Anti-Money Laundering Market to surpass $13 Bn by 2032, Says GMI Report

The latest study conducted by Global Market Insights Inc. claims that the ** [global anti-money laundering market size](https://www.gminsights.com/industry-analysis/anti-money-laundering-aml-market)**  could exceed USD 13 billion by 2032. Increasing number of financial crimes, such as data breaches and cyberattacks will accelerate the demand for anti-money laundering (AML) services. Money laundering generally refers to financial transactions in which criminals attempt to disguise the proceeds or sources of their illicit activities.

A spike in the number of such activities have raised complications for financial institutions in recent years. Failure of companies to adhere to AML requirements set by international governmental bodies can be one of the leading enablers of money laundering. A lack of investments in systems and processes by financial firms and reduced senior management commitment can contribute to non-compliance with AML laws. The growing use of digital payment platforms and rising instances of cyberattacks and fraud are a few of the factors augmenting this growth.

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Highlighting some of the major trends streamlining anti-money laundering industry growth through 2032

** Rising adoption of CTR reports in anti-money laundering solutions**

Anti-money laundering market from the currency transaction reporting solutions segment is projected to record considerable growth through 2032. Financial institutions that deal with significant quantities of cash are required to file a Currency Transaction Report (CTR) that details all their transactions involving sums of money equal to or greater than a cap set by the government. This report includes information on several types of transactions, including currency exchanges, withdrawals, deposits, and money transfers between accounts. The growing use of automated systems to generate a CTR will favor AML market expansion.

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** Outsourcing of AML management services**

The AML market share from the services segment is estimated to acquire 34.5% share by 2032. The managed services, risk assessment, consulting, training and education, and support and maintenance categories make up the service segment. AML services are used by some of the leading financial institutions to identify and address various money laundering and sanctions-related risks. The monitoring and surveillance mechanisms used by financial institutions must be improved in order to identify and stop money laundering and terrorism funding. The development of cloud-based technology will enhance the AML service sector.

** Financial crimes on a rise in the government & public sector**

Anti-money laundering market from the government and public sector is estimated to garner promising growth by 2032. Organizations in the government and public sector are challenged by the problem of unlawful financial activities. These transactions must be approved since spending money improperly might lead to problems with national security, such as terrorism. Authorities in the public sector and the government are using AML solutions and improving their AML compliance framework to stop such financial crimes. Governments are also pouring in investments to table the issue of money laundering. For instance in April 2023, the UK Government announced that it plans to invest £400million over the next three years to tackle economic crimes, including a £200million investment from HMG and £200million from the Economic Crime (Anti-Money Laundering) Levy.

Growing use of AI & deep learning in North America AML market

North America anti-money laundering industry is expected to register a 15.7% CAGR from 2023 to 2032 due to the rising use of cutting-edge technologies like data analytics, AI, machine learning, and deep learning. Economic crimes have rapidly grown throughout the region in the past few years. To reduce the risk of NPAs, fraud, and subprime loans, businesses in the region are substantially investing in AML solutions. The development of advanced technology is helping businesses in the BFSI sector to adopt a flexible strategy to lower fraud concerns. Due to the existence of significant companies like FIS, IBM, and Fiserv, the regional market will experience profitable expansion.

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