North America Anti-Money Laundering Market size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

North America Anti-Money Laundering Market Analysis

The North America anti-money laundering market has witnessed growth due to an increase in demand for transaction monitoring systems that assess financial crime patterns. This can be used in various other applications for detecting financial crimes such as terrorist financing, fraud, drug trafficking, bribery, corruption, and identity theft, which can significantly affect the country's economy. In recent times, AML solutions are gaining popularity among various financial institutions such as insurance companies, commercial banks, internet banks, retail banking, insurance companies, and mortgage companies, among others. Moreover, its gaining popularity among various industries such as the gaming & gambling industry, real estate industry, currency exchange (MSB), payment industry, the investment industry, and government bodies across the globe.

North America Anti-Money Laundering Market Size

Data Bridge Market Research analyses that North America anti-money laundering market is expected to reach USD 3.11 billion by 2031 from USD 1.02 billion in 2023, growing with a CAGR of 15.1% in the forecast period of 2024 to 2031.   

North America Anti-Money Laundering Market Trends

“Increased Financial Crimes Detection Efforts”

Increased financial crimes detection efforts have intensified scrutiny on Anti-Money Laundering (AML) measures, focusing on enhancing compliance and monitoring systems trends. Financial institutions are implementing more rigorous procedures to identify suspicious transactions and patterns indicative of money laundering. These measures include strengthening internal controls, improving transaction reporting practices, and enhancing collaboration with regulatory bodies. The push for greater transparency and accountability aims to disrupt financial crime networks and reduce illicit financial flows. By adopting comprehensive AML frameworks, organizations seek to mitigate risks and protect the integrity of the financial system. This proactive approach reflects a broader commitment to combatting financial crime and maintaining regulatory compliance.

Report Scope and Anti-Money Laundering Market segmentation

Definición del mercado de lucha contra el blanqueo de dinero en América del Norte

Las soluciones Antilavado de Dinero (AML) se utilizan para detectar y advertir a las instituciones sobre lavado de dinero, financiamiento del terrorismo, fraude, delitos electrónicos, soborno y corrupción, evasión fiscal , malversación de fondos, seguridad de la información, transacciones ilegales transfronterizas, entre otros que impactan enormemente la economía del país y pueden perjudicar su reputación. AML es un término que se utiliza generalmente para describir la lucha contra el lavado de dinero y los delitos financieros. Las soluciones Antilavado de Dinero (AML) cumplen con varias políticas, leyes y regulaciones que ayudan a prevenir los delitos financieros. Estas pautas, políticas y leyes son establecidas por los reguladores locales presentes en todo el mundo, que tienen como objetivo fortalecer el funcionamiento de las soluciones AML.

Dinámica del mercado de lucha contra el blanqueo de dinero en América del Norte

En esta sección se aborda la comprensión de los factores impulsores, las ventajas, las oportunidades, las limitaciones y los desafíos del mercado. Todo esto se analiza en detalle a continuación:

Conductores

• Aumento de los esfuerzos de detección de delitos financieros

El aumento de los esfuerzos para detectar delitos financieros ha intensificado el escrutinio de las medidas contra el lavado de dinero, centrándose en mejorar los sistemas de cumplimiento y monitoreo. Las instituciones financieras están implementando procedimientos más rigurosos para identificar transacciones sospechosas y patrones indicativos de lavado de dinero. Estas medidas incluyen el fortalecimiento de los controles internos, la mejora de las prácticas de reporte de transacciones y la mejora de la colaboración con los organismos reguladores. La campaña para lograr una mayor transparencia y rendición de cuentas tiene como objetivo desmantelar las redes de delitos financieros y reducir los flujos financieros ilícitos. Al adoptar marcos integrales de lucha contra el lavado de dinero, las organizaciones buscan mitigar los riesgos y proteger la integridad del sistema financiero.

Por ejemplo,

• En agosto de 2024, según el blog Informa PLC, ThetaRay, un proveedor israelí de monitoreo de transacciones impulsado por IA, adquirió la fintech belga Screena. Esta ofrece una solución de detección de lavado de dinero impulsada por IA para instituciones financieras (IF). Esta adquisición tiene como objetivo mejorar la capacidad de ThetaRay para proporcionar una visión integral de los riesgos transaccionales y de detección de clientes. Apoya el aumento de los esfuerzos de detección de delitos financieros, incluidas las actividades ilegales relacionadas con el juego, y fortalece la plataforma de detección de delitos financieros de extremo a extremo basada en la nube de ThetaRay.
• Aumento de las regulaciones estrictas y el cumplimiento en materia de lucha contra el lavado de dinero

Un programa de cumplimiento de las normas contra el blanqueo de dinero es un conjunto de normas o reglas que una institución financiera debe seguir para prevenir y detectar actividades de blanqueo de dinero y financiación del terrorismo. Los delitos financieros contra instituciones financieras como bancos y cooperativas de crédito han aumentado recientemente. En 2019, hubo un aumento de entre el 50 y el 60 % en los casos de fraude financiero con respecto a 2018, y se espera que aumente en los próximos años. Las pérdidas sufridas por los bancos en toda Europa son bastante significativas.

Por ejemplo,

• En julio de 2024, según el artículo publicado por The Good Returns, los gobiernos ampliaron las regulaciones contra el lavado de dinero (AML) más allá de las instituciones financieras tradicionales para incluir sectores no financieros como el inmobiliario y los activos virtuales. Esta expansión tenía como objetivo abordar las vulnerabilidades en estos sectores debido a sus transacciones de alto valor y su opacidad. También se introdujeron sanciones más estrictas por incumplimiento, lo que mejoró la cultura de cumplimiento y redujo el riesgo de explotación financiera. Para las empresas de juegos de azar, estas regulaciones más estrictas fomentan un marco AML más sólido, promueven la integridad y reducen los riesgos legales.

Oportunidades

• Aumento de la adopción de análisis avanzados en la lucha contra el lavado de dinero

La analítica avanzada es un sistema autónomo o semiautónomo que analiza datos o contenidos mediante técnicas y herramientas sofisticadas, algo muy diferente de la inteligencia empresarial tradicional. Esta analítica proporciona un análisis más profundo mediante el cual el sistema predice y genera recomendaciones. La analítica avanzada en las soluciones AML puede desempeñar un papel fundamental en la detección de lavado de dinero, delitos financieros, robo de identidad y transacciones transfronterizas. Además, la analítica avanzada puede desempeñar un papel fundamental en el monitoreo avanzado de transacciones.

Según la Oficina de las Naciones Unidas contra la Droga y el Delito (UNODC), anualmente se mueven 2 billones de dólares de dinero ilegal. Otra encuesta realizada por la Oficina de Basilea contra el blanqueo de dinero (AML) en 2018 señaló que el 64% de los países en la clasificación de 2018 (83/129) tienen una puntuación de riesgo de 5,0 o superior y pueden clasificarse libremente como países con un riesgo significativo de blanqueo de dinero y financiación del terrorismo.

Por ejemplo,

• In May 2024, according to the article published by NDTV Profit, Pine Labs-owned Setu launched India's first large language model (LLM) application tailored for the BFSI sector. This LLM, trained on extensive datasets, can recognize and generate text. The introduction of this advanced analytics tool aims to enhance AML (anti-money laundering) efforts by improving text processing and analysis capabilities in financial services. For Setu, this move positions it as a leader in integrating cutting-edge AI into the BFSI sector, offering advanced solutions for compliance and risk management
• Integration of Ai and ML in Developing AML Solutions

Money Laundering has become a very important financial issue that financial authorities are trying to stop. According to the survey, money laundering is estimated to be 2 to 5% of the Europe GDP, or a net worth of USD 2 trillion is being laundered. There are various other issues, such as identity theft and cross-border transactions.

In 2020 according to a survey, 1.4 million complaints about identity theft cases were registered. In 2020, Cross-border transactions across Europe were estimated at around USD 23.21 trillion. All financial crimes are happening because of weak AML solutions and hesitancy to follow the guidelines set by the regulators. According to Fenergo's research, Regulators/agencies hit banks with a near-record USD 10 billion worth of fines in 2019; it also pointed out that 60.5% of the penalties came from banks violating anti-money laundering rules.

For instance,

• In March, ACI Worldwide, Inc. announced the launch of ACI fraud scoring for financial institutions. It is a platform launched for delivering next-generation machine learning capabilities. This launch will help the company expand its solution portfolio for its customer base. This solution will help financial institutions to protect their payment servers

Restraints/Challenges

• Privacy Concerns in Customer Data Monitoring

The rise in online gambling platforms has heightened privacy concerns regarding customer data monitoring. As operators implement advanced anti-money laundering (AML) measures, they collect and analyse extensive personal information to detect suspicious activities. This scrutiny raises significant privacy issues, as users’ sensitive data is increasingly subject to detailed tracking and examination. Balancing effective fraud prevention with robust data protection is crucial, as excessive monitoring can lead to breaches of privacy and erode customer trust.

For instance,

• In October 2023, according to the article published by Mondaq Ltd., India's Digital Personal Data Protection Act, 2023, introduced new privacy regulations impacting the online gaming industry. The act emphasized stricter data protection measures, requiring gaming platforms to ensure explicit consent for data processing, provide rights to data access and correction, and enforce robust security practices. The regulations also addressed concerns related to targeted marketing, especially towards minors, and set higher compliance standards for platforms handling large volumes of user data

Deploying AML Software is Expensive

According to the survey conducted by the Government Accountability Office (GAO). U.K. banks spent between 0.4% and 2.4% of their total 2018 operating expenses on anti-money laundering software. Banks in the survey spent an average of USD 15 per new account on due diligence requirements, even though the actual cost ranged from USD 5 to USD 44 depending on the type of bank. It was observed that banks spend the most on CDD, 29%, and reporting costs of 28% on average. In comparison, 18% was associated with training, testing, internal controls, software, and third-party costs, which accounted for 17% of AML solutions on average. In Europe, a survey conducted by LexisNexis risk solution in 2019 stated the true cost of anti-money laundering (AML) software is very high in European countries as the demand for the product is high.

For instance,

• In September 2023, according to the article published by The Investopedia, HSBC was fined USD 1.9 billion for severe lapses in its anti-money laundering (AML) controls, notably for laundering money for Mexican drug cartels. The scandal highlighted weaknesses in HSBC's compliance mechanisms and led to the imposition of additional $665 million in civil penalties. This case underscores the high cost of deploying effective AML software and compliance measures in banking. Investing in advanced AML solutions helps prevent costly penalties and maintains regulatory compliance, benefiting financial institutions by reducing legal risks and enhancing operational integrity

North America Anti-Money Laundering Market Scope

The North America anti-money laundering market is segmented into five notable segments on the basis of the offering, function, deployment, enterprise size, and end use. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

By Offering

• Solution
  • KYC/CDD and Watchlist
  • Transaction Screening and Monitoring
  • Case Management
  • Regulatory Reporting
• Services
  • Type
    • Professional Service
    • Managed Service
• Services
  • Type
    • Integration
    • Support and Maintenance
    • Training and Consulting

By Function

• Supervisory Compliance Management
• Currency Transaction Reporting
• Customer Identity Management
• Transaction Monitoring

By Deployment

• Cloud
• On-Premise

By Enterprise Size

• Large Enterprises
• Small & Medium-Sized Enterprises

By End Use

• Banks & Financial Institutions
• Insurance Providers
• Gaming & Gambling
  • Gambling Type
    • Casino
      • Type
        • Live Casinos
        • Poker
        • Blackjack
        • Baccarat
        • Slots
        • Others
  • Application
    • Live Entertainment/Online
      • Type
        • Hotels
        • Multiple Dining Options
        • Others
    • Offline/Land Based
      • Type
        • Mobile
        • Desktop
    • Sports Betting
      • Type
        • Football
        • E-sports
        • Horse racing
        • Others
    • Lottery
    • Bingo
    • Raffles/Pools
• Government
• Others

North America Anti-Money Laundering Market Regional Analysis

The North America anti-money laundering market is segmented five notable segments on the basis of the offering, function, deployment, enterprise size, and end Use. 

The countries covered in the North America anti-money laundering market report are U.S., Canada, and Mexico.

U.S. is expected to dominate and fastest growing country in the market due to increasing stringent regulations and compliance for AML.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.  

North America Anti-Money Laundering Market Share

North America anti-money laundering Market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus.

The North America anti-money laundering market leaders operating in the market are:

• NICE (Israel)
• IBM (U.S.)
• sanctions.io (U.S.)
• Intel Corporation (U.S.)
• Oracle (U.S.)
• SAP SE (Germany)
• Accenture (U.S.)
• Experian Information Solution
• Inc. (Ireland)
• Open Text Corporation (Canada)
• BAE Systems (U.K.)
• SAS Institute Inc (U.S.)
• ACI Worldwide (U.S.)
• Cognizant (U.S.)
• Trulioo (Canada)
• Temenos Headquarters SA (Switzerland)
• WorkFusion, Inc, (U.S.)
• Vixio Regulatory Intelligence (England)

 Latest Developments in Anti-Money Laundering Market 

• In September 2023, IBM announced that its Payments Center joined the Swift Partner Programme, creating new collaboration opportunities with over 11,000 Swift members worldwide. This partnership allowed IBM to offer enhanced payment solutions and end-to-end cloud-based Swift connectivity, reducing the need for clients to manage Swift hardware and software. The collaboration helped financial institutions modernize payment platforms, access AI technologies, and improve efficiency without high development and compliance costs
• In April 2024, Oracle introduced the Financial Services Compliance Agent, an AI-powered cloud service designed to help banks mitigate anti-money laundering (AML) risks. This service allows banks to conduct cost-effective scenario testing to adjust controls, identify suspicious transactions, and enhance compliance. It also helps banks assess and optimize transaction monitoring systems, evaluate new product risks, and proactively address high-risk typologies. This solution aims to reduce compliance costs and improve the effectiveness of AML programs
• In January, Oracle highlighted its comprehensive cloud solutions for banks through Oracle Financial Services. The company emphasized that banks are increasingly adopting cloud services driven by AI and ML advancements. Oracle provides a full suite of fintech solutions that are cloud-ready, scalable, and secure, offering banks a single vendor solution without the need for multiple fintech partnerships. Oracle's platform supports over 3,000 microservices and open APIs, helping banks transition from legacy systems and stay competitive
• In September, Oracle and Quantifind announced a strategic collaboration to enhance anti-money laundering (AML) processes. Quantifind’s SaaS solutions for investigations, customer due diligence, and alerts management integrated with Oracle's Financial Crime and Compliance Management platform. This partnership aimed to improve AML efficiency by up to 30% and streamline workflows with advanced AI and machine learning. The integration allowed Oracle clients to access comprehensive data and enhance their AML compliance capabilities through a unified platform 

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