Asia Pacific Anti-money Laundering Market By Component (Software and Services), By Deployment Type (On-premise and Cloud), By Product (Customer Identity Management, Compliance Management, Transaction Monitoring, and Currency Transaction Reporting), By End User (BFSI, Healthcare, Telecom & IT, Government, and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
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The Asia Pacific Anti-money Laundering Market would witness market growth of 20.2% CAGR during the forecast period (2020-2026). Financial institutions also use anti-money laundering (AML) solutions to analyze customer data in order to detect doubtful transactions within specified time. These solutions can differ in their functionalities, such as customer identity management, transaction monitoring, compliance management, and currency transaction reporting. The implementation of these solutions has amplified over a period of time, due to a rise in online transactions, high economic losses due to money laundering fines, and increase in money laundering cases. Furthermore, advancement in technology including AML solutions for cryptocurrencies and the advent of AI & cloud-based AML solutions has resulted in creating lucrative opportunities for the market.
AML laws and regulations are mainly designed to target criminal activities comprising trade in illegal goods, market manipulation, corruption of public funds and tax evasion, and the methods used to cover these crimes. Criminals mostly "launder" money through illegal acts like drug trafficking so that money cannot be easily traced to them. One conjoint technique is to track the money through an authentic cash-based business that are maintained by the criminal organization or by its confederates. The allegedly legitimate business credits the money, which the criminals can withdraw accordingly. Money launderers may also snitch cash into foreign countries. They deposit the cash in smaller increments in order to evade arousing suspicion, or they can also use illegal cash to buy other cash instruments. Sometimes launderers can invest the money by using dishonest brokers who are willing to overlook the rules in profit for large commissions.
Based on Component, the market is segmented into software and servies. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Product, the market is segmented into Customer Identity Management, Compliance Management, Transaction Monitoring and Currency Transaction Reporting. Based on End User, the market is segmented into BFSI, Healthcare, Telecom & IT, Government and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include ACI Worldwide, Inc., BAE Systems PLC, Fiserv, Inc., NICE Ltd., Oracle Corporation, SAS Institute, Inc., Fidelity Information Services (FIS), Inc., Accenture PLC, Comarch SA and Temenos AG.
Scope of the Asia Pacific Anti-money Laundering Market Analysis
By Deployment Type
- Customer Identity Management
- Compliance Management
- Transaction Monitoring
- Currency Transaction Reporting
By End User
- Telecom & IT
- South Korea
- Rest of Asia Pacific
- ACI Worldwide, Inc.
- BAE Systems PLC
- Fiserv, Inc.
- NICE Ltd.
- Oracle Corporation
- SAS Institute, Inc.
- Fidelity Information Services (FIS), Inc.
- Accenture PLC
- Comarch SA
- Temenos AG
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