Geographically, North America dominated the anti-money laundering market in the recent past. This was due to the surging adoption of advanced technologies, such as AI and machine learning (ML), rising internet penetration, and the burgeoning number of money laundering cases in the U.S. and Canada. Moreover, the presence of a large number of solution providers also accelerates the adoption of AML services and solutions in the region.
Additionally, the existence of digitized financial institutions and banks augments the usage of such solutions and services in the U.S. and Canada. In November 2020, Oracle Corporation launched Oracle Financial Crime and Compliance Management Cloud Services for banks. This anti-money laundering service is an application suite designed for smaller financial institutions and mid-sized banks.
Additionally, the existence of digitized financial institutions and banks augments the usage of such solutions and services in the U.S. and Canada. In November 2020, Oracle Corporation launched Oracle Financial Crime and Compliance Management Cloud Services for banks. This anti-money laundering service is an application suite designed for smaller financial institutions and mid-sized banks.
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This AML solution offers services for the full AML lifecycle so that financial organizations can meet compliance requirements and rapidly identify abnormal customer behavior. Likewise, companies such as ACI Worldwide Inc., Wolter's Kluwer Ltd., BAE Systems plc, Temenos AG, Nice Systems Ltd., and Nelito Systems Ltd. are also launching advanced solutions to mitigate money laundering cases.
Novel AML solutions and services offered by the aforementioned companies are being largely utilized by financial institutions to combat cases of fraud, phishing, and money laundering. Additionally, the insurance and gaming and gambling sectors also use such solutions to reduce the frequency of illegal activities related to finances. All these end-use industries prefer on-premise AML solutions over cloud-based solutions, as the former offers full control over the data, systems, platforms, and applications.
Therefore, the increasing cases of money laundering and soaring implementation of government regulations regarding digital payments and money laundering will propel the adoption of AML solutions and services in the foreseeable future.
This AML solution offers services for the full AML lifecycle so that financial organizations can meet compliance requirements and rapidly identify abnormal customer behavior. Likewise, companies such as ACI Worldwide Inc., Wolter's Kluwer Ltd., BAE Systems plc, Temenos AG, Nice Systems Ltd., and Nelito Systems Ltd. are also launching advanced solutions to mitigate money laundering cases.
Novel AML solutions and services offered by the aforementioned companies are being largely utilized by financial institutions to combat cases of fraud, phishing, and money laundering. Additionally, the insurance and gaming and gambling sectors also use such solutions to reduce the frequency of illegal activities related to finances. All these end-use industries prefer on-premise AML solutions over cloud-based solutions, as the former offers full control over the data, systems, platforms, and applications.
Therefore, the increasing cases of money laundering and soaring implementation of government regulations regarding digital payments and money laundering will propel the adoption of AML solutions and services in the foreseeable future.
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