Tuesday, December 1, 2020

Global Anti-Money Laundering Solution Market To Reach $3.6 Bn by 2024

-

The Global Anti-Money Laundering (AML) Solution Market Size is Projected to Grow from USD 1.5 Billion in 2019 to USD 3.6 Billion by 2024, at a CAGR of 19.5%

The exponential rise in money laundering and terrorist financing activities in the BFSI sector and increased adoption of digital payment modes to drive the overall AML solution market

- Advertisement -

Various factors such as the exponential rise in money laundering and terrorist financing activities and huge monetary losses owing to these activities in the Banking, Financial Services, and Insurance (BFSI) sector, are expected to drive the market. However, a lack of awareness among organizations about the importance of AML solutions and lack of skilled AML professionals may restrain market growth.

Solution segment to hold a larger market size during the forecast period

- Advertisement -

The solution segment is expected to hold a larger market size in the AML solution market during the forecast period. AML solution vendors help financial institutions to tackle money laundering activities and the threats they pose, owing to increased online transactions and eBanking facilities in their organizations for enhancing the customer experience.

Transaction monitoring technology is a discipline of monitoring of customer transactions including assessing historical/current customer information related to transactions. Transaction monitoring provides a complete picture of customer activity. This can include transfers, deposits, and withdrawals. The technology provides a control mechanism to prevent AML activities in real-time.

Know Your Customer (KYC) systems help enterprises in validating the identity of the transactions between the individuals as well as restricting any unauthorized access across organizations networks, servers, and other infrastructure. Furthermore, the KYC solution is implemented across enterprises to manage business risks and abide with regulatory compliance environment.

By deployment mode, cloud segment to grow at a higher CAGR during the forecast period

Under deployment mode, the AML solution market is segmented by cloud and on-premises. The cloud deployment type is set to grow at a higher CAGR during the forecast period. The deployment of cloud-based AML solutions is done over the internet, where software, infrastructure, platforms, devices, and other resources are provided as services on a pay-per-use basis by consumers.

The cloud-based platform offers a unified way in the form of Software as a Solution (SaaS)-based AML services to secure business applications. Cloud-based systems are comparatively less expensive than the on-premises deployment mode, thus permitting businesses to reduce Information Technology (IT) expenses, including hardware and support staff. Owing to these factors, organizations are adopting the cloud-based deployment type for deploying AML solutions on a large scale.

North America to account for the largest market size

North America is projected to hold the largest market size in the overall AML solution market during the forecast period, owing to the early adoption of the AML solutions in the region. Protecting enterprise-critical infrastructures and transactional data has become one of the major challenges, as the world is moving toward interconnections and digitalization. Growing trends, such as the Internet of Things (IoT), Internet of Everything (IoE), and penetration of smartphones, have increased the volume of data and transactions performed by online users.

Moreover, mobile users are frequently targeted by fraudsters, as online mobile banking has become a popular method of performing financial transactions. The rise in Money Laundering and Terrorist Financing (ML/TF) activities and government compliances has made North America the most lucrative industry for different categories of vendors.

MUST READ

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

- Affiliate Products -

Advertisement

Latest News

This Week

FirstEnergy credit rating downgraded to “junk” over links to Ohio bribery scandal

FirstEnergy's credit rating has been downgraded to junk status by the three big rating agencies. It's another blow to the company that has experienced...

Israeli Mayor of Or Akiva arrested for corruption faces new charges on suspicion of rape, other sex crimes

Yaakov Edri, the mayor of Or Akiva and a former Likud cabinet minister, is being investigated by the police on suspicion of rape and...

American contractor gets 3 years for stealing government equipment on U.S. Military Base in Afghanistan

An American military contractor was sentenced today to more than three years in prison for his role in a theft ring on a military...

India’s ED arrest Cox And Kings Promoter Peter Kerkar in money laundering case linked to Yes Bank

The Enforcement Directorate (ED) today arrested Cox & Kings promoter Peter Kerkar in a money laundering case linked to the alleged loan default at...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    OK No thanks