At 16.2% CAGR, Anti-Money Laundering Solution Market is Emerging with $5,866.51 Million of Industry Revenue by 2027 - LexisNexis Risk Solutions Group, Nasdaq Inc., SAS Institute Inc., NICE

According to our latest study on “Anti-Money Laundering Solution Market Forecast to 2027 – COVID-19 Impact and Analysis – by Component (Software and Services), Deployment Type (On-premises and Cloud), Product (Transaction Monitoring, Compliance Management, Currency Transaction Reporting, and Customer Identity Management), Industry (Healthcare, BFSI, Retail, IT and Telecom, Government, and Others),” the market was valued at US$ 1,503.99 million in 2019 and is projected to reach US$ 5,866.51 million by 2027; it is expected to grow at a CAGR of 16.2% from 2020 to 2027.

The growth in technological advancements is increasing the number of cyber criminals. However, FinTech firms have the potential to help banks across the world to stay competitive in the global market. Whether tracking digital currency, machine learning, or connecting data, more robust systems combined with advances in technology have opened up possibilities in the fight against money laundering. With increasing consumer adoption and subsequent transaction volumes in competitive FinTech firms in 2019, many firms shifted to automated anti-money laundering practices. The automated anti-money laundering system provides a negligible amount of false positives compared to those generated by traditional data and technology. This reduces the adverse effects of false positives and higher operational costs.

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Impact of COVID-19 Pandemic on Anti-Money Laundering Solution Market

Any impact on the growth of industries is expected to affect the economic growth of the region negatively. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 17,515,091 confirmed cases and 313,748 deaths as per WHO. The US is a prominent market for anti-money laundering solutions. Criminals in the region have been exploiting the disturbance created by the global pandemic to gain profits from numerous crimes such as fraud via electronic means, the sale of counterfeit products, and cybercrime. To prevent such threats, communities engaged in action against money laundering are taking measures to identify challenges. International cooperation against terrorist financing and money laundering does not appear to be negatively impacted by the global pandemic.

Several regions across the world are witnessing high growth in digitalization in the banking sector. Government initiatives for digitalization have increased the importance of digital payments among consumers. This factor has resulted in the emergence of several digital payment wallets giving tough competition to the banks. Presently, financial technology enables consumers to make transactions through various platforms, such as laptops and mobile devices. The ability to perform financial transactions on laptops and mobile devices is so unified that consumers take it for granted. Recent surveys specify that ~75% of people have used digital payment at least once; however, the growing digital payments services is surging new risks in the financial system. In the past years, banks traditionally performed financial assessing of their direct customers and their transactions and payments. With the emergence of digital payments, intermediaries are the link between the bank and the end client, leaving banks vulnerable to customer malfeasance.

In December 2020, due to the growing connection between FinTech and AML solutions, the Association of Certified Anti-Money Laundering Specialists has announced the launch of a new certification program for FinTech firms who are seeking to meet regulatory standards in a growing market. The association has developed the Certified AML FinTech Compliance Associate program in collaboration with FINTRAIL. The program is built to increase the compliance toolkit of FinTech personnel working in financial crime prevention at the entry-level. Thus, increasing focus of FinTech on implementing AML solutions is propelling the market growth.

Strategic Insights

The players operating in the anti-money laundering market focus on strategies such as mergers, acquisitions, product development, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

- In 2020, BAE Systems Applied Intelligence declared a new offering made on Amazon Web Services (AWS) to offer complete anti-money laundering regulatory compliance solutions.
- In 2020, BEC and SAS Institute partnered together for a new cloud platform for money laundering and terrorist financing.

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This release was published on openPR.