Trends and Future Prospects for the United Kingdom Anti Money Laundering Solutions Market
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Trends and Future Prospects for the United Kingdom Anti Money Laundering Solutions Market
The report provides a summary of the top trends and future prospects for the United Kingdom anti money laundering solutions market based on historical data sets (current trends, industry statistics, and emerging trends shaping the anti money laundering solutions industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the United Kingdom anti money laundering solutions trends and future prospects for regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
The United Kingdom Anti Money Laundering Solutions Market Size is Expected to hold a significant share by 2033, at a CAGR of 7.12% during the forecast period 2023-2033.
United Kingdom Anti Money Laundering Solutions Market Insights Forecasts to 2033
- The Market is growing at a CAGR of 7.12% from 2023 to 2033
- The U.K. Anti Money Laundering Solutions Market Size is expected to Hold a Significant Share by 2033
The United Kingdom Anti Money Laundering Solutions Market is anticipated to hold a significant share by 2033, growing at a CAGR of 7.12% from 2023 to 2033. The growing integration of AI and machine learning in AML solutions, and rising demand for cloud-based AML solutions are driving the growth of the anti money laundering solutions market in the United Kingdom.
Market Overview
Anti Money Laundering (AML) is the set of policies, rules, and guidelines intended to prevent criminals from generating income through illicit activities. Transaction monitoring, currency transaction reporting, client identification management, and compliance management are the various AML solutions. These automated procedures are used in banks and other financial institutions to monitor suspected criminal financial activity. Anti-money laundering software works by collecting data from a variety of financial transaction management solutions, such as accounting software and ERP systems to detect suspicious transactions and customer information. Anti-money laundering solutions possess the advantages of strong data analysis, increased risk protection, faster processing, and improved efficiency in resolving these cases. United Kingdom has strict and modern legislation in place to prevent financial crimes. National Crime Agency (NCA), Serious Fraud Office (SFO) and The Financial Conduct Authority (FCA) are in charge of overseeing the compliance responsibilities of regulated industries. The incorporation of advanced technologies such as artificial intelligence, big data analytics, and cloud computing to analyze data, and identify suspicious patterns, thereby improving detection accuracy and operational efficiency.
Report Coverage
This research report categorizes the market for the UK anti money laundering solutions market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the anti money laundering solutions market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the anti money laundering solutions market.
Driving Factors
The rising adoption of technologically advanced solutions and services such as AI and machine learning in AML solutions are driving the UK anti money laundering solutions market. The ongoing changes in the regulatory environment, such as AMLD5, GDPR, and PCI DSS, are expected to drive the market. Further, the leading trend related to trade-based money laundering and virtual currencies is also responsible for driving the market growth.
Restraining Factors
The high technological complexities and sophistication of cyber-attacks that specifically target financial institutions are restraining the UK anti money laundering solutions market.
Market Segmentation
The United Kingdom anti money laundering solutions market is segmented by type into know your customer (KYC) systems, compliance reporting, transaction monitoring system, case management, auditing & reporting, and others. Among these, the transaction monitoring system segment is anticipated to hold the largest market share during the forecast period. The variety of transaction monitoring software products offer features such as blacklist screening, client profiling, and sanctions screening. Its widespread application in financial institutions as well as benefits such as ease of recognizing suspicious behavior and enhanced automation are driving the market.
Based on the deployment type, the United Kingdom anti money laundering solutions market is divided into on-premises and cloud. Among these, the on-premises segment accounted for the largest share of the United Kingdom anti money laundering solutions market in 2023. In on-premises deployment strategy, customers’ in-house servers are used for implementing and operating solutions in order to elevate control over their data, security measures, and customization options. The increasing application of on-premise deployment in business operations systems is bolstering the market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the UK anti money laundering solutions market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Trulioo
- Nice Actimize
- Fiserv Inc
- ACI Worldwide
- Bae System
- Others
Trulioo
Trulioo is the identity platform that helps companies achieve regulatory compliance, reduce risk, and expand their businesses by enabling the verification of more than 5 billion people and 700 million business entities across 195 countries. Trulioo primarily serves sectors such as banking, cryptocurrency, online trading, and wealth management. It was founded in 2011 and is based in Vancouver, British Columbia. Trulioo has partnered with real-time cross-border payments provider Nium to deliver fast, compliant payment experience to the UK market.
Nice Actimize
NICE Actimize is the largest and broadest provider of financial crime, risk, and compliance solutions for regional and global financial institutions, as well as government regulators. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence, and insider trading. It was founded in 1999 and is based in Hoboken, New Jersey. In July 2007, Actimize was acquired by NICE Systems. In 2011, NICE acquired UK-based Fizzback, with the value of the deal said to be $80 million.
Fiserv Inc.
Fiserv Inc (Fiserv) is a provider of payment and financial services technology. The company provides payment and mobile banking systems, account processing systems, and electronic payment products and services. It also offers financial solutions, business solutions, card issuer processing, network services, account processing and digital banking solutions, merchant acquiring and processing and business management platforms, item processing solutions, source capture systems, card solutions, and lending and risk management solutions. It serves banks, credit unions, financial institutions, the public sector, large enterprises, small businesses, and merchants. The company has a business presence in North America, Europe, the Middle East, Africa, Latin America, and Asia-Pacific. UK financial institutions, banks, and fintechs have been partnering with Fiserv to provide fast, secure and innovative payment technology.
ACI Worldwide
ACI Worldwide — a leader in real-time payments — delivers mission-critical real-time payment software solutions that enable corporations to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. ACI solutions have been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. As a leading software provider to UK financial institutions, ACI shares a common mission to improve trust in payments, simplify access to promote competition; and build a new architecture for payments.
About the Spherical Insights & Consulting
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