Pune, India., April 27, 2021 (GLOBE NEWSWIRE) -- Anti-Money Laundering Software Market: Key Insights
According to our new research study on “Anti-Money Laundering Software Market to 2027 – Global Analysis and Forecast – by Deployment Type, Component, Product, End User, and Geography,” the Anti-Money Laundering Software Market Size was valued at US$ 905.7 million in 2019 and is projected to reach US$ 4,993.2 million by 2027; it is expected to grow at a CAGR of 21.1% during 2019–2027.
Anti-Money Laundering Software Market: Competition Landscape and Key Developments
The key companies operating in the field of anti-money laundering that are profiled in the report are ACI Worldwide, SAS Institute, Oracle Corporation, BAE Systems, Accenture, Verafin Inc., Safe Banking Systems LLC, Eastnets Holding Ltd., Ascent Technology Consulting, and Opentext Corporation, among others.
In January 2019, Oracle announced a partnership with Arachnys to provide cloud-native CRI platform of Arachnys by integrating it Oracle’s Financial Services Financial Crime and Compliance Management (FCCM) solutions, to ultimately offer an enhanced product.
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In November 2018, Accenture announced a partnership with Quantexa; with this strategic alliance, along with an investment, the companies permit their clients to reveal new actionable insights of several industry use cases, which consist of fighting financial crime.
Anti-money laundering software products are deployed for meeting the legal requirements of financial institutions, which helps consumers prevent the money laundering activities. Increasing online transactions and rise in concerns regarding fraudulent transactions have propelled the adoption of anti-money laundering software globally. Further, several government regulations are favoring the growth of the anti-money laundering software market. The timely detection of laundering activities is one of the most challenging aspects in the implementation of an effective anti-money laundering software. Several innovative technology-based tools and products are currently available to detect, track, and prevent money laundering. They help monitor suspicious activities and customer behavior. There are four software that address the anti-money laundering requirements—transaction monitoring, currency transaction reporting, customer identity management, and compliance software. Among these, the transaction monitoring software has the highest adoption, and it dominated the total market, in terms of value, in 2018. The rising adoption of analytics, developments in the fintech sector, and escalating popularity of cryptocurrency are fueling the adoption of anti-money laundering software.
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Over the years, financial regulators have intensified their focus on the monitoring of money laundering risks, which had compelled them to adopt suitable transaction monitoring processes. The legislation such as New York States’ Department of Financial Services (NYSDFS) part 504 and the general move toward the control being evaluated by their outcome quality are demanding greater sophistication in transaction monitoring systems. Thus, novel transaction monitoring software platforms enabling the financial institutions to configure a range of monitoring scenarios, performing efficient data analysis, and filtering out the genuine suspicious activities from the other false positives are expected to gain significant traction in the coming years. This, in turn, would bolster the demand for AML solutions enabled with sophisticated transaction monitoring.
Anti-Money Laundering Software Market: Segmental Overview
The global anti-money laundering software market, based on deployment type, is segmented into on-premise and on-cloud. The cloud based anti-money laundering software is offered as a web-based software as a service (SaaS) model, whereas the on-premise systems are deployed on the native hardware and network of the business. The demand for cloud-based systems is expected to rise at a substantial rate in the coming years, as these systems exhibit enhanced flexibility, scalability, and security. Further, the systems also enable automatic software updates without asking end users for additional expenses.
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