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Anti Money Laundering (AML) Software Market : Technological advancements

 Over the past five years, the financial service industry has witnessed far-reaching technology-led transformations, with companies looking for improving the efficiency of their financial departments by incorporating innovative IT solutions. The banking software industry has witnessed significant developments in the past decade, in terms of understanding, exploring, researching, managing, and utilizing resources to create value. A similar trend is expected to prevail in the next decade, and the banking software industry is expected to evolve in terms of facilitating global, multi-service, low-cost, and digital banking. However, over the past decade, significant threats of terrorism from money laundering have become a major concern for regulatory bodies such as Financial Crimes Enforcement Network (FinCEN) and Financial Action Task Force (FATF). Therefore, with the growth in the banking software industry, there is an increasing demand for regulators, such as anti-money laundering (AML) software, to counter the upsurge in the financing of terrorism and money laundering incidences. Money laundering, the process of showing illegally-acquired money to appear legal, has been a significant challenge for major economies since the early 1990s. It generally involves three steps: placement, layering, and integration.

BIS Research Report on  Anti Money Laundering (AML) Software Market

Technological advancements in financial services have resulted in an increase in the number of wired transactions worldwide. However, these smooth and prompt transactions have exposed the financial institutes to the risk of money laundering. According to United Nations Office on Drugs and Crime (UNODC), money worth approximately 2-5% of global GDP, amounting to $800 billion-2 trillion, is laundered in 2018. Governments of various nations are forming their regulatory bodies, in order to address money laundering. For instance, in 2013, the U.K. established National Crime Agency (NCA), which ensures to cut down crimes such as money laundering by monitoring high-end customers, including lawyers, investment bankers, and accountants. Furthermore, Basel Institute on Governance, an independent, not-for-profit competence center in Switzerland, published the Basel AML Index for 2018, covering 146 countries. 

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