AML Market

The AML Market Boom: Regulatory Pressure, Digital Risks, and Growth Strategies

The global AML market is expected to increase from USD 3.1 billion in 2023 to USD 6.8 billion by 2028, with a compound annual growth rate (CAGR) of 17.0% during the forecast period. Increased monetary penalties, regulatory punishments, and reputational loss as a result of noncompliance with AML requirements are driving the market's expansion.

The AML market is experiencing significant growth fueled by several key factors:

  • Regulatory pressure on financial institutions for AML compliance
  • Rise in global money laundering activities
  • Growth of FinTech and digital payments demanding new AML solutions
  • Evolving cyber threats requiring integrated cybersecurity in AML
  • Focus on reputation protection through strong AML compliance
  • Increased collaboration and information sharing for effective AML

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Rising Scrutiny and Regulatory Pressure: Regulatory bodies worldwide are implementing stricter AML regulations, imposing higher compliance burdens on financial institutions. This necessitates robust AML solutions to stay compliant and avoid hefty fines.

Increasing Money Laundering Activities: The global financial system, coupled with the rise of digital transactions, creates more opportunities for money laundering. This compels financial institutions to invest in advanced AML solutions to effectively detect and prevent such activities.

Growing Adoption of Fintech and Digital Payments:  The widespread adoption of FinTech solutions and digital payments creates new channels for money laundering. AML solutions need to adapt to address these evolving risks in the digital landscape.

Cybersecurity Threats and Evolving Techniques: Cybercriminals are becoming more sophisticated, employing advanced techniques to facilitate money laundering through cyberattacks. This necessitates AML solutions that integrate cybersecurity measures to combat these emerging threats.

Focus on Reputation Management: Money laundering scandals can severely damage an institution's reputation. Investing in robust AML solutions helps financial institutions demonstrate their commitment to preventing financial crime and protecting their reputation.

Increased Collaboration and Information Sharing: EffectiveAML efforts require collaboration between financial institutions, law enforcement agencies, and regulatory bodies. This fosters information sharing and facilitates the development of more comprehensive AML strategies.

AML Market Share - Global Industry Landscape

Some of the leading companies in the AML industry include:

  • ACI Worldwide (US)
  • Experian (Ireland)
  • Nelito Systems (India)
  • Wolter Kluwer (Netherlands)

ACI Worldwide (US)

  • Market Share: ACI Worldwide is a leading global provider of real-time electronic payment and banking solutions, serving more than 4,000 customers in over 80 countries, including 19 of the world’s top 20 banks.
  • Key Offerings:
    • Payment Processing: Comprehensive solutions for real-time payments, digital payments, and card management.
    • Fraud Management: Advanced fraud detection and prevention tools, including machine learning capabilities.
    • Online Banking: Solutions for online banking and mobile banking, enhancing the digital customer experience.
    • Merchant Solutions: Payment gateway services and point-of-sale systems for merchants.
    • Bill Payment Solutions: Electronic bill presentment and payment services for various industries.

Experian (Ireland)

  • Market Share: Experian is one of the largest global information services companies, known for its data and analytical tools. It operates in over 40 countries, with a significant market presence in credit services and data analytics.
  • Key Offerings:
    • Credit Services: Credit reporting, credit scoring, and credit monitoring services for consumers and businesses.
    • Data Quality: Data management solutions to ensure the accuracy and quality of business data.
    • Decision Analytics: Advanced analytics and decision-making tools for risk management and business growth.
    • Consumer Services: Services to help consumers manage their credit and protect against identity theft.
    • Marketing Services: Data-driven marketing solutions to help businesses engage with customers more effectively.

Nelito Systems (India)

  • Market Share: Nelito Systems is a prominent Indian IT solutions provider for the banking and financial services industry, with a growing presence in Asia, Africa, and other regions.
  • Key Offerings:
    • Core Banking Solutions: Integrated banking systems for retail, corporate, and universal banking.
    • Digital Banking: Mobile banking, internet banking, and digital wallet solutions.
    • Lending Solutions: End-to-end loan management systems.
    • Payment Solutions: Comprehensive payment processing systems, including UPI and mobile payments.
    • Data Warehousing and Analytics: Business intelligence and data analytics solutions for financial institutions.
    • Regulatory Reporting: Compliance solutions for regulatory reporting and risk management.

Wolters Kluwer (Netherlands)

  • Market Share: Wolters Kluwer is a global leader in information services and solutions for professionals in healthcare, tax and accounting, risk and compliance, finance, and legal sectors, operating in over 180 countries.
  • Key Offerings:
    • Governance, Risk & Compliance (GRC): Solutions for regulatory compliance, risk management, and audit.
    • Tax and Accounting: Software and services for tax compliance, accounting, and financial reporting.
    • Legal and Regulatory: Legal research tools, compliance solutions, and workflow automation for legal professionals.
    • Health: Clinical decision support, professional training, and medical research solutions.
    • Finance: Financial and corporate performance management software.

Related Reports:

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

AML Market Size,  Share & Growth Report
Report Code
TC 7336
RI Published ON
9/5/2023
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