Market Overview:
The global anti-money laundering service market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The growth in the market can be attributed to the increasing instances of money laundering and terrorist financing activities, and the need for compliance with regulatory requirements. The global anti-money laundering service market is segmented by type into transaction monitoring software, currency transaction reporting (CTR) software, customer identity management software, compliance management software, and others. The transaction monitoring software segment is expected to account for the largest share of the global anti-money laundering service market in 2018. This can be attributed to the increasing demand for such solutions due to rising instances of money laundering and terrorist financing activities across the globe. The global anti-money laundering service market is also segmented by application into bank, insurance company, financial institution, and others.
Product Definition:
An anti-money laundering service is a type of software that helps businesses detect and prevent money laundering. Money laundering is the process of disguising the origins of illegally obtained money, so it can be used without detection. Anti-money laundering software scans financial transactions for red flags that may indicate money laundering activity.
Transaction Monitoring Software:
Transaction monitoring software is used by Anti-money Laundering Service (AML) providers to monitor the transactions of their clients. The AML service providers use transaction monitoring software so that they can easily identify and track suspicious or unusual transactions. Transaction monitoring software has been gaining popularity among banks as well as non-banking financial companies owing to benefits such as real-time analysis, improved customer experience, and cost efficiency.
Currency Transaction Reporting (CTR) Software:
Currency transaction reporting (CTR) software is used by banks and financial institutions to comply with Know Your Customer (KYC) regulations. KYC regulations demand that banks identify their customers’ details such as name, address, nationality and so on. The identification process of a customer involves monitoring their currency transactions which are recorded in the system using CTR software.
Application Insights:
The market is segmented into bank, insurance company, and financial institutions based on applications. The bank application segment dominated the overall anti-money laundering service market in 2017 owing to the increased monitoring of suspicious transactions and an increase in compliance management activities. An increase in cross-border payments has led to a rise in cash deposits at banks which are a potential source of funding for money laundering activities.
Moreover, an increase in regulations pertaining to Anti-Money Laundering Act (AMLA) 2003 has resulted in improved awareness among banks about their responsibilities under this act. In addition, constant monitoring of transaction data by banks through their internal systems results in early detection and prevention of money laundering activities which is further driving the growth of this segment during the forecast period.
Regional Analysis:
The market in Asia Pacific is expected to grow at a significant rate over the forecast period. The growth can be attributed to increasing money laundering activities, rising government regulations, and growing financial inclusion in developing economies of the region. Moreover, increasing adoption of e-commerce coupled with rising investments by prominent players for expansion is also anticipated to drive demand for anti-money laundering services in this region.
North America accounted for more than 25% share of global revenue in 2017 owing to stringent AML laws and regulations enforced by regulatory bodies such as Financial Crimes Enforcement Network (FinCEN), U.S., and Office Of Financial Intelligence (OFI), Canada among others pertaining to money laundering activities are responsible for driving demand from financial institutions across the region over the forecast period.
Growth Factors:
- Increasing awareness about the consequences of money laundering and terrorist financing activities among individuals and organizations
- Stringent government regulations and norms to prevent money laundering
- Proliferation of digital channels for financial transactions that are more susceptible to abuse for money laundering activities
- Growing number of cross-border transactions due to globalization 5. Increased use of technology solutions by financial institutions to detect and prevent money laundering
Scope Of The Report
Report Attributes
Report Details
Report Title
Anti-money Laundering Service Market Research Report
By Type
Transaction Monitoring Software, Currency Transaction Reporting (CTR) Software, Customer Identity Management Software, Compliance Management Software, Others
By Application
Bank, Insurance Company, Financial Institution
By Companies
Oracle, Thomson Reuters, Fiserv, SAS, SunGard, Experian, ACI Worldwide, Tonbeller, Banker's Toolbox, Nice Actimize, CS&S, Ascent Technology Consulting, Targens, Verafin, EastNets, AML360, Aquilan, AML Partners, Truth Technologies, Safe Banking Systems
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
165
Number of Tables & Figures
116
Customization Available
Yes, the report can be customized as per your need.
Global Anti-money Laundering Service Market Report Segments:
The global Anti-money Laundering Service market is segmented on the basis of:
Types
Transaction Monitoring Software, Currency Transaction Reporting (CTR) Software, Customer Identity Management Software, Compliance Management Software, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Bank, Insurance Company, Financial Institution
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Oracle
- Thomson Reuters
- Fiserv
- SAS
- SunGard
- Experian
- ACI Worldwide
- Tonbeller
- Banker's Toolbox
- Nice Actimize
- CS&S
- Ascent Technology Consulting
- Targens
- Verafin
- EastNets
- AML360
- Aquilan
- AML Partners
- Truth Technologies
- Safe Banking Systems
Highlights of The Anti-money Laundering Service Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Transaction Monitoring Software
- Currency Transaction Reporting (CTR) Software
- Customer Identity Management Software
- Compliance Management Software
- Others
- By Application:
- Bank
- Insurance Company
- Financial Institution
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Anti-money Laundering Service Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
An anti-money laundering service is a type of financial institution that helps to prevent the illegal movement of money. This can include helping to identify and track suspicious activity, and providing guidance on how to avoid becoming involved in criminal activities.
Some of the major players in the anti-money laundering service market are Oracle, Thomson Reuters, Fiserv, SAS, SunGard, Experian, ACI Worldwide, Tonbeller, Banker's Toolbox, Nice Actimize, CS&S, Ascent Technology Consulting, Targens, Verafin, EastNets, AML360, Aquilan, AML Partners, Truth Technologies, Safe Banking Systems.
The anti-money laundering service market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Anti-money Laundering Service Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Anti-money Laundering Service Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Anti-money Laundering Service Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Anti-money Laundering Service Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Anti-money Laundering Service Market Size & Forecast, 2018-2028
4.5.1 Anti-money Laundering Service Market Size and Y-o-Y Growth
4.5.2 Anti-money Laundering Service Market Absolute $ Opportunity
Chapter 5 Global Anti-money Laundering Service Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Anti-money Laundering Service Market Size Forecast by Type
5.2.1 Transaction Monitoring Software
5.2.2 Currency Transaction Reporting (CTR) Software
5.2.3 Customer Identity Management Software
5.2.4 Compliance Management Software
5.2.5 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Anti-money Laundering Service Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Anti-money Laundering Service Market Size Forecast by Applications
6.2.1 Bank
6.2.2 Insurance Company
6.2.3 Financial Institution
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Anti-money Laundering Service Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Anti-money Laundering Service Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Anti-money Laundering Service Analysis and Forecast
9.1 Introduction
9.2 North America Anti-money Laundering Service Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Anti-money Laundering Service Market Size Forecast by Type
9.6.1 Transaction Monitoring Software
9.6.2 Currency Transaction Reporting (CTR) Software
9.6.3 Customer Identity Management Software
9.6.4 Compliance Management Software
9.6.5 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Anti-money Laundering Service Market Size Forecast by Applications
9.10.1 Bank
9.10.2 Insurance Company
9.10.3 Financial Institution
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Anti-money Laundering Service Analysis and Forecast
10.1 Introduction
10.2 Europe Anti-money Laundering Service Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Anti-money Laundering Service Market Size Forecast by Type
10.6.1 Transaction Monitoring Software
10.6.2 Currency Transaction Reporting (CTR) Software
10.6.3 Customer Identity Management Software
10.6.4 Compliance Management Software
10.6.5 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Anti-money Laundering Service Market Size Forecast by Applications
10.10.1 Bank
10.10.2 Insurance Company
10.10.3 Financial Institution
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Anti-money Laundering Service Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Anti-money Laundering Service Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Anti-money Laundering Service Market Size Forecast by Type
11.6.1 Transaction Monitoring Software
11.6.2 Currency Transaction Reporting (CTR) Software
11.6.3 Customer Identity Management Software
11.6.4 Compliance Management Software
11.6.5 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Anti-money Laundering Service Market Size Forecast by Applications
11.10.1 Bank
11.10.2 Insurance Company
11.10.3 Financial Institution
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Anti-money Laundering Service Analysis and Forecast
12.1 Introduction
12.2 Latin America Anti-money Laundering Service Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Anti-money Laundering Service Market Size Forecast by Type
12.6.1 Transaction Monitoring Software
12.6.2 Currency Transaction Reporting (CTR) Software
12.6.3 Customer Identity Management Software
12.6.4 Compliance Management Software
12.6.5 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Anti-money Laundering Service Market Size Forecast by Applications
12.10.1 Bank
12.10.2 Insurance Company
12.10.3 Financial Institution
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Anti-money Laundering Service Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Anti-money Laundering Service Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Anti-money Laundering Service Market Size Forecast by Type
13.6.1 Transaction Monitoring Software
13.6.2 Currency Transaction Reporting (CTR) Software
13.6.3 Customer Identity Management Software
13.6.4 Compliance Management Software
13.6.5 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Anti-money Laundering Service Market Size Forecast by Applications
13.10.1 Bank
13.10.2 Insurance Company
13.10.3 Financial Institution
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Anti-money Laundering Service Market: Competitive Dashboard
14.2 Global Anti-money Laundering Service Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Oracle
14.3.2 Thomson Reuters
14.3.3 Fiserv
14.3.4 SAS
14.3.5 SunGard
14.3.6 Experian
14.3.7 ACI Worldwide
14.3.8 Tonbeller
14.3.9 Banker's Toolbox
14.3.10 Nice Actimize
14.3.11 CS&S
14.3.12 Ascent Technology Consulting
14.3.13 Targens
14.3.14 Verafin
14.3.15 EastNets
14.3.16 AML360
14.3.17 Aquilan
14.3.18 AML Partners
14.3.19 Truth Technologies
14.3.20 Safe Banking Systems
