According to the latest research report by The Insight Partners “Anti-Money Laundering Solution Market was valued at US$ 1,764.39 million in 2020 and is projected to reach US$ 5,866.51 million by 2027; it is expected to grow at a CAGR of 16.2% from 2020 to 2027.  

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Strong Growth of Anti-Money Laundering Solution Industry in Developing Countries Drives Anti-Money Laundering Solution Market

According to recent surveys, 75% of people have used digital payments at least once; yet, as these services proliferate, new hazards to the financial system are emerging. Banks used to regularly do financial assessments of their direct clients' transactions and payments. As a result of the development of digital payments, intermediaries now serve as the bank's point of contact with end users, making banks more susceptible to dishonest business practises.

The regulatory emphasis at the moment is on reducing the dangers of money-laundering associated with electronic payments and mobile wallets. Furthermore, preventing cybercrime and lowering the risk of money laundering are given major emphasis. Regulators are concentrating on cybersecurity threats in digital payments and financial crime. Singapore, for instance, created legislation that assigns tiers of capital requirements and AML duties and grades intermediaries according to their level of risk. Therefore, it is projected that financial institutions' intense attention on reducing problems with digital payments will fuel industry expansion.

Impact of COVID-19 on Anti-Money Laundering Solution Market

Due to its large industrial base, supportive government policies to foster innovation, and high purchasing power, particularly in industrialised nations like the US and Canada, North America is one of the most significant locations for the adoption and development of new technology. Therefore, any influence on the expansion of industries is anticipated to have a detrimental impact on the region's economic development. According to the WHO, the US is now the nation worst hit by the COVID-19 pandemic, with 17,515,091 confirmed cases and 313,748 fatalities.     

The market for Anti-Money Laundering Solution is concentrated with some very well-established players. Some of the key players in the Anti-Money Laundering Solution Market include

1. Accenture
2. ACI WORLDWIDE, INC
3. BAE Systems plc
4. EastNets.com
5. LexisNexis Risk Solutions Group
6. Nasdaq Inc
7. NICE Ltd.
8. Open Text Corporation
9. Oracle Corporation
10. SAS Institute Inc.

Anti-Money Laundering Solution Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

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