Asia Pacific Anti Money Laundering Solutions Market – Growth, Trends, COVID-19 Impact and Forecast (2022-2027)

Asia Pacific Anti Money Laundering Solutions is segmented by Type (Software and services), by deployment (On-premise and cloud), by solution (Know your customer systems, Compliance reporting, Transaction monitoring, Auditing & reporting, and other solutions), by Industry (Healthcare, BFSI, Retail, IT and telecom, Government & others), and by country (Australia, China, India, Japan, Singapore, South Korea and rest of APAC).

Market Snapshot

Asia Pacific AML solutions market
Study Period: 2018-2027
Base Year: 2021
CAGR: >10 %

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Market Overview

The Anti-money laundering solutions market in the Asia-Pacific region is expected to exhibit maximum growth over the next few years due to the several innovations done by the regional players and initiatives taken by the regional government to heighten the security of the financial landscape of the countries in the region.

COVID-19 has positively impacted market growth due to a rapid rise in online sales and the increasing use of online payment solutions. A rise in non-cash payments through mobile payments, internet payments, and prepaid cards is increasing the chances of illegal money transactions in recent times. The high-speed execution of transactions coupled with minimal direct interaction between the person initiating the transaction and the service provider has amplified the vulnerability of these new payment methods to money laundering activities.

Companies are increasingly integrating technologies, such as AI, ML, and automation, in their AML solutions to boost the market growth. For instance, 3i Infotech Limited launched an advanced AML solution, AMLOCK Analytics, equipped with Artificial Intelligence (AI) and Machine Language (ML). AMLOCK Analytics uses various statistical methods and machine learning algorithms to derive analyses and predictions based on institution-specific historical data.

Several regional banks and financial institutions are collaborating with global AML solution providers to deploy their solutions, which will help them maintain compliance.

Scope of the Report

The Anti-Money Laundering Compliance solution is a vertical solution, leveraging best business practices and unique technology to help financial institutions to comply with Anti-Money Laundering regulations. Asia Pacific Anti Money Laundering Solutions is segmented by Type (Software and services), by deployment (On-premise and cloud), by solution (Know your customer systems, Compliance reporting, Transaction monitoring, Auditing & reporting, and other solutions), by Industry (Healthcare, BFSI, Retail, IT and telecom, Government & others), and by country (Australia, China, India, Japan, Singapore, South Korea and rest of APAC).

By Type
Software
Services
By Deployment
On-premise
cloud
By Solution
Know your customer systems
Compliance reporting
Transaction monitoring
Auditing & reporting
Other solutions
By Industry
Healthcare
BFSI
Retail
IT & telecom
Government & others
By Country
China
India
Australia
Japan
Singapore
South Korea
Rest of Asia-Pacific

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Key Market Trends

Rise in the Volume of Wired Transactions Driving the Market

Asia-Pacific is the most developed real-time payments market globally. Thailand is the largest country in the volume recorded 9.7 billion real-time transactions in 2021, the fourth leading country in the world. The widespread adoption of real-time payments resulted in estimated cost savings of USD 1.3 billion for businesses and consumers.

In 2021, Malaysia recorded 1.2 billion transactions, accounting for an estimated USD 434 million in cost savings for businesses and consumers, whereas Singapore witnessed real-time payments transactions hit 256 million and realized approximately USD 105 million worth of cost savings for businesses and consumers.

Real-time transactions and growth are expected to rise continuously, with emerging countries like India leading the way and outpacing developed nations. Governments around the globe that enable real-time schemes are driving economic growth and prosperity by providing consumers and businesses with cheaper, faster, and more efficient payment methods.

Asia Pacific AML solutions market

Increased Need for Automated Transaction Monitoring Systems Boosting the Market

Demand for automated transaction monitoring systems is growing substantially in Asia-Pacific, especially in countries like China and India. In the current pandemic scenario, financial institutions face an even larger challenge in AML and terrorist financing. Public firms are taking preventive measures to combat jobless people involved in money mule scams. Financial criminals started developing more advanced money laundering methods as technology advanced. Criminals detect gaps in financial systems and commit crimes such as money laundering and terrorist financing. It is hard for financial institutions to detect and prevent these financial crimes.

So, companies automatically monitor their customers' transactions, such as deposits, withdrawals, and money transfers, and can present any suspicious activity as evidence so that financial institutions can ensure they meet AML Compliance requirements using AML Transaction Monitoring.

Asia Pacific AML solutions market

Competitive Landscape

The report covers major Asian-Pacific Anti-Money Laundering Solutions Market players. In terms of market share, few major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. Its major players include Accenture, ACI worldwide, BAE system, NICE systems, and SAS Institute.

Recent Developments

· On March 14, 2022, BAE Systems partnered with the University of Nottingham Malaysia to tackle missed risk, and how unsupervised machine learning can be used in the discovery of previously undefined risks in money laundering, academia and analysts will work side by side to push the boundaries of machine learning for enhanced AML solutions.

· On August 31, 2021, Idbi Intech partnered with LIC and implemented their iAML (Anti Money Laundering) solution. iAML will provide an Enterprise-Wide Single View of Risk & Compliance at the transactions & customer level, harnessing Advanced Analytics, Workflow, and Artificial Intelligence with a comprehensive set of pre-built rules and scenarios.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on Various Regulatory Landscape

    5. 4.5 Insights on impact of technology and innovation in the market

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Software

      2. 5.1.2 Services

    2. 5.2 By Deployment

      1. 5.2.1 On-premise

      2. 5.2.2 cloud

    3. 5.3 By Solution

      1. 5.3.1 Know your customer systems

      2. 5.3.2 Compliance reporting

      3. 5.3.3 Transaction monitoring

      4. 5.3.4 Auditing & reporting

      5. 5.3.5 Other solutions

    4. 5.4 By Industry

      1. 5.4.1 Healthcare

      2. 5.4.2 BFSI

      3. 5.4.3 Retail

      4. 5.4.4 IT & telecom

      5. 5.4.5 Government & others

    5. 5.5 By Country

      1. 5.5.1 China

      2. 5.5.2 India

      3. 5.5.3 Australia

      4. 5.5.4 Japan

      5. 5.5.5 Singapore

      6. 5.5.6 South Korea

      7. 5.5.7 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Accenture

      2. 6.2.2 ACI worldwide

      3. 6.2.3 BAE system

      4. 6.2.4 NICE systems

      5. 6.2.5 Oracle corporation

      6. 6.2.6 SAS Institute

      7. 6.2.7 Fiserv

      8. 6.2.8 Open text corporation

      9. 6.2.9 IBM corporation

      10. 6.2.10 Temenos AG

      11. 6.2.11 eastnets

      12. 6.2.12 Idbi intech*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNTIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Frequently Asked Questions

The Asia Pacific Anti Money Laundering Solutions market is studied from 2018 - 2027.

The Asia Pacific Anti Money Laundering Solutions is growing at a CAGR of >10% over the next 5 years.

Accenture, ACI worldwide, BAE system, NICE systems, Oracle corporation are the major companies operating in Asia Pacific Anti Money Laundering Solutions.

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