Need for BFSI Regulatory Compliance Driving Growth in AML Software Market

Need for BFSI Regulatory Compliance Driving Growth in AML Software Market is a new market research publication announced by Reportstack. It has released that the Global Anti-Money Laundering (AML) Software 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,” 

“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.”

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 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 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, the 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. 

To view the table of contents and know more details please visit Need for BFSI Regulatory Compliance Driving Growth in AML Software Market.