Anti-money laundering (AML) software means a method enabling banks as well as other financial institutions to monitor customer behaviour for dubious criminal financial activities over automated processes. Transaction monitoring, currency transaction reporting, customer identity management, and compliance management are several types of AML solutions which have been contemplated in anti-money laundering software market. The deployment of AML solutions in banks and other financial institutions is driven by the enhanced the volume of global transactions. By 2027, the global anti-money laundering (AML) software market size is estimated to grow to $4,117.0 million from $1079.0 million in 2020, with a CAGR of 19.6% from 2020 to 2027.
The procedure of verifying the identity of the users is termed as Know You Customer (KYC) technology. Under the Anti-Money Laundering Software Market, authentication is one of the significant matters. Prevention of financial crime is the major responsibility of financial institutions. KYC and AML policies are set up by these institutes for on-board actual customers, which aids in keeping record of customer transactions. By restricting unauthorized access to the information or recognizing false inputs from its users, KYC systems assist enterprises in maintaining the reliability of transactions/information. Securing an organization from deceit and losses arising from illegal funds and transactions is the elementary practice of KYC. Organizations are deploying KYC systems to maintain record of all the transactions owing to enhanced money laundering activities.
For boosting their existence in Anti-Money Laundering Software Market, key players have accepted several growth strategies like mergers and acquisitions, partnerships and collaborations, business expansions, and product developments. 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) are among few of the prominent technology vendors of the AML solution market.
Component, product, deployment type, and region are the grounds of segregation of the global anti-money laundering software market. Based on component, it is divided into software and services. Transaction monitoring, currency transaction reporting, customer identity management, and compliance management are the divisions based on product. On the basis of deployment type, it is segmented into cloud and on-premise. Depending on the region, it is divided across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits for Anti-Money Laundering Software Market:
• This study includes anti-money laundering software market analysis along with current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the financial competency of the industry.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the global anti-money laundering software industry.
Anti-Money Laundering Software Market Key Market Segments:
Anti-Money Laundering Software Market By Product
• Transaction Monitoring
• Currency Transaction Reporting
• Customer Identity Management
• Compliance Management
By Deployment Type
Anti-Money Laundering Software Market by Region
• North America
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East
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