Anti money laundering software refers to a computer application that helps analyze customer data and identify suspicious transactions. The software helps in analyzing the transaction patterns and detects the abnormal transactions in the account that can pose a potential risk.
The anti money laundering (AML) software is mostly used by the banks and financial institutions to keep track of the customer behaviors and trace any criminal financial activities by the use of the automated process. The software offers real-time alerts to enhance operational efficiency and increase the security level. The global anti money laundering (AML) software is expected to witness growth over the forecast period.
Market Drivers and Limitations
The increase in the regulatory compliance requirements for financial institutions is an important factor responsible for the growth of the global market. The increase in the money laundering cases and the increase in investments for the enhancement of IT infrastructure fuel the market growth of anti money laundering (AML) software. The increase in the adoption of cloud-based solutions and artificial intelligence technology further propels the market growth.
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The inadequate number of anti money laundering (AML) professionals is a key limitation that hampers market growth across the globe.
Global Market Division
The global anti money laundering (AML) software market is segmented on component, solution, deployment type, application, end-user, and region.
Depending on the component, the global market is divided into software and service.
Based on the solution, the global anti money laundering (AML) software market covers customer identity management, case management, watch-list screening, data warehouse management, transaction monitoring, compliance management, currency transaction reporting, analytics and visualization, and alert management and reporting. The transaction monitoring solution holds the highest share of the global market.
Depending on the deployment type, the global market is fragmented into on-premise and cloud-based. The on-premise deployment type accounts for the largest share of the global market. The cloud-based deployment is anticipated to witness growth in the coming years.
The application of anti money laundering (AML) software includes investment banking, private banking, retail banking, multiple banking services, corporate banking, asset management, and legal service providers.
The end-users of the global anti money laundering (AML) software market cover banking, financial services and insurance (BFSI), defense and government, transportation and logistics, healthcare, IT and Telecom, and other end users.
Major Geographical Regions
Based on the region, the global market of anti money laundering (AML) software includes Asia Pacific, North America, Europe, the Middle East, and Africa, and South America. North America is the leading region across the globe due to the strict regulatory requirements of the financial institutions to minimize money laundering. The Asia Pacific region is expected to witness growth owing to the increase in stringent regulations and the rise in the adoption of the software in the region.
Prominent Market Players
In September 2019, PrimeXBT partnered with Bitfury Group for enhanced monitoring of money laundering and better client security.
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