PUBLISHER: Grand View Research | PRODUCT CODE: 1552936
PUBLISHER: Grand View Research | PRODUCT CODE: 1552936
The global anti-money laundering market size is expected to reach USD 4.24 billion by 2030, registering a CAGR of 16.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing adoption of digital and mobile payments is driving the anti-money laundering market. The rise of e-commerce and mobile payments has created new possibilities for cybercriminals to launder money and finance terrorism. AML solutions need to be able to monitor and detect suspicious activity in these channels. This has led to the development of new anti-money laundering market solutions specifically designed for digital and mobile payments.
Moreover, the need for collaboration and information sharing between financial institutions and regulators is driving the anti-money laundering market growth. Financial crime is a global problem, and cybercriminals often operate across borders. Effective AML solutions require the cooperation of financial institutions and regulators across jurisdictions. This has led to the development of new information-sharing platforms and the adoption of common standards for anti-money laundering market compliance.
To combat money laundering and terrorism funding, government bodies worldwide have implemented laws and regulations. The Financial Action Task Force, an inter-governmental organization, supports countries in updating and establishing anti-money laundering laws. Since anti-money laundering laws differ from country to country, financial institutions need to comply with country-specific policies to avoid any legal issues. Adhering to these policies, financial institutions can establish a structured set of procedures to prevent unlawful funds from infiltrating their financial systems.
The COVID-19 pandemic has had a positive impact on anti-money laundering market. The pandemic has led to an increase in online transactions, which has created new opportunities for fraud and financial crime. AML solutions can help financial institutions monitor and detect fraudulent transactions in real-time, reducing the risk of financial crime during these uncertain times.