According to Stratistics MRC, the Global Anti-Money Laundering (AML) Software Market is accounted for $879.21 million in 2017 and is expected to reach $3,426.62 million by 2026 growing at a CAGR of 16.3% during the forecast period.
Some of the key players in the Anti-Money Laundering (AML) Software market are ACI Worldwide, Inc., Oracle, EastNets, FICO TONBELLER, NICE Actimize, Regulatory DataCorp, Inc., Safe Banking Systems LLC, SAS Institute Inc., Thomson Reuters Corporation, Truth Technologies, Inc., Verafin Inc.,AML Partners, BAE Systems, Experian, FIS, and Aquilan.
Increase in money launder cases, and the increase in expenditures are driving towards market growth. However, the lack of skilled Anti- money laundering professional is restraining the market.
Anti money laundering software is a computer program or application that is used in analysing customer data and identifies suspicious transactions.
Based on the customer data it filters the information and analyses the transaction pattern and identifies risk if there are any abnormal transaction and sudden & different changes in the account considering the gestured pattern.
Banking, financial services and insurance institutions (BFSI) are the ones that are particularly targeted by money launderers. Ever-increasing risks from financial frauds including high-profile money laundering activities represent one of the most challenging issues facing the BFSI industry.
In order to limit money laundering risks, it has become important for financial institutions to understand the importance and imminent need for taking preventive measures.
Access the complete report at: https://www.strategymrc.com/report/anti-money-laundering-aml-software-market
Across the globe, North America has stringent government regulations against money laundering in the U.S. is facilitating the market growth in this region. Regulations for customer identification and compliances for financial institutions to counter money laundering activities are far more stringent in the U.S. as compared to other regions. The anti-money laundering software providers can leverage this as an opportunity for expanding their business and ensure that money laundering incidences are reduced to a greater extent.