DUBLIN, Ireland—The global anti-money laundering market is expected to reach $7.7 billion by 2030, according to a new study.
The report from Research and Markets provides insights into current market dynamics and provides analysis on future market growth, the company said.
“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,” Research and Markets said.
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, the report stated, adding, 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,” Research and Markets said.
Tightened Rules
As a result, governments have tightened up their anti-money laundering and digital payments regulations, Research and Markets said.
“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,” Research and Markets said.
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