Polaris Market Research has released a new report in which it analyses the anti-money laundering market share, size, and trends through 2030. According to the ‘Anti-money Laundering Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Service; By End-use; By Region; Segment Forecast, 2022-2030,’ the anti-money laundering market size is expected to reach USD 7.

7 billion by 2030. In 2021, the global anti-money laundering market was valued at USD 2. 10 billion, and the report suggests that it will grow at a CAGR of 15.

5% during the forecast period. One of the main factors fuelling this growth is the global increase in money laundering cases, which is influenced by the rising use of virtual currencies and the increasing accessibility of the internet. As companies face regulatory punishments and even brand damage from non-compliance with AML rules, the market stands to expand even further.

However, two factors that could impede its growth are represented by the lack of highly knowledgeable AML specialists and the lack of awareness of governmental requirements. How are governments reacting? The global rise in money laundering instances is driving governments to tighten their anti-money laundering and digital payments regulations, which is triggering a demand for AML solutions. For instance, the Reserve Bank of India has bolstered its digital payment security rules in February 2021 and suggested recommending payment security controls and cyber resilience to payment system operators.

In Nigeria, the Presidential Advisory Committee Against Corruption stated that newly passed anti-money laundering and anti-terrorist laws would help the country in its ongoing battle against corruption and terrorism. In the US, the US Congress approved the Anti-money Laundering Act of 2020, which imposes specific anti-money laundering standards on financial institutions and supports the adoption of anti-money laundering solutions. In 2021, the US was the largest regional market for AML solutions, chiefly due to the presence of key players in the region.

The development of inorganic strategies to incorporate artificial intelligence among anti-money laundering providers will be an important growth factor during the forecast period COVID-19 impact According to the report, the volume of digital payments and the adoption of digital wallets has increased due to various lockdown measures. As a result, the COVID-19 epidemic has had a beneficial influence on the global anti-money laundering market because, as networks gather more data, cybercrime tends to increase as well. Financial institutions rely on data analytics technologies to improve their security procedures and remain up to date with the latest practices.

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