Pune, India, February 17, 2021 (GLOBE NEWSWIRE) – Loud The Insight partners new research study on “the Anti-Money Laundering Solutions Market was valued at $ 1,503.99 million in 2019 and is expected to reach $ 5,866.51 million by 2027; The increasing focus of FinTech companies on the implementation of automated money laundering systems is driving market growth. However, the increasing focus on controlling the risks associated with digital payment methods is hindering market growth.
Europe dominated the anti-money laundering solutions market, with a share of more than 25% in 2019. In 2018, the European provinces were exposed to several cases of money laundering. For example, research found that up to $ 30 billion in ex-Soviet and Russian money flowed through the Estonian branch of Danske Bank, Denmark’s largest bank. In addition, the Dutch bank ING paid a fine of US $ 948.58 million (EUR 775 million) for allowing money laundering through its accounts as part of the “structural violation” of the Dutch Money Laundering and Terrorist Financing Act. In order to keep an eye on such events, in July 2018 the European Commission enforced the 5th Anti-Money Laundering Directive, which focuses on the establishment of central and publicly registered companies. The disclosure of corporate ownership to corporations seeks to mitigate the use of shell corporations that exist solely on paper to turn the profits of crime into seemingly legitimate assets. In addition, according to the Directive, the data in these registers must undergo a comprehensive review to ensure that the registers cannot be tampered with.
Anti-Money Laundering Solutions Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by component (software and services), deployment type (on-premises and cloud), product (transaction monitoring, compliance management, currency transaction reporting and customer identity management), industry (healthcare, BFSI, retail, IT and telecommunications, government), and others ), “
Get sample copy of this research: https://www.theinsightpartners.com/sample/TIPRE00010790/
(Anti-Money Laundering Solutions Market Segmented By Region / Country: North America, Europe, Asia-Pacific, Middle East and Africa, and Central and South America)
Technological advances lead to an increasing number of cyber criminals. FinTech companies have the potential to help banks around the world stay competitive in the global marketplace. Whether it’s tracking digital currencies, doing machine learning, or connecting data, more robust systems combined with technological advances have proactively led the fight against money laundering. Due to the increasing consumer acceptance of digital transactions and the subsequent volume of transactions in competitive FinTech companies in 2019, many companies opted for automated methods to combat money laundering. The automated money laundering systems offer a negligible amount of false positives compared to conventional data and technologies.
Due to the growing connection between FinTech and AML solutions, the Association of Certified Anti-Money Laundering Specialists announced in December 2020 the start of a new certification program for FinTech companies that want to meet regulatory standards. In collaboration with FINTRAIL, the association developed the Certified AML FinTech Compliance Associate program. The program is designed to expand the compliance toolkit of FinTech employees involved in entry-level financial crime prevention. The increasing focus of FinTech companies on the implementation of AML solutions is therefore driving market growth.
Anti-Money Laundering Solutions Market: Segment Overview
Among the common deployment types, local deployment offers a huge advantage for companies because they can keep all business processes and current internal systems such as authentication and access rights within their physical boundaries. In addition, companies can implement their own data security standards and control all processes included in their restriction. They also have the option to easily leverage existing hardware investments and offer their employees a cloud-like experience. On the other hand, the cloud delivery type is a model where the data is stored in a third party cloud provider. Customers have no control over the location of the infrastructure. This means that if a vendor’s data center is breached, the company has no control over the duration of the outage or the data that may be admitted. All clients in clouds use the same infrastructure pool with tight security, configuration, and accessibility variances.
On the basis of components, the Anti-Money Laundering Solutions market is divided into Software and Services. The software segment is expected to grow by more than 14% in the forecast period. There is a wide variety of Anti-Money Laundering (AML) software available to suit the needs of end users. The majority of companies differentiate their money laundering needs based on their approach. Rule-based approach software, risk-based approach software, behavior-based approach software, and intelligent software are some of the widely used AML software solutions. The rules-based approach software compares transaction data and compares it with certain scenarios in order to imitate malicious activities. While this software is easy to use, the software often raises concerns about false positives. With risk-based approach software, the solution focuses more on identifying risks associated with suspicious activity, including intelligence, rules, behavior, or a combination of these approaches.
Anti-Money Laundering Solutions Market: Competitive Landscape and Key Developments
BAE Systems Applied Intelligence announced a new offering being created on Amazon Web Services (AWS) to provide comprehensive anti-money laundering compliance solutions.
In 2020, BEC and SAS Institute teamed up for a new cloud platform for money laundering and terrorist financing. A. A DKK 1 million investment confirms BEC banks’ access to world-leading crime-fighting technology.
Buy a copy of this research report @ https://www.theinsightpartners.com/buy/TIPRE00010790/
The Insight Partners is a one-stop industry researcher for actionable information. We help our clients find solutions to their research needs through our syndicated and consultative research services. We specialize in industries such as semiconductors and electronics, aerospace and defense, automotive and transportation, biotechnology, healthcare IT, manufacturing and construction, medical devices, technology, media and telecommunications, chemicals and materials.
If you have any questions about this report or would like more information, please contact us:
Contact person: Sameer Joshi
Phone: + 1-646-491-9876
Sample copy – https://www.theinsightpartners.com/sample/TIPRE00010790/