Anti-money| Laundering |Software

Anti-money Laundering topic presented 

by: sami3corner

Introduction

Anti-money laundering (AML)

Anti-money laundering (AML) software provides a solution, that allows banks as well as other financial institutions to monitor customer behavior for suspected illegal financial actions through automated procedures. Also, it is a set of processes, laws, and regulations intended to stop the practice of creating salary through criminal actions. There is various type of anti-money laundering software such as transaction monitoring systems, currency transaction reporting (CTR) systems, customer identity management systems, and compliance management software. The use of artificial intelligence and cloud computing will help to boost the global anti-money laundering software market.

The AML

The AML software market is segmented into transaction monitoring systems, currency transaction reporting (CTR) systems, customer identity management systems (CIM), and compliance management systems (CMS). Transaction monitoring systems accounted for the largest share of the market in 2017, due to the increasing number of financial transactions and the need for real-time monitoring and detection of suspicious activities.

The AML software market is also segmented by deployment, including on-premises and cloud-based solutions. The on-premises segment accounted for the largest share of the market in 2017, due to the high need for data security and privacy. However, cloud-based solutions are expected to grow at a faster rate during the forecast period due to their cost-effectiveness and scalability.

North America accounted for the largest share of the AML software market in 2017, due to the presence of a large number of financial institutions and stringent regulations in the region. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, due to the increasing adoption of AML software by financial institutions and the rising number of financial transactions in the region.

The major players in the AML software market include FICO (US), Oracle (US), NICE (Israel), Fiserv (US), SAS Institute (US), Experian (Ireland), LexisNexis Risk Solutions (US), ACI Worldwide (US), BAE Systems (UK), and Refinitiv (UK).


Market Trends:

· High demand of Customer Identity Management Software

· Growth in Government Initiatives toward Money Laundering



Market Drivers:

· Increased AML Regulatory Requirements

· The Escalation in Money Laundering Cases

· Development in IT Expenditure.

Revenue and Sales Estimation — Historical Revenue and sales volume are presented, and further data is triangulated with top-down and bottom-up approaches to forecast complete market size and to estimate forecast numbers for key regions covered in the report along with classified and well-recognized Types and end-use industry.
Result, the AML software market is a rapidly growing market due to the increasing need for regulatory compliance and risk management solutions. The market is segmented by type, deployment, and region, with transaction monitoring systems accounting for the largest share of the market. North America accounted for the largest share of the market in 2017, while the Asia Pacific region is expected to grow at the highest CAGR during the forecast period.