The global Anti-Money Laundering (AML) solution market size is projected to grow from USD 1.5 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period.
ResearchAndMarkets.com’s is offering the “Anti-Money Laundering Solution Market by Component, Technology Type (KYC Systems, Transaction Monitoring, Case Management, Compliance Management, Auditing and Reporting), Deployment Mode, Organization Size, and Region – Global Forecast to 2024” Report
Major vendors in the global insurance fraud detection market include FICO (US), NICE (Israel), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), FIS Global (US), CaseWare (Canada), WorkFusion (US), Fiserv (US), ACI Worldwide (US), TransUnion (US), Oracle (US), Finacus Solutions (India), and Nelito Systems (India).
The exponential rise in money laundering and terrorist financing activities in the BFSI sector and increased adoption of digital payment modes to drive the overall AML solution market
Various factors such as the exponential rise in money laundering and terrorist financing activities and huge monetary losses owing to these activities in the Banking, Financial Services and Insurance (BFSI) sector, are expected to drive the market. However, a lack of awareness among organizations about the importance of AML solutions and lack of skilled AML professionals may restrain market growth.The solution segment is expected to hold a larger market size in the AML solution market during the forecast period. AML solution vendors help financial institutions to tackle money laundering activities and the threats they pose, owing to increased online transactions and eBanking facilities in their organizations for enhancing the customer experience. Transaction monitoring technology is a discipline of monitoring of customer transactions including assessing historical/current customer information related to transactions. Transaction monitoring provides a complete picture of customer activity. This can include transfers, deposits, and withdrawals. The technology provides a control mechanism to prevent AML activities in real time.
Know Your Customer (KYC) systems help enterprises in validating the identity of the transactions between the individuals as well as restricting any unauthorized access across organizations networks, servers, and other infrastructure. Furthermore, the KYC solution is implemented across enterprises to manage business risks and abide with regulatory compliance environment.
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