Skip to main content

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. 

Labels:

Comments

Post a Comment

Popular posts from this blog

Chatbots Increasing Efficiency in Healthcare Market

Chatbots are one of the prominent technologies currently being integrated into the healthcare system. The chatbots are not considered as the SaMD (software as medical device) as they do not participate in clinical decision-making process, rather, they act as the personal healthcare assistant as well as the trainer for its users. Click Here To Get Detailed Description of  Chatbots in Healthcare Market The usage of chatbots in the healthcare has gained popularity since 2013, when Babylon Health, the first healthcare chatbot company of the U.K. was launched. The company offered symptom checker chatbot and has started using the same chatbot as a health checker as well. The industry comprises the bot developers, platform providers, content providers, and the interface providers. Since there are no regulatory bodies such as FDA and MHRA directly governing the usage of chatbots, launching the chatbot is convenient for the developers. New start-ups are coming up wit...
2 comments
Read more

Wireless Charging Technology – Analyzing the Market Drivers and Restraints

Wireless charging technology eliminates the use of wires to power devices and enables a device to be charged automatically when placed near a transmitter. The wireless charging technology is however, not new in the world of technology, rather, has been in existence since the late 1800s. With the incorporation of the technology in smartphones, it has been experiencing a massive boost in popularity. Request the Sample @  https://bisresearch.com/requestsample?id=645&type=download According to the latest market intelligence report by BIS Research titled “ Global Wireless Charging Market - Analysis and Forecast (2018-2023) ,” the market was valued at $2.58 billion in 2017 and is projected to grow at a CAGR of 40.97%, during the forecast period and reach $20.97 billion by 2023.  The market is estimated to witness the highest growth in the Asia-Pacific (APAC) region during the forecast period (2018-2023). The wireless charging technology is not only limited to the sm...
1 comment
Read more

Neoantigens Vaccines Can Bridge the Treatment Gap by Training the Immune System to Recognize Tumor Cells

As per BIS Research analysis, the neoantigen cancer vaccine market is projected to reach $1826.1 million by 2030 from $227.1 million in 2023, at a CAGR of 34.69%. Growth in this market is expected to be driven by the ever-rising patient pool of different cancers and significant investment in research for development for cancer neoantigen vaccines to fill in the current treatment gaps. However, there are significant challenges that are restraining the market growth. These challenges include the high cost of therapy (personalized cancer vaccines), manufacturing complications, and lack of therapeutic biomarkers and assays. The market is still at the nascent phase with more than two-thirds of the neovaccines in the early stages of development. However, few neovaccines companies such as OSE Immunotherapeutics, Immunovative Therapeutics, Medigene, and Roche have positioned themselves to launch their neovaccines in the market within the upcoming years. That being said, the neovacc...
1 comment
Read more