Global AML Software Market Expected to Reach $690 Million – with a 11.4% growth through 2016.
When it comes to AML compliance, the role of technology continues to expand. A recently-released report from TechNavio examined the role that software is playing in this sector, and found that over the 5-year period from 2013 to 2018, growth of 11.5 percent is expected.
TechNavio, a global research firm that specializes in technology and related industries, examined data not only from the Americas but also from the APAC (Asian and Pacific countries) and EMEA (Europe, the Middle East and Africa) regions. It compiled historical market data along with information from industry experts, and placed it into context via an analysis of the current financial landscape.
Ultimately, its prediction supports a notion that AML Partners has been advancing for years: AML compliance is critical for any financial institution, and top-notch software is becoming increasingly important in ensuring it. An article on PR Web described how one factor, the proliferation of debit cards, contributes to the importance of these sorts of solutions.
“[Increased debit card usage] leads to data breach by criminals to access huge amounts and acquire debit card information. Large-scale data breaches of major retail chains are currently common. If there are a number of debit frauds against an enterprise customer satisfaction is not met and thus they stop availing the service. To save customers loss and prevent customers from becoming the victim of such activities, many enterprises are deploying AML software,” explains the source.
Between the importance of AML compliance, and the increasing sophistication of money-laundering techniques, having a reliable software solution is no longer a luxury for financial institutions.
