The global anti-money laundering market size is projected to reach USD 1.99 billion by 2025 and registering CAGR of 13.6% over the forecast period 2019 to 2025, according to a new report by Million Insights. The prevention and detection of money laundering have strengthened by incorporating law enforcement activities; thereby, corrupt individuals and criminals are taking extensive care to hide the sources of their illegal wealth.
Rising concerns regarding growing incidences of terrorism, corruption and organized crimes, and its negative impact on security, peace and development of countries across the globe have enforced the government to take concerted action. Therefore to meet these several compliance norms set by the government, enterprises are extensively offering anti-money laundering and fraud detection solutions. These solutions are projected to establish procedures to control activities of corrupt individuals and cyber-criminals and helps reduce the concern of disguising or converting illegally gained funds as legitimate income.
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AML solutions aid the government to mitigate the risk of anonymity in fund transfer and transactions that enable money laundering activities. This solution reduces the cash-based activities like human smuggling & trafficking, illegal retail transactions and drug trafficking. In addition, AML solution helps to reduce the risk of threats in cross-border transactions and the corruption of virtual currency. It also curbs the activities like Distributed Denial-Of-Service (DDoS), malware attacks and ransomware.
Due to the emergence of advanced technologies including online banking platform, Peer-to-Peer (P2P) money transfer and online payment websites, there has been a rise in the number of e-transactions worldwide in the past few years. Though these developments have led to ease of transferring funds easily between two nodes, however, these developments have also created the vulnerabilities and various ways to transfer funds illegally that are more complex to identify or detect. In addition, criminals are withdrawing and transferring money without IP address with the use of proxy servers or anonymizing software. Hence, it is becoming very difficult to trace and detect money laundering activities.
In order to protect financial organizations and businesses from these threats, major countries are striving to ensure that financial and institutions comply with anti-money laundering requirements.
Moreover, many governments are concentrating on FinTech solutions to report and detect financial crimes. Due to the increasing frequency of financial crimes and illegal trading activities, enterprises are implementing advanced technologies, as legacy solutions do not guarantee enhanced security.
Moreover, the adoption of advanced technology boosts data security and transparency in financial operations. FinTech and Regulatory agencies are implementing several strategies like collaboration to enhance Customer Due Diligence (CDD) and Know Your Customer (KYC) platforms. Hence, technologies including authentication through smartphones, biometrics and behaviour analysis are projected to gain traction for anti money laundering (AML) market growth in the next few years.
Further key findings from the report suggest:
• In 2018, software component held the largest market share of more than 62.0% in terms of revenue.
• Among product types, customer identity management accounted for the largest market share of more than 32.0% of the global revenue, in 2018.
• The cloud deployment type is projected to grow with the highest CAGR of 16.0% from 2019 to 2025.
• In 2018, North America has dominated the market and accounted for over 48.0%, in terms of revenue.
Impact of COVID-19
COVID-19 outbreak has positively affected the market growth. As most of the criminals are trying to take advantage of pandemic fear, they are exploiting this situation through cybercrime, medical scams and fundraising for fake charities. Therefore, governments across the globe have warned strict regulations against money laundering and criminal scams. Thus, to curb these crimes, key regulators are supporting their financial institutions in anti-money laundering to opt its services. This initiative is expected to further augment the market growth during COVID-19 crisis.
Global Anti-Money Laundering Market : Key Players
NICE Actimize, Tata Consultancy Services Limited, Accenture, SAS Institute Inc., and ACI Worldwide, Inc.
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