AML Market

The global AML market size is projected to grow from USD 3.1 billion in 2023 to USD 6.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period. The expansion of the AML market is being propelled by increased monetary penalties, regulatory sanctions, and reputational loss due to non-compliance with AML regulations.

Digital payment and online banking services have grown phenomenally over the past decade. These platforms have fundamentally changed how financial transactions are carried out, driven by technical improvements and shifting customer preferences. The financial environment has changed because of the accessibility and convenience provided by digital payment methods and online banking. Such factors form a powerful force behind the growth and advancement of the AML market.

Major AML Companies Include

• LexisNexis (US)
• NICE Actimize (US)
• FICO (US)
• FIS (US)
• Fiserv (US)
• Jumio (US)
• GB Group (UK)

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What is AML?

Anti-money laundering can be referred to monitoring and preventing any illegal activities that support money laundering and terrorist financing by financial institutes such as banks, insurance, or gaming & gambling enterprises. These institutes avoid fraudulent and illegal activities around the financial systems by following policies and regulations during KYC/CDD, transaction screening, monitoring, and compliance.

Competitive overview:

The AML market is led by some of the globally established players, such as LexisNexis (US), Oracle (US), FIS (US), Fiserv (US), Jumio (US), NICE Actimize (US), SAS Institute (US), GB Group (UK), FICO (US), ACI Worldwide (US), Experian (Ireland). Partnerships, agreements, collaborations, product developments, and acquisitions, are some of the various growth strategies by these players to increase their market presence.

NICE Actimize (US)

NICE Actimize is one of the key providers of financial crime, risk, and compliance solutions for regional and global financial institutions and government regulators. More than 100 of the largest global financial institutions and regulatory authorities utilise NICE Actimize solutions to improve their understanding of real-time consumer and staff behaviour, transactions, and activities. With the aid of NICE Actimize AML solutions, organisations have decreased and stopped financial crime activities, minimised money laundering risk, boosted investigator efficiency, and improved regulatory compliance and supervision. The business protects financial institutions from financial crime and regulatory & reputational concerns by enabling them to detect and prevent fraud, manage regulatory compliance, and swiftly and correctly identify money laundering threats.

LexisNexis (US)

LexisNexis Risk Solutions is one of the leading providers of fraud detection, identity verification, AML software, and authentication solutions. The company is a member of the RELX Group, a global supplier of information and analytics to corporate and commercial clients in a variety of industries. It offers clients decision-making tools and solutions that integrate cutting-edge technology with public and sector-specific knowledge. LexisNexis Risk Solutions provides AML Insight, WorldCompliance data and an online search tool, compliance management, data management, and investigative solutions. By certifying consumers with greater security to minimise fraud and improve the customer experience, the company's AML software solutions assist organisations in accelerating the onboarding process for new customers as well as KYC standards. With substantial international reach, LexisNexis provides services across the Americas, Asia Pacific, Europe, and the Middle East. It serves a variety of industries, including government, healthcare, and financial services.

FICO (US)

FICO is one of the leading providers of financial services. FICO joined the AML industry in 2015 with its acquisition of TONBELLER, a cutting-edge provider of financial crime solutions headquarters in Germany. Applications, scores, and decision management software are the three business sectors through which the FICO operates. FICO provides an AML solution that aids banks and insurance firms in preventing money laundering and terrorist funding schemes, safeguarding their businesses from hazards of third-party bribery and corruption, and meeting their international tax reporting requirements. The company operates globally in more than 100 countries. It caters to various industries: retail, public sector, pharmaceuticals, telecommunications, travel & hospitality, education, manufacturing, technology, media & entertainment, and utilities. However, it majorly focuses on the banking, finance, insurance, and healthcare industries.

FIS (US)

FIS (Fidelity National Information Services, Inc.), based in the United States, is a prominent global leader in financial services technology. It provides a comprehensive suite of solutions including payment processing, core banking, asset management, risk and compliance, and outsourcing services to a diverse clientele, such as banks, credit unions, capital markets, and insurance companies. Notable acquisitions by FIS include Worldpay in 2019 and SunGard in 2015, highlighting its growth and expansion in the financial technology sector. FIS is publicly traded on the New York Stock Exchange under the ticker symbol FIS.

Fiserv (US)

Fiserv, Inc., another major player in the U.S., specializes in electronic payment processing, online and mobile banking, and information management systems. Serving a wide range of financial institutions, Fiserv's key services include digital banking, risk and compliance, and account processing. The company has expanded its capabilities through significant acquisitions, such as First Data Corporation in 2019 and CheckFree Corporation in 2007. Fiserv is listed on NASDAQ under the ticker symbol FISV.

Jumio (US)

Jumio, also based in the United States, focuses on AI-powered identity verification and digital identity services. It assists businesses in complying with KYC (Know Your Customer), AML (Anti-Money Laundering), and other regulatory requirements through solutions like document verification, biometric authentication, and identity verification. Serving industries such as financial services, travel, gaming, and retail, Jumio has gained recognition for its innovative technology and has earned multiple industry awards for its contributions to identity verification.

GB Group (UK)

The GB Group (GBG), headquartered in the United Kingdom, excels in identity data intelligence, offering solutions for identity verification, fraud prevention, and compliance management. Utilizing extensive data sources and advanced analytics, GBG serves sectors including finance, retail, government, and gaming. Key services provided by GBG include fraud detection, location intelligence, and AML solutions. Notable acquisitions, such as IDology in 2019 and Acuant in 2021, have bolstered GBG's market position. The company is publicly traded on the Alternative Investment Market (AIM) of the London Stock Exchange under the ticker symbol GBG.

According to MnM’s approach to evaluating the market, most businesses use organic and inorganic growth tactics to hold onto their market share. In 2020–2022, transactions rose by 50–60%. Alliances, acquisitions, collaborations, and partnerships together are covered in these agreements. Organizations are anticipated to embrace organic growth strategies starting in 2022 to provide end consumers with AML solutions and services, which would assist businesses in boosting market revenue.

Related Reports:

AML Market by Offering (Solutions (KYC/CDD & Sanctions Screening, Transaction Monitoring, Case Management & Reporting), Services), Deployment Mode, Organization Size, End User (Banks & Financial Institutes, Insurance) and Region - Global Forecast to 2028

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