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2018
Anti-money Laundering Software Market

Anti-Money Laundering Software Market

by Component (Software and Service), Product (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, and Compliance Management), Deployment Type (Cloud and On-premise): Global Opportunity Analysis and Industry Forecast, 2018 - 2025
Update Available On-Demand

Report Code: A02568
Pages: 204
Oct 2018 | 20027 Views
Author(s) : Pankaj L
Tables: 106
Charts: 55
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Anti-Money Laundering Software Market Outlook: 2025

Anti-money laundering (AML) software refers to a solution, which enables banks and other financial institutions to monitor customer behavior for suspected criminal financial activities through automated processes. Different types of AML solutions such as transaction monitoring, currency transaction reporting, customer identity management, and compliance management have been considered under anti-money laundering software market. Increase in the volume of global transactions has fueled the deployment of AML solutions in banks and other financial institutions. The global anti-money laundering (AML) software market size was valued at $879.0 million in 2017, and is projected to reach $2,717.0 million by 2025, registering a CAGR of 15.2% from 2018 to 2025.

 

The major factors that drive the growth of the anti-money laundering software market include increased AML regulatory requirements, rise in money laundering cases, and growth in IT spending. However, dearth in number of AML professionals is anticipated to hamper the anti-money laundering software market growth. On the contrary, emerging artificial intelligence technology in AML solutions and increased adoption of cloud-based solutions are expected to provide lucrative opportunities for AML software market expansion during the forecast period.

 

The customer identity management segment led the overall market in 2017 and is expected to maintain its dominance in the near future, owing to rise in cases of identity theft-based money laundering cases.

 

The on-premise-based AML solutions segment dominated the market in 2017, due to enhanced security offered by these systems. However, the cloud-based segment is expected to witness the highest growth rate, due to rise in adoption of cloud-based solutions in small- & medium-sized financial organizations to combat money laundering.

 

Europe governed the overall market in 2017, owing to high adoption of AML solutions and enforcement of stringent government regulations to deploy AML solutions in financial institutions across the region. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to factors such as the rise in bank IT spending and increase in government initiatives toward money laundering.

The report focuses on drivers and restraints of the market based on the analysis of regional trends. Moreover, the study provides Porter’s five forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the AML software market.

Segment review

The global anti-money laundering software market is segmented based on component, product, deployment type, and region. On the basis component, it is bifurcated into software and services. By product, it is divided into transaction monitoring, currency transaction reporting, customer identity management, and compliance management. Depending on deployment type, it is categorized into cloud and on-premise. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global anti-money laundering software market include ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO TONBELLER, NICE Actimize, Regulatory DataCorp, Inc., Safe Banking Systems LLC, SAS Institute Inc., Thomson Reuters Corporation, Truth Technologies, Inc., and Verafin Inc.

Top impacting factors

The global anti-money laundering software market is influenced by numerous factors such as surge in money laundering cases, implementation of stringent government regulations to deploy AML solutions and an increase in IT spending among financial institutions. Moreover, dearth of AML skilled personnel is expected to impact the market growth during the forecast period. However, each factor has its definite impact on AML software market growth.

Rise in money laundering cases

Rise in online banking institutions, peer-to-peer transfers using mobile phones, anonymous online payment services, and use of virtual currencies have led to increase in money laundering cases. Banks suffer a huge economic loss, owing to these money laundering fines. A total fine of more than $26 billion was imposed for non-compliance with AML, KTC, and sanction regulations in the last decade. Both developed as well as developing economies reported significant money laundering cases and respective fines, owing to their well-established finance industry. For instance, recently, Danske Bank announced that between 2007 and 2015, about $235 billion transactions flowing through its Estonian branch were found to be associated with money laundering. According to anti-money laundering experts, a penalty of $8.3 billion might be imposed on Danske Bank. Similar cases have been recorded in recent years, wherein banks had to pay a huge fine for money laundering. These high amount of losses incurred are motivating financial institutions to adhere to regulatory requirements, which fuel the adoption of AML solutions, thereby boosting the growth of the market.

Implementation of government regulations to deploy AML solutions

Both developed as well as developing countries have implemented several legislations to combat money laundering. The Financial Action Task Force (FATF) is an international body, which encourages countries across the globe to create a financial intelligence unit to manage the flow of information between law enforcement agencies and institutions. In addition, government regulations passed by each country’s financial intelligence unit have motivated financial institutions to implement effective AML solutions that act as first defense against money laundering and terrorist financing. Some major regulatory bodies and acts include the USA Patriot Act, Bank Secrecy Act in the U.S., Europe’s EU Fourth Anti-money Laundering Directive, Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), Anti-money Laundering, and Counter-Terrorism Financing Act of 2006 in Australia. In addition, Eastern and Southern Africa Anti-money Laundering Group (ESAAMLG) in Africa aims to prevent money laundering cases.

Growth in IT expenditure among banks

Increase in IT expenditure has motivated companies to adopt advanced technologies and solutions. Rise in need for improved compliance capabilities within financial institutions to address complex regulatory and business environment fuels the AML software market growth. Banks are significantly investing in technologies to enhance and secure their infrastructure. For instance, Citigroup is expected to invest around $8.0 billion on technologies in 2018, which is more than 20% of the bank’s expense budget. Moreover, according to a survey conducted by RSM Consulting, more than one-third banks announced an increase in their spending on anti-money laundering programs in 2017. In addition, 44% of banks reported an increase of 5–10% in their AML and BSA budgets, and the others expected growth of 11–20% in their spending. This rise in technological budgets acts as a major driver of the AML software market.

Key Benefits for Anti-Money Laundering Software Market:

  • This study includes anti-money laundering software market analysis along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities.
  • The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the global anti-money laundering software industry.

Anti-Money Laundering Software Market Report Highlights

Aspects Details
By Component
  • Software
  • Service
By Product Type
  • Transaction Monitoring
  • Currency Transaction Reporting
  • Customer Identity Management
  • Compliance Management
By Deployment
  • Cloud
  • On-premise
By Region
  • North America  (U.S, Canada, Mexico)
  • Europe  (UK, Germany, France, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ACI WORLDWIDE, INC, ASCENT TECHNOLOGY CONSULTING, EASTNETS HOLDING LTD., FICO TONBELLER, NICE ACTIMIZE, REGULATORY DATACORP, INC., SAFE BANKING SYSTEMS LLC (ACCUITY, INC.), SAS INSTITUTE INC., THOMSON REUTERS CORPORATION, TRUTH TECHNOLOGIES, INC., VERAFIN INC.
 

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Anti-money laundering (AML) solutions are used by financial institutions to analyze customer data to detect suspicious transactions within stipulated time. These solutions vary in their functionalities, and include transaction monitoring, customer identity management, currency transaction reporting, and compliance management. The adoption of these solutions has increased over a period of time, owing to surge in online transactions, increase in money laundering cases, and high economic losses due to money laundering fines. Moreover, technological advancements such as AML solutions for cryptocurrencies and emergence of AI & cloud-based AML solutions create lucrative opportunities for the market.

The anti-money laundering software market is consolidated with the presence of key vendors constituting large market share. Europe and North America are the prime consumers of these systems. However, Asia-Pacific is expected to experience robust growth in the near future, owing to rise in AML spending among banks and implementation of stringent government regulations to deploy these solutions in emerging markets such as China, Australia, India, and Singapore. Some of the key players profiled in the report include ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO TONBELLER, NICE Actimize, Regulatory DataCorp, Inc., Safe Banking Systems LLC, SAS Institute Inc., Thomson Reuters Corporation, Truth Technologies, Inc., and Verafin Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. For instance, Fico entered into a partnership with Matrix International Financial Service (IFS) in 2017 to provide FICO TONBELLER Siron Anti-Financial Crime Solutions to address money laundering, tax evasion, know your customer (KYC), and other compliances.

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FREQUENTLY ASKED QUESTIONS?

A. The Anti-money laundering software market value expected to reach $2,717.0 million by 2025

A. The major factor that drives the Anti-money laundering software market such as Rise in money laundering cases, Stringent government regulations & Growth in IT expenditure among banks

A. To get updated version of Anti-money laundering software market report

A. The CAGR of Anti-money laundering software market is 15.2% by 2025

A. The global anti-money laundering (AML) software market size was valued at $879.0 million in 2017

A. On the basis of top growing big corporation we select top 10 players.

A. The global anti-money laundering software market was led by the customer identity management segment in 2017, and is projected to maintain its dominance during the forecast period.

A. The global market was dominated by Europe, and is expected to maintain this trend during the forecast period. 

A. Emergence of artificial intelligence in AML solutions & Increased market for cloud-based AML solutions are the major opportunities in this market

A. The major market player of Anti-money laundering software market such as ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO TONBELLER, NICE Actimize, Regulatory DataCorp, Inc., Safe Banking Systems LLC, SAS Institute Inc and more

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