as authentication, smartphone-based context-aware authentication, and behavior analysis, as well as biometrics are anticipated witness increased traction, subsequently fueling the growth for anti money laundering market.

Further key findings from the report suggest: • The global market for anti-money laundering was valued at USD 857.2 million in 2018 and is expected to register a CAGR of 13.6% from 2019 to 2025 • The software component segment accounted for the largest revenue share of over 62% in 2018 • The customer identity management product type segment accounted for the largest revenue share of over 32% in 2018 • The cloud deployment segment is anticipated to register the highest CAGR of 16.0% over the forecast period • The North American market accounted for the largest revenue share of over 48% in 2018 • The market for anti-money laundering is currently dominated by key industry players including Accenture, ACI Worldwide, Inc.; NICE Actimize, Tata Consultancy Services Limited, and SAS Institute Inc. Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/anti-money-laundering-market Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation & Scope 1.2 Market Definition 1.3 Methodology 1.3.1.

Rapid advancements in financial services and technologies effectively help facilitate smooth and prompt transactions of money worldwide.

However, this exposes the financial institutions to the risk of money laundering.

The banking software industry consists of a range of activities, which are utilizing resources to create value and benefit society, globally, in terms of understanding, exploring, researching, managing, and utilizing financial services.

These software types focus on identifying suspicious patterns of transactions, which may lead to the filing of suspicious transaction reports (STRs) or suspicious activity reports (SARs).

The AML software market is currently one of the most highly competitive industries, with leading players actively competing against each other to gain a greater share in the AML software industry.

In January 2019, Fiserv Inc., one of the major AML software market players, announced an agreement to acquire First Data Corporation, a fintech solution provider.

“Financial institutions have been hit with $10.4 billion in global fines and penalties related to Anti-money laundering (AML), know your customer (KYC), data privacy, and MiFID (Markets in Financial Instruments Directive) regulations in 2020” notes ComplianceWeek.

Banks, large multinational corporations, and companies conducting high-risk activities such as Crypto/Asset Funds and Fintech subsidiaries are being fined at record levels for not complying with customer due diligence requirements and the trend just seems to be increasing.

Anti-money laundering regulations become more stringent every year as do the associated fines.

On January 1, 2021, Congress passed the National Defense Authorization Act for Fiscal Year 2021 (the NDAA), which includes the most substantial and sweeping improvements surrounding AML legislation.

This omnibus bill includes amendments to the USA Patriot Act which address a wide range of gaps in previous legislation.

The US’ AML Act 2020 (AMLA) was designed to address changes in the technological landscape and the lack of motivation (monetary or otherwise) for whistleblowers to share AML information with authorities.

Global Anti-Money Laundering (AML) Software Market is accounted for $1,343.84 million in 2020 and is expected to reach $4,783.74 million by 2028 growing at a CAGR of 17.2% during the forecast period.

The growth in IT spending among financial institutions, and the increased number of wired transactions are driving the market growth.

However, high implementation costs related to this software’s and lack of skilled professionals with in-depth knowledge vital for operating these systems, are hampering the growth of the market.Anti-money laundering (AML) software usually refers to an integrated data model solution, which enables banks, financial institutions, and enterprises to screen customer behavior for doubted criminal financial activities through automated processes and provide improved user authentication to discover and manage digital bank fraud, payment fraud, fraud analytics, card and emerging payments, internal threads, and fraud management capabilities.Based on the deployment, the on-premises segment is going to have lucrative growth during the forecast period, owing to improved security offered by these systems and features such as enterprise-wide monitoring, reporting, and case management streamline analysis and resolution.Request for Sample with Complete TOC and Figures & Graphs @ https://www.trendsmarketresearch.com/report/sample/13691By geography, Europe is going to have high growth during the forecast period, owing to the increasing focus of FinTech on executing automated anti-money laundering systems; growth in technological advancements across provinces is increasing the number of cybercriminals.

Also, the supportive government regulation to install AML solutions in financial institutions across the province is motivating the market growth.Some of the key players profiled in the Anti-Money Laundering (AML) Software Market include ACI Worldwide Inc., AML Partners LLC, Fair Isaac Corp., Fidelity National Information Services Inc., Fiserv Inc., NICE Ltd., Oracle Corp., RELX Plc, SAS Institute Inc., SunGard, Thomson Reuters, Tonbeller, Truth Technologies, Verafin.Products Covered:• Currency Transaction Reporting (CTR)• Customer Identity Management (CIM)• Name Screening• Sanction Screening Software• Case Management SoftwareSolutions Covered:• Transaction Monitoring• Know Your Customer (KYC)• Fraud, Risk & Compliance Management• Watch-list Screening• Data Warehouse Management• Analytics and Visualization• Alert Management and ReportingComponents Covered:• Software• ServiceDeployments Covered:• Cloud• On-PremiseOrganization Sizes Covered:• Small and Medium-Sized Enterprises (SME)• Large EnterpriseDirect Purchase this Market Research Report Now @ https://www.trendsmarketresearch.com/checkout/13691/SingleApplications Covered:• Asset Management• Corporate Banking• Insurance• Investment Banking• Legal Service Providers• Multiple Banking Services• Private Banking• Retail BankingEnd Users Covered:• Banking, Financial Services and Insurance (BFSI)• Defense & Government• Energy and Utilities• Healthcare• IT and Telecom• Manufacturing• Retail• Transportation & LogisticsRegions Covered:• North Americao USo Canadao Mexico• Europeo Germanyo UKo Italyo Franceo Spaino Rest of Europe• Asia Pacifico Japano Chinao Indiao Australiao New Zealando South Koreao Rest of Asia Pacific• South Americao Argentinao Brazilo Chileo Rest of South America• Middle East & Africao Saudi Arabiao UAEo Qataro South Africao Rest of Middle East & AfricaGet Discount On The Purchase Of This Report @ https://www.trendsmarketresearch.com/report/discount/13691What our report offers:– Market share assessments for the regional and country-level segments– Strategic recommendations for the new entrants– Covers Market data for the years 2019, 2020, 2021, 2025 and 2028– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)– Strategic recommendations in key business segments based on the market estimations– Competitive landscaping mapping the key common trends– Company profiling with detailed strategies, financials, and recent developments– Supply chain trends mapping the latest technological advancementsFree Customization Offerings:All the customers of this report will be entitled to receive one of the following free customization options:• Company Profilingo Comprehensive profiling of additional market players (up to 3)o SWOT Analysis of key players (up to 3)• Regional Segmentationo Market estimations, Forecasts and CAGR of any prominent country as per the client’s interest (Note: Depends on feasibility check)• Competitive Benchmarkingo Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances 

 IDMerit’s Anti-money laundering (AML) solution IDMaml is designed to help minimize the risks associated with money laundering and other illicit activities.

Our platform and risk-mitigation solutions will help your organization build a robust compliance program while reducing fraud.

Money laundering is a centuries-old crime that continues to represent a serious danger to governments, financial institutions, and companies.

Credit unions, financial institutions, banks, and businesses must all implement an Anti-Money Laundering Compliance Program as a result.

AML Compliance Programs assist firms in keeping track of transactions and alerting authorities to any illegal financial activities.

This can be accomplished through learning about money laundering rules and regulations, such as the Bank Secrecy Act of 1970 in the United States and the European Union's Fourth Money Laundering Directive, which was implemented in 2017.Any failure to comply these laws due to a lack of monitoring is a major issue for financial institutions.

They face huge fines if they don't follow the rules.

Several sophisticated AML compliance software solutions have begun to develop as a method of combating this challenge.AML Compliance Solutions provide effective, dynamic, scalable and adaptive compliance.What is an Anti-Money Laundering (AML) Compliance Program?Any financial institution or corporation's Anti-Money Laundering Compliance Program refers to all of their efforts and measures done to stay in compliance with regulatory AML regulations in their legislative environment (state, national, and international AML laws).