According to IMARC Group’s latest report, titled “Anti-Money Laundering (AML) Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global anti money laundering software market grew at a CAGR of around 16% during 2014-2019.

Looking forward, IMARC Group expects the global market to continue its moderate growth during the next five years.Anti-money laundering (AML) software refers to an application that enables banks and other financial institutions to analyze customer data and identify ambiguous transactions.

It monitors, investigates, and reports suspicious transactions and unauthorized access to financial accounts.

They also track market manipulations, trade of illegal goods, fraudulent activities with public funds and tax evasions, etc.

As a result, AML software finds extensive applications across various industries, including banking, financial services and insurance (BFSI), information technology, defense, retail, etc.The anti money laundering software market is primarily driven by the growing incidences of money laundering and cyber-attacks across the globe.

Additionally, the implementation of stringent government regulations for mitigating the risk of money laundering activities, particularly in the BFSI sector, is augmenting the demand for AML software market.