Market Insights and Analysis: Global Anti-Money Laundering Solutions Market Overview and Projections (2023-2028)
The Global Anti-Money Laundering Solutions (AML) Market is projected to grow at a CAGR of around 18.2% during the forecast period, i.e., 2023-28. The key drivers propelling the market growth are rising awareness of financial crime and payments, improving customer engagement, and expanding enforcement activities by the government and regulatory bodies. In addition, there is a need for greater collaboration and integration among entities that engage in this space.
Top leading companies in the Global Anti-Money Laundering Solutions Market includes:
SAS Institute, FICO, ACI Worldwide, BAE Systems, Oracle, Experian, Lexisnexis Risk Solutions, Fiserv, Nelito Systems, and Finacus Solutions.
Possible Restraint: Intensifying Technological Complexities Paired with Frequent Cyber Attacks
Financial institutions are required by numerous legislation from different nations to identify and report consumers who are engaging in fraudulent activity. However, even after the adoption of AML solutions, it is getting more challenging to detect frauds timely due to increasingly sophisticated attacks such as phishing, card fraud, skimming, identity fraud, money laundering, investment fraud, terrorist funding, and sanctions breaches. As a result, banks utilize several procedures and technological solutions that combine KYC data and systems into a single repository to comply with AML regulations.
Apart from this, there are other complicated processes that banks are required to undertake, such as setting up the necessary infrastructure for cross-channel detection of suspicious activity, enhancing data quality, and standardizing data to enable a centralized analysis of fraud and financial crimes.
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Report Segmentation:
The market is categorized into the following segments in the report:
By Components
-Solution
-Services
By Technology Type
-KYC Systems
-Transaction Monitoring
-Case Management
-Compliance Management
-Auditing & Reporting
By Deployment Mode
-Cloud
-On-Premise
By Organization Size
-Small & Medium Enterprise
-Large Enterprise.
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Global Anti-Money Laundering Solutions Market Geographic Reach:
The Geographic Reach of the Global Anti-Money Laundering Solutions Market evaluates the spread and significance of Global Anti-Money Laundering Solutions market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
· North America: US, Canada, Mexico
· Europe: Germany, The UK, France, Belgium, Italy
· Asia-Pacific: China, India, Japan, South Korea, South East Asia
· South America: Brazil, Rest of South America
· Middle East & Africa: Saudi Arabia, Turkey, Qatar, UAE.
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