The anti-money laundering software market has witnessed a high growth rate over the years, owing to factors such as an increased need for automated transaction monitoring systems, an increasing number of wired transactions, and hefty fines for non-compliance with regulatory norms. Additionally, the integration of big data analytics with anti-money laundering software is another key factor driving the market.
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However, high implementation cost, risk of security breaches, and complications in the integration of AML software into the existing systems act as the significant challenges for the growth of the market. Companies are developing efficient and effective AML software, including transaction monitoring software, currency transaction reporting software, and customer identity management software, among others, thereby attempting to meet critical business obligations and coping with the highly complex operational and compliance risks.
The increasing degree of entry of AML software in the cryptocurrency market, adoption of AML in emerging economies, and robotic process automation (RPA) in AML and KYC are the major factors that are expected to create lucrative opportunities for the market during the forecast period 2020-2025. The market is currently replete with advancements in AML systems to promote digital currency activities. The U.S. government is presently focusing on making virtual currency an official mode of payment. Therefore, the vendors of AML software can leverage the opportunity to expand their market and ensure that money laundering does not take place. Additionally, machine learning and artificial intelligence (AI) are among the key technologies that are expected to guide the future of the AML software market.
There is an increase in the market penetration of counter-terrorism financing (CTF) and AML regulations in the financial services industry, driving organizations to reinvent their compliance processes in order to act in accordance with the regulations and circumvent the possibility of fines and sanctions. Furthermore, with the wide-ranging scope of requirements for the regulations, it is essential that the compliance officers have a thorough understanding of the industry’s best practices and obligations. Optimum utilization of anti-money laundering software provides several benefits to the financial institutes in effectively tracking transactions. It enables effective monitoring of all suspicious transactions, allows the bank to understand customer behavior, helps in early detection of suspicious transactions, and follows AML guidelines.
AML system is a combination of different types of software, including transaction monitoring software, currency transaction reporting software, customer identity management software, and compliance management software, among others. These software types focus on identifying suspicious patterns of transactions, which may lead to the filing of suspicious transaction reports (STRs) or suspicious activity reports (SARs). Trends in the AML software market vary across different regions. The AML software market holds a prominent share in various countries of Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa. The AML software market is currently one of the most highly competitive industries, with leading players actively competing against each other to gain a greater share in the AML software industry.
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The AML software market is gradually growing over time, compelling several companies to come up with collaborative strategies to sustain the intensely competitive market. Companies with identical goals pool in resources and sign joint venture programs to assist each other in achieving those goals. This strategy helps the companies gain access to one another’s resources and facilitates them to achieve their objectives faster. In January 2019, ACI Worldwide partnered with T-Systems and Takarekinfo to provide AML solutions to banks in Hungary by offering real-time payments. Also, in November 2018, LexisNexis Risk Solutions partnered with Everlink Payment Services, wherein they provided AML solutions to banks in Canada.
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