The increased adoption of AI and ML (machine learning) and advanced technologies in developing AML solutions will fuel the AML market. AI & ML help to identify and deactivate the 98% of cases that are false positives, due to which the adoption of AI & ML has increased in AML solutions. The companies are launching new AI & ML based solutions for AML. For instance, in April 2021, ThetaRay launched AI-based AML analytics which is available on public and private clouds. This new platform practices unsupervised ML to observe financial transactions, integrated data, and alerts. Further, its new cloud purposes to upsurge the speed at which cybersecurity company’s clients, banks and fintech firms can discover likely threats.
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The Banks & Financial Institutions segment is emerging as growing end-users of AML solutions due to higher risk of financial fraud in BFSI industry . There are various regulations imposed by government and regulatory authorities. In case of violation and non-compliance of regulations the penalties will be imposed on them due to which they adopt AML solutions. The amount of fine increases every year imposed for breach of regulations on various banks. For instance, in December 2021, Britain’s financial regulator imposed a fine of $85.2 million for failure in AML process. Further, Natwest was fined $360 million by British court for failure to prevent the laundering of nearly $543 million. Owing to such strict regulations banks & financial institutions are accepting the AML solutions and contributing towards the growth of AML market. .
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global AML Market Report by Segment
By Type
- Transaction Monitoring Systems
- Currency Transaction Reporting Systems
- Customer Identity Management Systems
- Compliance Management Software
- Others
By Deployment Type
- Cloud
- On-Premises
By End-Use
- Banking & Financial Institutes
- Insurance Providers
- Government
- Telecom & IT
Global AML Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global AML market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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