Global anti-money laundering software market was valued at USD 1.1 billion in 2017. Increased money laundering galvanizes terror financing and trafficking of illegal commodities including drugs and other prohibited materials. Such activities pose great threat to economic development and growth of countries and their financial institutions. In response, the government has implemented anti-money laundering regulations and financial institutions have adopted anti-money laundering software, driving the anti-money laundering software market growth. Further, developments such as machine learning, case management automation and cognitive computing are expected to boost AML software adoption boosting the growth of the global anti-money laundering software market during the forecast period from 2018 to 2025.

On-premise deployment dominated the market share valued at USD 941.74 million in 2017. On-premise deployment enables local data storage and is more secure. It enables the financial institutions to implement its own data security protocols and remain independent of third-party involvement. On-premise deployment helps financial institution gain more control over the process and implementation are the reasons they have surged in demand in the global anti-money laundering software market.

Transaction monitoring software was valued at USD 559 million in 2017 in the global anti-money laundering software market. Rapid development in financial services such as online banking, digital currency and FinTech has made money transactions to any part of the world easy and fast. This has led to an increase in money laundering frauds and countering them has become more urgent than ever before. In such cases, transaction monitoring offers support, as it can monitor the transaction on a real-time basis and also file suspicious activity reports. Thus, major financial institutions are implementing and updating their transaction monitoring software, which is driving the growth of the global anti-money laundering software market.

Tier 1 financial institutions such as commercial banks had a major share of 75% in the global anti-money laundering software industry in 2017. Risk management is a priority for these banks and the anti-money laundering software is one of the key solutions to mitigate criminal risks to the system.. Additionally, rising need for improved compliance management to address complex government rules & regulations coupled with varying business environment is further increasing the AML software adoption driving the growth of the global anti-money laundering software market.

North and Central America had the largest market share of 33% in the global anti-money laundering software industry in 2017. Drug trafficking in the United States and Mexico are a major reason for increased money laundering cases in the region. The act of 2001 (USA PATRIOT Act) and Bank Secrecy Act (BSA) were thus implemented by the government of U.S. to counter money laundering crimes. However, false positives labeled by current AML systems is considered to be the biggest drawback in anti-money laundering software for banks in the United States. With the latest version of software these problems are expected to be solved and emerging techniques such as machine learning and predictive analytics are expected to increase the adoption in the region driving the global anti-money laundering software market growth during the forecast period.

To meet the challenging customer needs in the digital banking and anti-money laundering regulations, key players are providing customized solutions. For instance, Fiserv, Inc. a major player in global anti-money laundering software market in 2017 deployed AML Risk Manager, an anti-money laundering solution for Buckaroo, which is a prominent payment service provider in the Netherlands. AML risk manager will help Buckaroo to meet regulatory and compliance guidelines in the Netherlands coupled with enhanced customer experience to meet the dynamic customer needs on daily basis. Behavioral profiling, visualization tools, the ability to quantify risk through risk investigation and strong inference techniques offered by AML Risk Manager will assist Buckaroo in reducing money laundering crimes. Key players that hold an impactful position in the global anti-money laundering software market are Fiserv Inc. Oracle Corporation, Accenture Inc., SAS Institute Inc., FICO TONBELLER, Thomson Reuters Corporation, EastNets, SunGard and Ascent Technology Consulting.

Segment overview of global anti-money laundering software

• Deployment Overview , 2012-2025 (USD million)

• On premise
• Cloud

• Product Overview, 2012-2025 (USD million)
  • Transaction Monitoring Software
  • Currency Transaction Monitoring
  • Customer Identity Management
  • Compliance Management
  • Others
• Application Overview , 2012-2025 (USD million)
  • Tier-1 Commercial banks
  • Tier-2 Credit & finance institutions
  • Tier 3 Micro finance Institutions
  • Tier-4 Loan lending institutions
• Regional Overview, 2012-2025 (USD million)
  • North & Central America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Spain
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • India
    • Japan
    • China
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Chile
    • Rest of Latin America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East and Africa
• The report has company profiles of major players in the market
  • Fiserv Inc.
  • Oracle Corporation
  • Accenture Inc.
  • SAS Institute Inc.
  • Thomson Reuters Corporation
  • Ascent Technology Consulting
  • SunGard
  • FICO TONBELLER

Reasons for the study

• To understand the market potential in terms of revenue by the end of 2025
• We wanted to understand future growth opportunities for anti-money laundering software market in light of the fast-paced digitalization of the BFSI sector
• To understand anti-money laundering rules and regulations in all the region
• To understand latest customized solutions offered by key players
• To understand the impact of money laundering on the growth of economies and financial sector
• To understand the product portfolio of key players in the market
• To understand the impactful developments of key players in the market, their strategic initiatives and comprehensively study their core competencies
• To study potential markets such as Latin America and Middle East & Africa
• Understanding the restraints or any threats

What does the report offer?

• Important parameters such as drivers, restraints, and opportunities have been discussed in detail that are forecast to impact the market
• Company profiles of the key players in the market which helped to us understand their strategies, key initiatives, and financial performance and market offerings.
• Analysis of strategic framework and market dynamics
• Government rules and regulations region wise
• Forecast till 2025 by deployment type, product type and by end user and by region

Who should buy this report?

This study is suitable for industry members and stakeholders associated with the financial sector, who want an in-depth analysis and insight of the market. The report will benefit:

• Service providers of anti-money laundering software
• Financial institutions
• Regulatory bodies and government who wish to understand the latest technological developments in the market
• New entrants in the market wanting to understand the market dynamics
• Fintech players who look to implement anti-money laundering software
• Analysts, educationalists, strategy managers, researchers, and academic institutions looking for insights into the market to determine future strategies and to forecast the market.
• Third party consulting firm