NEW YORK—Global expenditures on anti-money laundering (AML) systems by non-financial institutions is expected to rise sharply, projected to increase by 170% to $6.3 billion by 2028, new data show.
That spend would be up from $2.3 billion in 2024, according to a recent study conducted by Juniper Research, IT Brief reported.
“This upsurge is driven primarily by tightening regulatory requirements across various sectors, including legal and real estate, which necessitate adopting robust AML systems to monitor and mitigate potential fraud, the analysts state,” IT Brief said.
According to IT Brief, the report highlights an increasing need for data monitoring solutions that utilize adverse media screening, a process that scans various media sources for criminal activity and negative news.
‘More Holistic View’
It further suggests that AML systems should expand their adverse media screening capabilities to incorporate data from blogs, social media, and search engines, according to the report.
“This expansion would enable a more holistic view of customer risk profiles and enhance threat detection accuracy,” IT Brief reported.
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