Overview and Scope
Anti-money laundering refers to a procedure used by financial institutions, including banks, insurance companies, and gaming and gambling establishments to keep an eye on and stop any unlawful actions that enable money laundering and terrorist financing. To prevent fraudulent and illegal activity surrounding the financial systems banks and financial institutions adhere to a set of policies and regulations for KYC (Know Your Customer) /CDD (Customer Due Diligence), transaction screening, monitoring, and compliance. The anti-money laundering is used to stop the practice of generating income through illegal actions.
Sizing and Forecast
The anti-money laundering market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $2.94 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to globalization of financial transactions, rise in financial crimes, increased digital transactions, government initiatives and enforcement, regulatory compliance requirements.
The anti-money laundering market size is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to real-time transaction monitoring, enhancing know your customer (kyc) processes, automated regulatory reporting, increasing focus on trade-based money laundering, enhanced customer monitoring. Major trends in the forecast period include emphasis on transaction monitoring and analysis, cryptocurrency and virtual asset aml solutions, deployment of regulatory technology (regtech), biometric authentication in aml processes, automated suspicious activity reporting (sar).
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/anti-money-laundering-global-market-report
Segmentation & Regional Insights
The anti-money laundering market covered in this report is segmented –
1) By Product: Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring.
2) By Component: Software, Services.
3) By Deployment: Cloud, On-Premise
4) By Organization size: Small and Medium Enterprises (SMEs), Large Enterprises
5) By End-User: BFSI, Government, Healthcare, IT and Telecom, Other End-Users
North America was the largest region in the anti-money laundering market in 2023. The regions covered in the anti-money laundering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7854&type=smp
Major Driver Impacting Market Growth
The growing focus on digital payments and internet banking is expected to propel the growth of the anti-money laundering market going forward. Digital payment refers to the act of transferring money from one payment account to another by a computer, mobile phone, or another digital device. Anti-money laundering technologies are used to prevent online crime and reduce potential money-laundering dangers connected to digital payment. For instance, in February 2023, according to the Ministry of Electronics and Information Technology, an India-based government agency, there were 8,840 crore digital payment transactions in the financial year 2021–22, compared to 5,554 crore transactions in the previous financial year. Therefore, the growing focus on digital payment and internet banking is driving the growth of anti-money laundering market.
Key Industry Players
Major companies operating in the anti-money laundering market report are NICE Actimize Ltd., Tata Consultancy Services Limited, Trulioo Inc., ACI Worldwide Inc., SAS Institute Inc., Fiserv Inc., Oracle Corporation, Bae Systems India Private Limited, Accenture Solutions Pvt. Ltd., CaseWare RCM Inc., TransUnion Holding Company Inc., Cognizant Technology Solutions Corporation, SAP AG, Jumio Corporation, Comarch SA, Feedzai Inc., Napier Technologies Limited, IBM Corporation., Experian Information Solutions Inc., Truth Technologies Inc., Cs&s Computer Systems Inc., Accuity Inc., ComplyAdvantage Ltd., Refinitiv Holdings Limited, Quantexa Limited, Fenergo Limited, RELX Inc., KPMG International Ltd., Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, Thomson Reuters Corporation, FICO TONBELLER AG, Association of Certified Anti-Money Laundering Specialists LLC, Fidelity Information Services LLC
The anti-money laundering market report table of contents includes:
1. Executive Summary
2. Anti-Money Laundering Market Characteristics
3. Anti-Money Laundering Market Trends And Strategies
4. Anti-Money Laundering Market – Macro Economic Scenario
5. Global Anti-Money Laundering Market Size and Growth
……
31. Global Anti-Money Laundering Market Competitive Benchmarking
32. Global Anti-Money Laundering Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Anti-Money Laundering Market
34. Anti-Money Laundering Market Future Outlook and Potential Analysis
35. Appendix
Explore the trending research reports from TBRC:
https://topprnews.com/gesture-recognition-market-size-share-growth/
https://topprnews.com/nuclear-power-reactor-decommissioning-market-growth/
https://topprnews.com/pallet-racking-market-size/
https://goodprnews.com/plm-in-discrete-manufacturing-market-trends/
https://goodprnews.com/product-analytics-market-forecast/
https://goodprnews.com/subscription-billing-management-market-insights/
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
