The global AML market size is projected to grow from USD 3.1 billion in 2023 to USD 6.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period. The expansion of the AML market is being propelled by increased monetary penalties, regulatory sanctions, and reputational loss due to non-compliance with AML regulations.
Digital payment and online banking services have grown phenomenally over the past decade. These platforms have fundamentally changed how financial transactions are carried out, driven by technical improvements and shifting customer preferences. The financial environment has changed because of the accessibility and convenience provided by digital payment methods and online banking. Such factors form a powerful force behind the growth and advancement of the AML market.
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What is AML?
Anti-money laundering can be referred to monitoring and preventing any illegal activities that support money laundering and terrorist financing by financial institutes such as banks, insurance, or gaming & gambling enterprises. These institutes avoid fraudulent and illegal activities around the financial systems by following policies and regulations during KYC/CDD, transaction screening, monitoring, and compliance.
The AML market is led by some of the globally established players, such as LexisNexis (US), Oracle (US), FIS (US), Fiserv (US), Jumio (US), NICE Actimize (US), SAS Institute (US), GB Group (UK), FICO (US), ACI Worldwide (US), Experian (Ireland). Partnerships, agreements, collaborations, product developments, and acquisitions, are some of the various growth strategies by these players to increase their market presence.
NICE Actimize is one of the key providers of financial crime, risk, and compliance solutions for regional and global financial institutions and government regulators. More than 100 of the largest global financial institutions and regulatory authorities utilise NICE Actimize solutions to improve their understanding of real-time consumer and staff behaviour, transactions, and activities. With the aid of NICE Actimize AML solutions, organisations have decreased and stopped financial crime activities, minimised money laundering risk, boosted investigator efficiency, and improved regulatory compliance and supervision. The business protects financial institutions from financial crime and regulatory & reputational concerns by enabling them to detect and prevent fraud, manage regulatory compliance, and swiftly and correctly identify money laundering threats.
LexisNexis Risk Solutions is one of the leading providers of fraud detection, identity verification, AML software, and authentication solutions. The company is a member of the RELX Group, a global supplier of information and analytics to corporate and commercial clients in a variety of industries. It offers clients decision-making tools and solutions that integrate cutting-edge technology with public and sector-specific knowledge. LexisNexis Risk Solutions provides AML Insight, WorldCompliance data and an online search tool, compliance management, data management, and investigative solutions. By certifying consumers with greater security to minimise fraud and improve the customer experience, the company's AML software solutions assist organisations in accelerating the onboarding process for new customers as well as KYC standards. With substantial international reach, LexisNexis provides services across the Americas, Asia Pacific, Europe, and the Middle East. It serves a variety of industries, including government, healthcare, and financial services.
FICO is one of the leading providers of financial services. FICO joined the AML industry in 2015 with its acquisition of TONBELLER, a cutting-edge provider of financial crime solutions headquarters in Germany. Applications, scores, and decision management software are the three business sectors through which the FICO operates. FICO provides an AML solution that aids banks and insurance firms in preventing money laundering and terrorist funding schemes, safeguarding their businesses from hazards of third-party bribery and corruption, and meeting their international tax reporting requirements. The company operates globally in more than 100 countries. It caters to various industries: retail, public sector, pharmaceuticals, telecommunications, travel & hospitality, education, manufacturing, technology, media & entertainment, and utilities. However, it majorly focuses on the banking, finance, insurance, and healthcare industries.
According to MnM’s approach to evaluating the market, most businesses use organic and inorganic growth tactics to hold onto their market share. In 2020–2022, transactions rose by 50–60%. Alliances, acquisitions, collaborations, and partnerships together are covered in these agreements. Organizations are anticipated to embrace organic growth strategies starting in 2022 to provide end consumers with AML solutions and services, which would assist businesses in boosting market revenue.
AML Market by Offering (Solutions (KYC/CDD & Sanctions Screening, Transaction Monitoring, Case Management & Reporting), Services), Deployment Mode, Organization Size, End User (Banks & Financial Institutes, Insurance) and Region - Global Forecast to 2028
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