Increase In Demand of AI-Based Anti-Money Laundering (AML) Solutions Market To Restrict Revenue Growth During Forecast Period 2022 - 2031 : Fact.MR

According to a new study by Fact.MR, a market research and competitive intelligence provider, the global AI-based anti-money laundering (AML) solutions market is anticipated to add 8X value by 2031.

To strengthen the financial systems against money laundering, terrorist financing, and other financial crimes, artificial intelligence-based anti-money laundering (AML) compliance has been helping the financial system with its robust capabilities. AI-enabled AML technology compliance has changed dramatically with the addition of regulatory layers in the financial jurisdiction. Large and small banks are expected to spend 0.5% to 1.4% of their operating expenses on AI-based AML solutions.

Increasing anti-money laundering activities and the inability to track them is forcing regulators to fine financial institutions, owing to which, these institutions have increased their investments towards the same. Based on researches, American banks are spending nearly US$ 23.5 Bn, followed by European banks at US$ 20 Bn, every year on AML solutions.

Moreover, AI-based AML solutions are majorly used to monitor transactions, detect patterns, and inform management by generating a score of risk so that appropriate steps can be taken at right time. During FY2019 and FY2020, a lot of banks have fully adopted AI in their AML processes to avoid reputation risk and hefty penalties.

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Market Segments Covered in AI-based AML Solutions Industry Research

By End User
Banks
Insurance Companies
Asset Management
Money Service Businesses
Securities
Other FSIs

By Use Case
Transaction Monitoring
KYC (Know Your Customer)
Fraud, Risk & Compliance
Trade AML
Capital Markets AML
Correspondent Banking AML
Fraud
Credit Risk
Crime Pattern Detection
Risk Scoring Customers and Accounts
Watch-List Screening
Alert Management and Reporting
Other Solutions

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Key Takeaways from Market Study

Banks, as end users, capture nearly half of the global market share, and are set to create an absolute $ opportunity of more than US$ 25 Bn over 2021-2031

Among the use cases, fraud, risk & compliance has been the fastest-growing segment.

The Europe AI-based AML solutions market set to dominate in 2021, where Germany and France are set to acquire more than one-fourth market share and generate abundant revenue.

The market in China and Thailand is expected to dominate Asia Pacific with more than one-third and one-sixth market share, respectively.

Competitive Landscape

The sector for AI-based anti-money laundering solutions is fragmented, with market players dominating due to their global reach and financing. There are various new players gaining a foothold in the global market and battling the existing players.

Furthermore, businesses are concentrating their efforts on regional expansion, product enhancement, and other initiatives. Some important AI-based AML service providers' recent developments include:

On 11th February 2021, Nice Actimize launched WL-X, its breakthrough, next-generation Watch List (WL) screening solution leveraging the power of artificial intelligence for superior data management, advanced screening capabilities, and frictionless customer on-boarding.

On 29th April 2021, NICE Actimize and Refinitiv partnered to offer the NICE Actimize's SURVEIL-X Holistic Surveillance Suite to the Asia Pacific market.

On 22nd June 2021, ComplAdvantage added Know Your Business (KYB) data to create the industry's first unified and most comprehensive data graph of individuals and business entities. KYB is the process to verify the identity and understand the risk of business customers, either before or during their on-boarding to a service.

On 9th June 2021, Pega Systems partnered with WithYouWithMe, a tech organisation that is making talent more accessible globally, to provide free training to WithYouWithMe students to train up Pega certified professionals, ready to start work on projects that require the specific Pega qualifications in process automation to help fulfil the digital skills gap.

On 29th April 2020, Temenos AG launched eight propositions - using innovative Explainable AI (XAI) and cloud technologies - to help banks in their immediate response to the COVID-19 crisis.

On 24th February 2021, Ayasdi launched Sensa, a pioneering solution for AML and financial crime detection to thwart money laundering activities.

On 27th April 2021, AI-based big data analytics provider ThetaRay as launched SONAR Solutions, an AML cross-border payments solution as a cloud-based service.

Winning Strategy

Key players have been spending on research & development to come up with better quality and improved accuracy in pattern detection. These enhancements will drive demand for AI-based AML solutions in the medium- to long-term forecast period.

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