Anti-Money Laundering Market Technological Advancements, Evolving Industry Trends and Insights

Money laundering refers to the illegal process of making huge sums of money generated by criminal activities, such as terrorist funding and drug trafficking, appear to have come from a legitimate source. Thus, the surging cases of money laundering, primarily on account of the rising penetration of the internet and increasing use of virtual currencies, will create a huge requirement for anti-money laundering (AML) software in the forthcoming years. Moreover, the escalating use of online banking services, such as digital payments, will amplify the need for AML software and associated services in the foreseeable future.

Get the Free Sample Pages: https://www.psmarketresearch.com/market-analysis/anti-money-laundering-aml-market/report-sample

Additionally, the toughening government regulations regarding money laundering will facilitate the anti-money laundering market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $2.4 billion in 2020. With the growing use of online banking services, escalating frequency of digital transfer of funds using unified payment services, and soaring traffic over the internet, governments are drafting stringent AML laws and digital payment laws, to mitigate the cases of money laundering.

In recent years, AML solution providers have been focusing on the introduction of new products to attract more customers. For instance, in August 2020, Comarch SA launched a fraud detection system for small and medium enterprises (SMEs) and corporate banking. This system can reduce the effort in transaction screening as it can automatically flag suspicious transactions. Additionally, the system can be extended with artificial intelligence (AI) algorithms to develop models that can regulate the occurrence of specific events with high accuracy, based on historical data.

Make Enquiry Before Purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=anti-money-laundering-aml-market

Geographically, North America dominated the anti-money laundering market in the recent past. This was due to the surging adoption of advanced technologies, such as AI and machine learning (ML), rising internet penetration, and the burgeoning number of money laundering cases in the U.S. and Canada. Moreover, the presence of a large number of solution providers also accelerates the adoption of AML services and solutions in the region. Additionally, the existence of digitized financial institutions and banks augments the usage of such solutions and services in the U.S. and Canada.

Therefore, the increasing cases of money laundering and soaring implementation of government regulations regarding digital payments and money laundering will propel the adoption of AML solutions and services in the foreseeable future.

About Us:
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Contact Us:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

This release was published on openPR.