LONDON—Global spend on anti-money laundering (AML)/Know-Your-Customer (KYC) and related financial crime and compliance activities is projected to total a record $1.2 billion in 2020, according to two new research reports published by Burton-Taylor International Consulting.
Key findings include:
- The Americas region accounts for the largest share of global revenues (49.5%), totaling an estimated $589.5 million in 2020, with revenues in EMEA and Asia accounting for $444.4 million and $156.7 million, respectively.
- Refinitiv is the largest global provider of AML/KYC data and services in 2020 with total estimated revenues of $299.6 million. Dow Jones is the second largest provider of AML/KYC services, followed by Bureau van Dijk which moved into third place as a result of its acquisition of RDC.
- Dow Jones reported the fastest revenue growth in 2020, with total AML/KYC-related revenues of $172.4 million, up 15.3% from 2019. Accuity saw the second fastest growth in AML/KYC-related revenues in 2020, followed by Refinitiv.
"The AML/KYC industry continues to see explosive growth, as regulators increase enforcement efforts intended to ensure regulatory compliance obligations of global financial institutions," said Adler Smith, analyst at Burton-Taylor, in a statement. "We expect regulators to assess record fines and penalties in 2020, reinforcing demand for customized AML/KYC tools that can help identify illegal activities before they become a potential compliance issue."