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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
Reasons for the study
What does the report offer?
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:
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
Reasons for the study
What does the report offer?
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:
1. Executive Summary
2. Research Methodology
3. Market Outlook
4. Anti-money laundering Software Market Overview, By Deployment
5. Anti-money laundering Software Market Overview, By Product
6. Anti-money laundering software Market Overview, By End User
7. Anti-money laundering software Market Overview, By Region
8. Industry Structure
9. Company ProfilesOracle Corporation