Global anti-money laundering market to reach $7.7 billion by 2030, report
The global anti-money laundering market size is expected to reach $7.7 billion by 2030, according to a new study by Research and Markets. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global increase in instances of money laundering may be responsible for the market's optimistic growth potential. One of the main causes of the rising number of money laundering cases globally is the expanding use of virtual currencies and the increasing accessibility of the internet.
Additionally, Money fines, regulatory punishments, brand damage from non-compliance with rules, and the need to build a 360-degree perspective of data in the financial landscape are some of the causes that are fueling market expansion. However, the absence of highly knowledgeable AML specialists and a lack of awareness of governmental requirements and the use of AML solutions are anticipated to impede market expansion.
Furthermore, numerous banks around the world are reporting instances of money laundering, such as Danske Bank, which is making them subject to hefty fines. The rise in money laundering instances around the world can be attributed to expanding internet traffic, increased use of online banking services, and digital money transfers utilizing unknown payment systems.
As a result, governments have tightened up their anti-money laundering and digital payments regulations. For instance, in order to enhance security, regulate, and enforce compliance by financial institutions, the Reserve Bank of India strengthened its digital payment security rules in February 2021. These kinds of developments are driving up demand for AML solutions and driving up market revenue. In addition, on April 8, 2022, the Reserve Bank of India suggested recommending payment security controls and cyber resilience to payment system operators.
The COVID-19 epidemic has had a beneficial impact on the global anti-money laundering market because lockdown measures have been implemented in many nations, which has increased the volume of digital payments and the adoption of digital wallets as more individuals switch to digital platforms. Better AML solutions are consequently required more frequently, which has an effect on market expansion.
As networks gather more data, cybercrime, such as financial fraud, is on the rise. Data analytics technologies are being used increasingly frequently by banks and other financial institutions to enhance their security procedures. On the growth of the market, this is anticipated to have a considerable effect.