The global AML market is anticipated to grow at a considerable CAGR of 15.2% during the forecast period (2021-2027). Increasing stringent regulations on AML is the key factor fueling the market. There are various regulations for KYC globally. The Financial Action Task Force (FATF) is an inter-government body, which supports the countries to update and improve laws to fight money laundering. With constant growth in financial frauds, the regulations are becoming more upgraded and advanced for covering even the smallest aspects of money laundering. For instance, in December 2021, FinCEN issued a request for information (RFI) to seek explanations on methods to restructure, modernize, and upgrade the AML and countering the financing of terrorism system of the US. FinCEN is specifically concerned about comments on the ways to modernize the risk-based AML regulations, pursuant to the Bank Secrecy Act (BSA), to safeguard the US financial system from dangers to national security posed by several practices of financial crime.
Browse the full report description of “Global Anti-Money Laundering (AML) Market Size, Share & Trends Analysis Report By Type (Transaction Monitoring Systems, Currency Transaction Reporting Systems, Customer Identity Management Systems, Compliance Management Software, and Others), By Deployment Type (Cloud, and On-Premises) BY End-Use (Banking & Financial Institutes, Insurance Providers, Government, Telecom & IT) Forecast Period (2021-2027).” at https://www.omrglobal.com/industry-reports/anti-money-laundering-aml-market
FinCEN encourages all the parties to submit written suggestions or reviews which will help FinCEN to identify regulations which are outdated and do not promote a risk-based AML compliance system for financial institutions and do not fit with the US commitments to meet international AML standards. As regulations are getting strict non-compliance of such regulations will attract heavy fines to non-compliant parties, owing to which the demand for AML solutions is likely to increase and ultimately AML market will grow.
Market Coverage
• The market number available for – 2020-2027
• Base year- 2020
• Forecast period- 2021-2027
• Segment Covered-
o By Type
o By Deployment Type
o End-Use
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- ACI Worldwide Inc., BAE Systems Plc, Experian Information Solutions, Inc., Fair Isaac Corp., Fenergo Ltd., Fiserv Inc., IBM Corp., Larsen & Toubro Infotech Ltd., Merlon Intelligence, Inc., Ml Verify Ltd. and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global AML Market Report by Segment
By Type
By Deployment Type
By End-Use
Global AML Market Report by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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