Sun. Oct 20th, 2019

Anti-money Laundering Software Market Massive Impact on Worldwide with Top Key Players: Thomson Reuters, Fiserv, SAS, SunGard, Experian, ACI Worldwide, Tonbeller, Banker’s Toolbox, Nice Actimize, CS&S, Ascent Technology Consulting

Anti-Money Laundering Software Market

Global Anti-Money Laundering Software Market is expected to rise from its initial estimated value of USD 1017.65 million in 2018 to an estimated value of USD 3167.56 billion by 2026, registering a CAGR of +15% in the forecast period of 2019-2026.

Anti-money Laundering Software market filter customer data, classify it according to level of doubt and inspect it for irregularities. Such anomalies would include any sudden and substantial increase in funds or a large removal. In both the United States and Canada, all transactions of $10,000 or greater must be reported.

Minor businesses that meet certain criteria may be also be flagged as suspicious. For example, a person who wants to avoid detection will sometimes deposit a large sum as multiple smaller sums within a brief period of time. That practice, known as “structuring,” will also lead to flagged transactions. The software flags names that have been blacklisted and transactions involving countries that are thought to be hostile to the host nation. Once the software has mined data and flagged suspect connections, it generates a report.

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A humanoid will investigate and evaluate flagged transactions. Often, when a flag is investigated, the customer involved can explain the transaction and the flag is dismissed. For example, a customer whose banking typically consists of regular daily paycheck deposits and smaller removals may suddenly deposit an oddly large sum of money. That transaction will be flagged. Upon examination, however, the deposit may turn out to be from the auction of a car or other possessions.

Top key players in Anti-money Laundering Software Market:-

Accenture, SAS Institute Inc., Fiserv, Inc., Open Text Corporation, Experian Information Solutions, Inc., Oracle, FICO TONBELLER, Ascent Business, EastNets.com, Trulioo., BAE Systems., ACI Worldwide, Inc., Actimize, NameScan, Verafin Inc., LexisNexis, INETCO Systems Ltd,  Global RADAR, Experian plc.

Anti-money Laundering Software Market Types cover:

  • Transaction Monitoring Software
  • Currency Transaction Reporting (CTR) Software
  • Customer Identity Management Software
  • Compliance Management Software

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Scope of the in Anti-money Laundering Software Market:

AML software allows financial institutions and other enterprises to detect suspicious transactions and analyze customer data. Its ability to provide real-time alerts and tools to report suspicious events to maximize security and operational efficiency will foster its adoption during the forecast period.

An important growth driver for this market is the increasing regulatory compliance requirements, which compels financial institutions to adopt Anti-money Laundering Software. The growing utilization of predictive analytics to reduce false results and to decrease the compliance cost of AML software is a trend that will impel market growth until the end of 2025.