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Anti-Money Laundering Solutions Market - Growth, Trends, And Forecasts (2020 - 2025)

Published on: Jun 2020 | From USD $4250 | Published By: MORDOR INTELLIGENCE | Number Of Pages: 120

The Anti-Money Laundering Solutions Market is expected to register a CAGR of approximately 16% during the forecast period (2020 - 2025). The primary factor driving the growth of the market is increasing instances of money laundering cases across the globe. According to the United Nations Office on Drugs and Crime (UNODC) forecast, the amount of money that has been laundered globally amounts to approximately 2- 5% of the global GDP.

- In November 2019, Australia's second-largest retail bank, Westpac, reported approximately 23 million breaches of Australia’s anti-money laundering/countering terrorist financing laws and regulations, which involved approximately USD 12 billion in transactions. Such instances are expected to boost the adoption of AML solutions to increase the regulations related to such transactions.
- The emergence of small and mid-sized banks and financial institutions is augmenting the demand for a comprehensive AML solution, which will help them seamlessly monitor their transactions and avoid unnecessary costs involved in transaction monitoring and other functions. Hence, the solution providers are introducing solutions to cater to the demand for this segment of users.
- For instance, in June 2019, Oracle introduced the Oracle Financial Services Anti Money Laundering (AML) Express Edition to help the small- and mid-sized banks to efficiently detect, investigate, and report suspected money laundering and terrorist financing activity through a single, unified platform.
- During the Covid-19 Pandemic, a vast majority of people are working from home and are using digital means to achieve their daily targets, which is helping the organizations across the globe to continue their businesses without hampering their operations during the pandemic. However, the situation presents a significant opportunity for cybercriminals to increase the rate of cybercrimes globally.
- Such activities are expected to increase money laundering activities. Hence, several banks, government, and other regulatory institutions are raising awareness to monitor transactions carefully and conduct customer due diligence to avoid and instances of financial crime.

Key Market Trends

Transaction Monitoring Solution is Expected to Grow Significantly

- Transaction Monitoring is expected to be an important solution in AML solutions, which involves identifying suspicious transactions involving money laundering, and analysis and due diligence of a customer's transactions. KYT (Know Your Transactions) is a solution used to identify potentially risky transactions, with the aim of identifying risky transactions to detect transactions involving money laundering and other financial fraud.
- Also, technologies like Automation, Artificial Intelligence, Machine Learning, Cloud Computing, and many others are significantly driving the adoption of such solutions. Hence, several AML companies are leveraging these technologies to expand their market presence. In August 2019, Telindus planned to introduce a KYT solution, which is expected to leverage the power of AI, and the solution aims at responding to the AML and PSD2 regulations.
- Several companies are forming strategic collaborations to harness the expertise and technologies of other companies and strengthen their foothold in the market. For instance, in June 2019, Refinitiv collaborated with Napier to jointly offer next-generation transaction monitoring solution designed to help financial institutions efficiently combat money laundering threats and detect emerging financial crimes and threats. Such instances and initiatives are expected to boost the adoption of transaction monitoring solutions in the AML solution market.

Asia-Pacific Expected to Exhibit Maximum Growth

- The Asia-Pacific region is expected to exhibit maximum growth in the Anti-Money Laundering Solutions Market during the forecast period, due to the several innovations done by the regional players coupled with initiatives taken by the regional government to heighten the security of the financial landscape of the countries in the region.
- Companies in the region are increasingly integrating technologies, such as AI, ML, and automation in their AML solutions to boost market growth. For instance, in March 2020, 3i Infotech Limited launched an advanced AML solution, AMLOCK Analytics, which is equipped with Artificial Intelligence (AI) and Machine Language (ML). AMLOCK Analytics uses various statistical methods and machine learning algorithms to derive analyses and predictions based on institution-specific historical data.
- Also, several regional banks and financial institutions are collaborating with global AML solution providers to deploy their solutions, which will help them maintain compliance. For instance, in December 2019, a Taiwan-based company, Chailease, collaborated with NICE Actimize to deploy its anti-money laundering compliance platform. The solution will enable Chailease to utilize advanced analytics and machine-learning technologies and increase efficiency in maintaining regulatory compliance. Such initiatives and collaborations are expected to boost the growth of the AML market in the region.

Competitive Landscape

The competitive landscape of the Anti-Money Laundering (AML) Solution Market is moderately fragmented owing to the presence of several solution providers globally, such as SAS Institute, NICE Ltd., Experian, BAE Systems, FICO, Refinitiv, and many more. Also, several small and medium-sized companies are emerging in the market, and are raising funds, which is expected to help them create innovative solutions in the market. Also, the existing market players are forming strategic partnerships and collaborations to boost their market presence.

- June 2020 - Banco Santander signed an agreement with ThetaRay, under which Banco Santander will deploy ThetaRay’s anti-money laundering (AML) solution. The solution is expected to analyze SWIFT traffic, risk indicators, and Know Your Customer (KYC) data of the bank to detect transactions involved in money laundering activities.
- November 2019 - Singapore-based AML solution start-up, TookiTaki, generated a USD 11.7 million funding. The funding is expected to aid the company in developing machine learning financial compliance and anti-money laundering software for the banking sector.
- September 2019 - Symphony AyasdiAI launched Ayasdi AML, an advanced anti-money laundering (AML) solution that significantly boosts efforts to combat fraudulent money laundering schemes. Ayasdi AML uses machine learning technology to increase detection accuracy and reduce investigative volumes by more than 20%.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

1 INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Adoption of Digital/Mobile Payment Solutions
4.2.2 Stringent Government Regulations for Compliance Management
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of Impact of Covid-19 on the Market

5 MARKET SEGMENTATION
5.1 By Solutions**
5.1.1 Know Your Customer (KYC) Systems
5.1.2 Compliance Reporting
5.1.3 Transaction Monitoring
5.1.4 Auditing & Reporting
5.1.5 Other Solutions (Fraud Detection and Protection, Case Management)
5.2 By Type
5.2.1 Software
5.2.2 Services
5.3 By Deployment Model
5.3.1 On-Cloud
5.3.2 On-Premise
5.4 By Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 SAS Institute, Inc.
6.1.2 NICE Ltd.
6.1.3 Experian Ltd.
6.1.4 BAE Systems PLC.
6.1.5 Fair Isaac Corporation
6.1.6 ACI Worldwide, Inc.
6.1.7 Fiserv, Inc.
6.1.8 Oracle Corporation
6.1.9 Tata Consultancy Services Limited
6.1.10 Refinitiv Ltd.
6.1.11 Larsen & Toubro Infotech Limited
6.1.12 Profile Software S.A.

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.

PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.

MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.

EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.

REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.

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