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Criminals use money laundering to hide their crimes. Money laundering makes up 2% to 5% of the world's GDP. Hence, it can be difficult for companies to comply with money laundering. As a result, various companies use anti-money laundering services or software to detect suspicious customer data and transactions. Compliance professionals use the services or software to comply with corporate policies and government rules such as the Bank Secrecy Act of the U.S. intended to prevent the money laundering-related crimes.
Key Growth Drivers:
- Increasing usage of anti-money laundering banks and other financial sectors
The banks and other financial sectors hold the major share of the overall market during the forecast period. This can be attributed to the growing adoption of banking and financial services globally, such as pension funds, commercial banking and retail banking, and developments in the digital banking technology. As a result of growth in the usage of banking and financial services, the incidence of money laundering and fraud has increased, which is expected to drive the growth of the market.
- Rising threat of money laundering by digital payments
The surging usage of virtual currencies and growing penetration of the internet are some of the major factors resulting in the growing number of money laundering cases globally. Moreover, the increase in the usage of online banking services such as digital payments, has increased the chances of money laundering. As a result of all these factors, the need for anti-money laundering software and associated services increases which is expected to further enhance the market growth.
The report outlines the involvement of key players, including:
Microsoft (U.S.), IBM (U.S.), SAP (Germany), SAS Institute Inc. (U.S.), Accenture (Ireland), Tata Consultancy Services Limited (India), Open Text Corporation (Canada), BAE Systems (U.S.), Intel Corporation (U.S.), Oracle (U.S ), Fiserv, Inc. (U.S.), Cognizant (U.S.), ACI Worldwide (U.S.), Experian Information Solutions, Inc. (U.S.), NICE (U.S.), SEON Technologies Ltd (U.K.), WorkFusion, Inc.(U.S.), Acuant, Inc. (U.S.), Caseware International Inc. (Canada), Sanction Scanner (U.K.)
Key Market Segmentation
Offering (Solution, Services), Function (Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring), Deployment (Cloud, On-Premise), Enterprise Size (Large Enterprises, Small and Medium Enterprises), End Use (Banks and Financial Institutions, Insurance Providers, Gaming and Gambling, Government, Others)
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