Global Anti-Money Laundering (AML) Market Size Set to Cross USD 7.8 billion by 2029.
Global anti-money laundering market is flourishing because of an increasing focus on the prevention of money laundering activities, growing requirement for organizations to comply with stringent regulatory requirements, and rising volume of non-cash transactions.
Request To Download Sample of This Strategic Report @https://reportocean.com/industry-verticals/sample-request?report_id=bwcc17571
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global anti-money laundering (AML) market size at USD 2.9 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects the global anti-money laundering market size to grow at an impressive CAGR of 15.5% reaching a value of USD 7.8 billion by 2029. Major factors for the expansion of global anti-money laundering market include increasing money laundering cases across the globe, increasing need for organizations to comply with stringent regulatory requirements, and rising volume of non- cash transactions. Also, monetary fines, regulatory sanctions, and reputational loss due to non-compliance with regulations, rising attention towards digital payments, and necessity to build a 360-degree picture of data in the financial landscape. Increased spending on information technology (IT) is increasing demand for AML solutions. Therefore, all these factors are expected to boost the expansion of global anti-money laundering market during period in analysis. However, increasing technology complexities and high initial cost are anticipated to hinder the growth of global anti-money laundering market during the period in analysis.
Global Anti-Money Laundering Market – Overview
Anti-Money Laundering (AML) is a set of regulations, processes, and technologies meant to prevent cash from being laundered. It is used to track potentially fraudulent actions within government networks and large financial institutions. Money laundering is the concealment of illegally obtained funds as originating from a legitimate source. It entails “cleaning” the funds via a series of economic transactions. Money, for example, may be placed in a firm and disguised as sales revenue to conceal its source. Money laundering is illegal in and of itself: Anti-Money Laundering Controls- Incarceration Several governments, financial institutions, and businesses are taking steps to combat money laundering. The first is state-sponsored criminality. The United Nations Convention against Transnational Organized Crime established rules to aid countries in prosecuting individuals involved in money laundering schemes. Get to know your customers – Financial institutions must also have “know your customer” (KYC) measures in place in order to combat money laundering. This requires monitoring clients’ behavior and recognizing the types of transactions that may raise red flags. Any suspicious behavior by a financial institution must be reported to a financial investigative unit. Record Management and Filtering Software- Financial institutions and organizations also keep detailed transaction records and employ software that detects suspicious behavior. Customer data can be classified into different levels of suspicion, and transactions can be refused if certain criteria are satisfied.
Download Sample Report, SPECIAL OFFER (Avail an Up-to 30% discount on this report ) @https://reportocean.com/industry-verticals/sample-request?report_id=bwcc17571
Impact of COVID -19 on Global Anti-Money Laundering Market
The COVID-19 has boosted market growth due to an increase in online sales and the increased use of online payment options. In recent days, the surge in non-cash transfers via internet payments, prepaid cards, and mobile payments has provided new avenues for money laundering. The fast speed with which transactions can be completed, along with minimal face-to-face interaction between the person initiating the transaction and the service provider, has made these relatively new payment systems more vulnerable to money laundering activities. This necessitates that financial institutions rigorously monitor all of their transactions in order to mitigate money laundering operations and avoid the penalties imposed by regulatory organizations.
Global Anti-Money Laundering Market – By Deployment Mode
Based on deployment mode, Global anti-money laundering market is split into Cloud and On-Premises. The on-premises segment is expected to hold the highest market share during the forecast period due to due to the increasing necessity for a secured deployment strategy that offers tighter control over clients’ financial data. On-premises implementation is chosen over cloud deployment because it provides higher levels of safety and security. On-premises servers are used by financial institutions to achieve complete control over safety and security. On-premises servers are used by 76% of enterprises worldwide. Servers enable the creation of appropriate user policies, the installation of firewalls to protect against cyber-attacks, and the proper installation of antivirus software and security upgrades to protect against malicious network traffic. These factors are projected to fuel the segment’s market revenue growth throughout the forecast period.
Competitive Landscape:
Major players operating in Global anti-money laundering market include: Nice Actimize, SAS Institute Inc., BAE Systems, FICO, ACI Worldwide, Oracle, Experian, Fiserv, LexisNexis, FIS, Nelito Systems, Wolters Kluwer Financial Services, Inc, Comarch Sa (Comarch), Allsec Technologies Ltd., Dixtior, Temenos, TCS, ComplyAdvantage, and Featurespace. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Get The Insights You Need By Customizing Your Report To Fit Your Unique Needs And Goals:https://reportocean.com/industry-verticals/sample-request?report_id=bwcc17571
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Anti-Money Laundering Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Anti-Money Laundering Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global Anti-Money Laundering Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Anti-Money Laundering market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Anti-Money Laundering Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Anti-Money Laundering market Size Forecast (2023-2030).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Anti-Money Laundering market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Anti-Money Laundering market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Anti-Money Laundering market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Anti-Money Laundering business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
Full Report Description, TOC, Table of Figure, Chart, etc.-https://reportocean.com/industry-verticals/sample-request?report_id=bwcc17571
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES Tel: +1 888 212 3539 (US – TOLL FREE)
Website:https://www.reportocean.com/