All these large enterprises and small- and medium-sized enterprises (SMEs) use case management, transaction screening and monitoring, regulatory reporting, and know your customer (KYC)/customer due diligence (CDD) solutions to identify potential digital frauds and mitigate money laundering cases. As per requirement, these solutions can be deployed on their own IT infrastructure or on the cloud.
Moreover, to complement such software, managed and professional services are provided by AML companies. Globally, North America accounted for the largest share in the anti-money laundering market in 2020 due to the increasing integration of advanced technologies, such as machine learning and artificial intelligence, in AML solutions and increasing internet penetration in Canada and the U.S.
As per the International Telecommunication Union (ITU), 97% of the Canadian population and 89% of the U.S. populace were internet users in 2019. Additionally, the presence of a large number of market players drives the demand for AML solutions in the region. The end-user segment of the anti-money laundering market is classified into the gaming and gambling sector, banks and other financial institutions, and insurance providers.
In 2020, the banks and other financial institutions category generated the highest revenue due to the surging penetration of banking and financial services, such as pension funds, commercial banking, and retail banking. Besides, the increasing advancements in digital banking technology will facilitate the growth of this category.
Thus, the soaring volume of digital payments and increasing global and federal efforts toward mitigating money laundering cases will propel the need for AML solutions.
Moreover, to complement such software, managed and professional services are provided by AML companies. Globally, North America accounted for the largest share in the anti-money laundering market in 2020 due to the increasing integration of advanced technologies, such as machine learning and artificial intelligence, in AML solutions and increasing internet penetration in Canada and the U.S.
As per the International Telecommunication Union (ITU), 97% of the Canadian population and 89% of the U.S. populace were internet users in 2019. Additionally, the presence of a large number of market players drives the demand for AML solutions in the region. The end-user segment of the anti-money laundering market is classified into the gaming and gambling sector, banks and other financial institutions, and insurance providers.
In 2020, the banks and other financial institutions category generated the highest revenue due to the surging penetration of banking and financial services, such as pension funds, commercial banking, and retail banking. Besides, the increasing advancements in digital banking technology will facilitate the growth of this category.
Thus, the soaring volume of digital payments and increasing global and federal efforts toward mitigating money laundering cases will propel the need for AML solutions.
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