Anti-Money Laundering (AML) Market Expected to Grow at 15% CAGR by 2030, Top Drivers and Opportunities Analysis - Nice Actimize, ACI Worldwide, FICO, SAS Institute, Oracle Corporation, Fiserv, FIS, Dixtior

Market Insights

In terms of escalating financial crime concerns and the expanding scope of regulatory requirements, 2021 was a hard year for the financial industry. As a result, regulatory organizations focused on Anti-Money Laundering (AML) compliance and how to make it stricter to provide improved monitoring, detection, prevention, and eradication of money laundering and terrorism funding activities. This trend in compliance appears to be continuing in 2022, with more stringent regulatory updates to encompass as many new industries as possible that may be exposed to financial crimes, such as the cryptocurrency space. As a result, financial institutions must ensure that they are in compliance with the rapidly changing regulatory landscape and take safeguards ahead of time. This is pushing the need for the AML software markets.

The AML market is anticipated to grow with over a CAGR of 15% from 2022 to 2027. This growth can be majorly attributed to rising standards of regulations and compliances along with the increasing number of financial institutes, especially FinTechs. Further, the need for inhibiting cryptocurrency money laundering, and the rising demand and adoption of ai/ ml for AML are shaping long-term million dollars market opportunities for AML vendors.

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Anti-Money Laundering (AML) Market's Major Drivers

Higher Regulatory Compliances Pushing Demand for AML Software and Services from Banks

The amount of money laundered globally in a single year is estimated to be 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars. To address this issue, governments and regulators all over the world have developed legislation and guidelines that have evolved. Regulators expect banks to have a unified view of their customers and their transactions across organizations and jurisdictions to identify odd transactions and behavior, as well as potential sanctions violations. Besides investing huge sums of money in systems and people, banks must adopt a broader and longer-term perspective. Due to this, banks and financial institutions (FIs) are struggling to meet multi-jurisdictional anti-money laundering (AML) compliance obligations, as well as an ever-increasing clients due to diligence requirements.

According to Kroll LLC, most of the all-major global banks have been sanctioned for AML or other financial crime failures in recent years. In addition, the number of money laundering fines issued rose to 55 in 2021 from 45 in 2020. This reflects the predominant emphasis that global regulators have placed on ensuring that AML measures are robustly functioning at the world's major financial services institutions. More, regulators are now focusing their enforcement efforts on other financial services companies, such as asset managers and cryptocurrency exchanges. Thus, the demand for AML software and services from banks and financial institutes (Fis) is surging sharply in the short term.

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Growing Number of FinTech to Increase the Demand for AML

Technological advancements in the financial industry have introduced new money laundering risks, particularly in relation to the growing use of mobile devices, increasing the rate and impact of money laundering crimes. With transactions taking place online via apps or the web, regulatory authorities across the countries are concerned about how new technology can be used by criminals for money laundering and other illegal conduct. Most fintech companies, like any other financial institution or business, are subject to AML regulations. Failure to report suspicious transactions is a criminal offense in most countries and can result in a jail sentence as well as penalties. This is harmful to fintech companies since it will reduce their market share and uptake, as well as lead to a negative profile. Thus, every fintech is expected to adopt the AML systems to adhere to strict legal regulations and compliances.

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Upcoming Opportunities in Anti-Money Laundering (AML) Market

Need for Inhibiting Cryptocurrency Money Laundering

Cybercriminals who trade in cryptocurrencies all have the aim to transfer their stolen monies to a site where they can be kept safe from authorities and eventually converted to cash. As a result, money laundering serves as the foundation for all other sorts of cryptocurrency-based criminality.
Further, cryptocurrencies, such as Bitcoin, can make it simpler for criminals to conceal the source of criminal gains and transport them across borders undetected. According to recent studies, the use of cryptocurrency for money laundering is fast gaining acceptability throughout the world.

Since 2017, cybercriminals have laundered nearly $33 billion in cryptocurrencies, with the majority of the total flowing through controlled exchanges. Money laundering accounted for around 0.05 percent of total cryptocurrency transaction volume in 2021. In 2021, cybercriminals laundered $8.6 billion in cryptocurrencies by sending it from unlawful addresses to addresses hosted by services.

More, money laundering activity is best seen at the deposit address level rather than at the service level. The reason for this is that many of the money laundering services used by cybercriminals are nested services, which means they employ addresses hosted by bigger services to access the liquidity and trading pairs of those larger services. OTC brokers, for example, frequently operate as nested services with addresses maintained by big exchanges.

Major Market Players Covered in The Anti-Money Laundering (AML) Market Are:
A few of the major competitors currently working in the global Anti-Money Laundering (AML) market are Nice Actimize, ACI Worldwide, FICO, SAS Institute, Oracle Corporation, Fiserv, FIS, Dixtior, and Other Companies.

Global Anti-Money Laundering (AML) Market Segments

By Offering

Solution
o Know Your Customer (KYC)/Due Diligence
o Transaction Screening and Monitoring
o Case Management
o Regulatory Reporting

Services
o Professional Services
o Managed Services

By Deployment Mode
o Cloud
o On-Premises

By Organization Size
o Small & Medium Sized Enterprises
o Large Enterprises

By End Users
o Banking & Financial Institutions
o Insurance Providers
o Others

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Based on regions, the Anti-Money Laundering (AML) Market is classified into North America, Europe, Asia- Pacific, Middle East & Africa, and Latin America
Middle East and Africa (GCC Countries and Egypt)
North America (United States, Mexico, and Canada)
South America (Brazil, Argentina, etc.)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)

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This release was published on openPR.