May 04, 2020
As per the report titled ‘Global Anti-Money Laundering (AML) Software Market Size study, by Deployment Type (On-Premise and Cloud), By software Type (Transaction Monitoring Software, Currency, Transaction Reporting Software, Customer Identity Management Software (CIM), Compliance Management Software and Sanction Screening Software and Case Management Software) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global anti-money laundering (AML) software market was worth USD 977 million in 2018 and is projected to grow with a CAGR of 12.61% during 2019-2026.
Anti-money laundering (AML) software enables banks and financial institutions to monitor customer behavior for possible criminal activities using automated processes. The software provides real time notification to track criminal activities, resulting in improved operational efficiency and enhanced security measures across organizations, hence encouraging the product adoption.
According to the DW Organization, Financial Intelligence Unit (FIU) reported approximately 77,252 cases of money laundering across Germany in 2018. In the same year, the Canadian Department of Finance reviewed Canada’s anti-money laundering and anti-terrorist financing through the help of 13 federal agencies and departments, eight of which were allotted funding worth USD 70 million annually to detect and curb money laundering and terrorist financing activities.
Increasing cases of money laundering across the globe, favorable government initiatives and sustaining investments for curbing anti-money laundering, coupled with rising installation of AML software in banks and other financial institutions are driving the growth of global anti-money laundering (AML) software market.
However, growing risk of security breaches on account of increasing complexity of expanding financial infrastructure may hinder the market growth during the forecast period.
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As per the regional analysis, global anti-money laundering (AML) software market is divided into Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe AML software market is anticipated to account for significant market share in the forthcoming years, owing to directives mandating deployment of AML solutions across the BFSI sector.
Meanwhile, Asia-Pacific AML software market is reckoned to expand considerably over the forecast timeline. Government initiatives towards constraining money laundering and rising expenditures by banks on their IT infrastructure are expected to propel the industry growth in APAC.
Major players in global anti-money laundering (AML) software market are Accuity Inc., AML Partners LLC, ACI Worldwide, Inc., BAE Systems PLC, FICO, Experian PLC, Global RADAR, Lexis Nexis, Infrasoft Technologies Ltd., and Fiserv, Inc.