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DUBLIN, Oct. 27, 2020 /PRNewswire/ -- The "Global Anti-money Laundering Market by Component, Deployment Type, Product, End-user and Region: Industry Analysis and Forecast 2020-2026" report has been added to ResearchAndMarkets.com's offering. The Global Anti-money Laundering Market size is expected to reach $3.7 billion by 2026, rising at a market growth of 18.3% CAGR during the forecast period.Anti-money laundering (AML) software is a solution, which allows banks and other financial institutions to monitor the behavior of the customer for alleged criminal financial activities with the help of automated processes. Several types of AML solutions like transaction monitoring, customer identity management, currency transaction reporting, and compliance management have been reflected under the market of anti-money laundering software. The increasing volume of worldwide transactions has driven the deployment of AML solutions in financial institutions, and banks.From the last few years, there is an increase in instances of money laundering that has become a big challenge for the sectors related to finance as well as financial institutions. Cybercriminals study organizations discover all the possibility that vulnerable to commit frauds and carry out ransomware attacks and they use to demand virtual currencies like Bitcoin, Ripple, and Ether. Virtual currencies are not issued or preserved by a central organization of the country, so it has become a target of money for laundering activities. Therefore, the rising number of cultured cyber-attacks have elevated the concerns of significant losses in many industries.One of the key end-users of anti-money laundering software are banks who are ready to fight financial crimes by using cost-effective ML-based software solutions. This is obvious since retail banking is anticipated for exponential growth in the anti-money laundering software market. There is a rising demand for software systems to prevent financial crimes. Better R&D has steered the improvements in robotic process automation (RPA) workflows and ML-based analytical solutions.The outbreak of COVID-19 has brought a revolution in the growth of digital technologies. Most of the governments across the globe have put lockdown due to which every individual has now shifted to adopt digital platforms to fulfill daily requirements. Digital payments are the primary use case. The use of digital wallets has also increased. All these factors are increasing the chances of illegal money transactions. FATF has cautioned banks and financial institutions about illegal money transactions. This is also resulting in the increased demand for AML solutions; consequently, this driver has a high influence on the growth of the market.Product Launches and Product Expansions Aug-2020: Comarch extended its portfolio by launching the Fraud Detection System. The system can be extended with AI algorithms to create models that can determine the occurrence of certain events with high accuracy based on historical data. This system can spot and understand relationships between data, detect anomalies or classify, and predict specific events. Mar-2020: ACI Worldwide launched Incremental Learning, a new technology for enhancing fraud protection for merchants, financial institutions, and its customers. The technology can be implemented in machine learning models within the company's fraud prevention solutions, including Proactive Risk Manager and ACI ReD Shield. Mar-2020: FIS unveiled a new biometric 3D Secure (3DS) authentication service dubbed 3DS Flex. This service helps merchants comply with PSD2 Strong Customer Authentication (SCA) deadlines in the European Economic Area and the UK. 3DS Flex delivers intelligent switching and protects against online fraud by analyzing information such as geolocation data and shopper history to verify identity online or on a mobile device. It uses biometric authentication such as face ID and fingerprint and other advanced technologies for keeping the authentication process simple. Feb-2020: Oracle broadened its Financial Crime and Compliance Management (FCCM) suite of products by adding an integrated analytics workbench, 300-plus customer risk indicators, and embedded graph analytics visualizations to it. These capabilities aimed to help financial institutions fight money laundering and achieve compliance. Nov-2019: Accenture introduced a compliance-as-a-service offering. This service aimed to help financial institutions, fintech, and technology companies cost-effectively combat financial crime and comply with related regulations. The compliance-as-a-service (CaaS) offering provides an end-to-end capability that uses SynOps, Accenture's human-machine operating engine that synergizes data, applied intelligence, digital technologies, and exceptional talent to help financial institutions manage the scope and complexity of the ever-changing regulatory and compliance environment. Sep-2019: Temenos released the Temenos Peer Group Identifier, an AI-powered financial profiling tool. The tool assists banks in improving their customer experiences by focusing on their financial crime detection efforts on the highest risk transactions. This launch strengthened the Temenos' Financial Crime Mitigation (FCM) product, which covers watch-list screening, anti-money laundering, fraud prevention, and KYC, delivering industry-leading levels of detection and false positives. Jun-2019: Oracle unveiled Oracle Financial Services Anti Money Laundering (AML) Express Edition targeted at small- and mid-sized banks. It provides a single, unified platform for efficiently detecting, investigating, and reporting suspected money laundering and terrorist financing activity to comply with evolving regulations and guidelines. Key Topics Covered: Chapter 1. Market Scope & MethodologyChapter 2. Market OverviewChapter 3. Competition Analysis - Global3.1 Cardinal Matrix3.2 Recent Industry Wide Strategic Developments3.2.1 Partnerships, Collaborations and Agreements3.2.2 Product Launches and Product Expansions3.2.3 Business Unit Expansions3.2.4 Mergers & Acquisitions3.3 Top Winning Strategies3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)3.3.2 Key Strategic Moves: (Partnerships, Collaborations, and Agreements: Aug, 2018 to Sept, 2020) Leading PlayersChapter 4. Global Anti-money Laundering Market by Component4.1 Global Anti Money Laundering Software Market 4.2 Global Anti Money Laundering Services MarketChapter 5. Global Anti-money Laundering Market by End-user5.1 Global BFSI Anti-money Laundering Market 5.2 Global Healthcare Anti-money Laundering Market5.3 Global Telecom & IT Anti Money Laundering Market5.4 Global Government Anti Money Laundering Market 5.5 Global Other End-user Anti-money Laundering MarketChapter 6. Global Anti-money Laundering Market by Deployment Type6.1 Global On-premise Anti-money Laundering Market 6.2 Global Cloud Anti-money Laundering Market Chapter 7. Global Anti-money Laundering Market by Product7.1 Global Customer Identity Management Anti-money Laundering Market7.2 Global Compliance Management Anti-money Laundering Market7.3 Global Transaction Monitoring Anti-money Laundering Market 7.4 Global Currency Transaction Reporting Anti-money Laundering Market Chapter 8. Global Anti-money Laundering Market by RegionChapter 9. Company Profiles9.1 Company Overview9.2 Financial Analysis9.3 Regional & Segmental Analysis9.4 Research & Development Expenses9.5 Recent Strategies and Developments9.5.1 Partnerships, Collaborations, and Agreements9.5.2 Product Launches and Product Expansions9.6 SWOT analysis ACI Worldwide, Inc. BAE Systems PLC Fiserv, Inc. NICE Ltd. Oracle Corporation SAS Institute, Inc. Fidelity Information Services (FIS), Inc. Accenture PLC Comarch SA Temenos AG For more information about this report visit https://www.researchandmarkets.com/r/6jwayz Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets Laura Wood, Senior Manager [emailprotected] For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716 SOURCE Research and Markets Related Links http://www.researchandmarkets.com

Answer: Global $3.7 Billion Anti-money Laundering (AML) Market Analysis & Forecasts to 2026 by Component, End-user, Deployment Type, Product Range, Region & Competitive Landscape