Financial institutions and governments are looking to curb identity fraud and terrorist financing through implementation of AML software and strict compliance measures.
London, 12 May 2014: TechNavio, the independent tech-focused global research firm, has released their report on the Global Anti-Money Laundering (AML) Software Market. The market is growing at a CAGR of 11.54 percent from 2013-2018, with stringent compliance obligations acting as a major driver for market growth.
AML software enables financial institutions and other enterprises to detect suspicious transactions and analyze customer data. It provides real-time alerts and tools for financial enterprises to automatically report suspicious events in order to maximize security and operational efficiency.
Governmental Pressure and Compliance Obligations Boosting Market Outlook
“Various governments are compelling enterprises to comply with rules and regulations to combat money laundering and terrorist financing activities,” says Faisal Ghaus, Vice President of TechNavio.
“Financial institutions, credit unions, and community banks are most vulnerable to these activities, and governments are continuously monitoring the operations of these organizations through AML software.”
According to Ghaus, this increased regulatory pressure has also caused enterprises to automate their AML compliance processes, and adopt AML software to minimize the cost of regulatory compliance and to identify fraud transactions.
The TechNavio report also cites the emergence of large banking sectors in countries like India as another contributor to growth. The BFSI sectors in these areas are expected to grow much faster than the global market, and several vendors are shifting their focus to emerging countries to boost their market presence and revenue.
For example, the need to comply with the regulatory measures mandated by the Reserve Bank of India is driving most of the 2,288 banks in the country to adopt AML software.
Key Market Vendors Include:
- Actimize
- Fiserv
- Norkom Technologies
- SAS Institute
The TechNavio report also delves into trends and challenges that could impact market growth over the projected period.
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Anti-Money Laundering (AML) Software Market please send an e-mail to media@TechNavio.com.
https://www.technavio.com/%3Cp%3E%C2%A0%3C/p%3E%0A%0A%3Cul%3E%3Cli%3E%3Cs…
