Global Anti-Money Laundering Solutions Market – Growth, Trends, Impact of COVID-19, and Forecast (2021)


The global anti-money laundering market was valued at USD 2.44 billion in 2020. It is expected to reach USD 5.28 million by 2026, registering a CAGR of 16.71% in 2021-2026. Highlights

New York, January 06, 2022 (GLOBE NEWSWIRE) – announces the publication of the report “Global Anti-Money Laundering Solutions Market – Growth, Trends, Impact of COVID-19 and Forecast (2021 – 2026)” –
The increase in money laundering cases around the world is one of the main factors driving the adoption of anti-money laundering solutions in businesses. For example, according to forecasts by the United Nations Office on Drugs and Crime (UNODC), the amount of money laundered worldwide is around 2 to 5% of global GDP.
In 2020, banks paid around $ 15.13 billion in anti-money laundering fines around the world. Additionally, banks in the United States imposed the highest fines for twelve offenses in 2020, amounting to $ 11.11 billion.
In addition, the Basel Institute governance study reports the Money Laundering and Terrorist Financing Risk Index in the Benelux countries, which includes Luxembourg, Belgium and the Netherlands) from 2016 to 2020. In 2020, Luxembourg was ranked the most at risk country in the Benelux region and ranked 92nd in the world list of 125 countries. The Netherlands and Belgium were ranked 101st and 118th respectively.
COVID-19 has positively impacted the growth of the market due to a rapid increase in online sales coupled with the increasing use of online payment solutions. An increase in non-cash payments through mobile payments, internet payments and prepaid cards increases the risks of illegal money transactions in recent times. The rapid execution of transactions coupled with minimal direct interaction between the person initiating the transaction and the service provider has amplified the vulnerability of these new means of payment to money laundering activities.

Key market trends

Transaction monitoring solution expected to grow significantly

A well-formulated transaction monitoring system is crucial for an effective anti-money laundering (AML) ecosystem. It runs deeper in the post-pandemic world, where most transactions are now done on digital platforms.
Transaction monitoring software alerts when a situation breaks the rules and goes against the customer’s profile during customer transactions. Once the software generates an alarm, the transaction monitoring process conducted by AML is automatically stopped and the cycle continues to be executed and reviewed by the firm’s compliance or risk department.
In the current pandemic scenario, financial institutions face an even greater AML and terrorist financing challenge. State-owned enterprises are taking preventative measures to combat unemployed people involved in money scams.
In 2020, Europol, in cooperation with law enforcement authorities in 26 countries, launched an operation against mule rider schemes around the world. Between September and November 2020, the European Money Mule Action (EMMA) identified 4,031 money mules, 227 money mule recruiters and the arrest of 422 people around the world. This further suggests the growing need for transaction monitoring systems.
The government has also penalized several financial institutions for incompetent transaction monitoring systems. For example, in December 2021, the Financial Conduct Authority announced that it had fined HSBC $ 85.16 million for failing to follow its anti-money laundering procedures. FCA found that three key elements of HSBC’s transaction monitoring system were seriously weak over ten years.

Asia-Pacific Expected to Show Maximum Growth

The Asia-Pacific region is expected to show maximum growth in the anti-money laundering solutions market during the forecast period owing to the numerous innovations brought by regional players coupled with initiatives taken by the regional government to strengthen the market. security of the financial landscape of the country of the region.
Companies in the region are increasingly integrating technologies, such as AI, ML, and automation, into their AML solutions to drive market growth. For example, in March 2020, 3i Infotech Limited launched an advanced AML solution, AMLOCK Analytics, which is equipped with artificial intelligence (AI) and machine language (ML). AMLOCK Analytics uses various statistical methods and machine learning algorithms to derive analyzes and predictions based on institution-specific historical data.
Additionally, several regional banks and financial institutions are working with global AML solution providers to deploy their solutions, which will help them maintain compliance. For example, in December 2019, a Taiwan-based company, Chailease, worked with NICE Actimize to roll out its anti-money laundering compliance platform. The solution will enable Chailease to use advanced analytics and machine learning technologies and increase the efficiency of maintaining regulatory compliance. Such initiatives and collaborations are expected to drive the growth of the AML market in the region.

Competitive landscape

the Competitive landscape The anti-money laundering (AML) solutions market is moderately fragmented due to the presence of several solution providers globally, such as SAS Institute, NICE Ltd., Experian, BAE Systems, FICO, Refinitiv and many others. In addition, several small and medium enterprises are emerging in the market and raising funds, which should help them to create innovative solutions in the market. In addition, existing market players form strategic partnerships and collaborations to strengthen their presence in the market.

September 2021 – FICO has partnered with the international consulting and IT company MSG group. This partnership supports and resells FICO’s financial crime and fraud compliance products across Europe, the Middle East and Africa. MSG will provide advisory services to companies using FICO Siron Anti-Financial Crime solutions on financial crime compliance.
February 2021 – Experian launched a new version of its own fraud prevention platform, which is aimed at businesses facing a high demand for digital services or facing an increase in the number of online accounts.

Additional benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
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CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001


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