UK Anti Money Laundering Solutions Market- Growth, Trends, COVID-19 Impact, And Forecasts (2022 - 2027)

UK Anti Money Laundering Solutions Market can be segmented By Solutions, (Know Your Customers (KYC) Systems, Compliance Reporting, Transaction Monitoring, Auditing, and Reporting), By Type (Software and Solutions), By Deployment Model (On-Cloud, On-Premise), By End-User (BFSI, Government, IT & Telecom and Others).

Market Snapshot

UK Anti Money Laundering Solutions Market Size
Study Period: 2018-2027
Base Year: 2021
CAGR: 7 %
UK Anti Money Laundering Solutions Market Major Players

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Market Overview

COVID-19 has accelerated the development of digital technology. Because of political restrictions and the lock-down, everyone is now relying on digital platforms to meet their everyday needs. The most common application is for digital payments. The use of digital wallets has risen as a result of this transition, and the likelihood of unlawful money transactions has grown in the world including the United Kingdom.

Despite, the United Kingdom being the most effective and advanced fighter against Money Laundering, terrorist financing, and fraud, it ranks consistently in the top 5 for global money laundering. As a result, it is proactive for Anti-Money Laundering initiatives. To prevent financial crimes, the United Kingdom has strict and modern legislation in place. AML rules in the United Kingdom have highlighted money laundering crimes and made it plain that money laundering should be avoided. The United Kingdom is also a member of the Financial Action Task Force. The UK's anti-money laundering rules and regulations are in line with FATF guidelines and EU anti-money laundering directives.

In the United Kingdom, various groups have been founded to combat financial crime. The primary national authorities are the 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. Regulators keep an eye on organizations' AML vulnerabilities and make them comply with AML regulations. Failure to comply with anti-money laundering regulations is a criminal offense. Businesses that do not comply with AML compliance face fines and sanctions. As a result, Banking and financial institutions are extra cautious to implement the Anti Money Laundering measures in their institutions.

Scope of the Report

Anti-money laundering software allows users to visualize, monitor, and resolve money laundering problems with ease. Strong data analysis, enhanced risk protection, faster processing, and improved efficiency in resolving these instances are all advantages of anti-money laundering systems. This report aims to provide a detailed analysis of the UK Anti Money Laundering Solutions Market. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights on various drivers and restraints. Also, it analyses the key players and the competitive landscape in the market. UK Anti Money Laundering Solutions Market can be segmented By Solutions, (Know Your Customers (KYC) Systems, Compliance Reporting, Transaction Monitoring, Auditing, and Reporting), By Type (Software and Solutions), By Deployment Model (On-Cloud, On-Premise), By End-User (BFSI, Government, IT & Telecom and Others).

By Solutions
Know Your Customer (KYC) Systems
Compliance Reporting
Transactions Monitoring
Auditing
Reporting
By Type
Softwares
Solutions
By Deployment Model
On-Cloud
On-Premise
By End-User
BFSI's
Government
IT & Telecom
Others

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Key Market Trends

UK Ranks in Top for Global Money Laundering

The research from Credas has found that the UK ranks second place in the global money laundering by the amount. The study has found that approximately GBP 88 billion is laundered every year in the UK. Around the world, it is estimated that 3% of the global GDP is laundered every year. For the United Kingdom, the annual laundered amount equals around 4.3% of the country’s GDP. The US ranks first in global money-laundering followed by the United Kingdom. Other top countries on the list include France, Germany, and Canada. While countries like Latvia and Iceland rank at the last of the list. Money laundering and its linkages to organized crime are a huge global problem that banks are at the center of, with their inability to notice suspicious behavior largely to blame for the enormous volumes and value of money cleaned by criminals in the United Kingdom.

UK Anti Money Laundering Solutions Market Trends

BFSI's are the Largest User for Anti Money Laundering Solutions in the UK

Globally, including in the United Kingdom, the BFSI category dominated the Anti Money Laundering Solutions market. By end-users, BFSI accounted for more than a third of the AML Solutions market. Retail banking, commercial banking, digital banking, wealth management institutes, insurance, and insurtechs are all part of the BFSI category. Because of the digitalization and automation of financial systems, as well as considerable growth in online transactions, banks are confronting an ever-increasing risk of fraud and financial crimes. Anti-money laundering regulations specify the steps that BFSI must take to prevent and detect financial crimes, resulting in a demand for anti-money laundering solutions across the industry. The growing Fintech landscape in the UK also enhances the AML solution market as Fintechs also deal with monetary transactions and should abide by money laundering rules prescribed by authorities.

UK Anti Money Laundering Solutions Market Forecast

Competitive Landscape

The UK Anti Money Laundering Solutions Market is highly competitive. Large players are competing in the market to gain market share. Market participants are concentrating on improving their product offerings in order to better cater to changing user wants and remain competitive in the market. Players in the AML solution market should constantly innovate themselves to cope with the rapidly changing scenario of money laundering. Major companies operating in the given market are NICE Actimize, Trulioo, ACI Worldwide Inc, Fiserv, BAE Systems etc.

Recent Development

  • In April 2022, NICE established cooperation with Deutsche Telekom Global Business, a subsidiary of Deutsche Telekom that provides telecommunications and connectivity services to businesses of all kinds, including the government. Deutsche Telekom Global Business is now delivering the CXone portfolio of industry-leading digital and agent-assisted CX solutions across Europe as part of the partnership.
  • In January 2022, PassFort, a global provider of software-as-a-service regulatory technology solutions, announced a partnership with Trulioo. With the collaboration, Trulioo will provide regulated enterprises with a way to digitally change Know Your Customer (KYC) and Know Your Business (KYB) procedures.

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 INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Driver

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Insight on Technologial Adoption in the Market

    6. 4.6 Insight on Various Government Regulations in the Market

    7. 4.7 Impact of Covid 19 on market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Solutions

      1. 5.1.1 Know Your Customer (KYC) Systems

      2. 5.1.2 Compliance Reporting

      3. 5.1.3 Transactions Monitoring

      4. 5.1.4 Auditing

      5. 5.1.5 Reporting

    2. 5.2 By Type

      1. 5.2.1 Softwares

      2. 5.2.2 Solutions

    3. 5.3 By Deployment Model

      1. 5.3.1 On-Cloud

      2. 5.3.2 On-Premise

    4. 5.4 By End-User

      1. 5.4.1 BFSI's

      2. 5.4.2 Government

      3. 5.4.3 IT & Telecom

      4. 5.4.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 NICE Actimize

      2. 6.2.2 Trulioo

      3. 6.2.3 Quantexa

      4. 6.2.4 Encompass

      5. 6.2.5 BAE System

      6. 6.2.6 LexisNexis Risk Solutions

      7. 6.2.7 Passfort

      8. 6.2.8 Refinitive

      9. 6.2.9 Sanctionscanner

      10. 6.2.10 FullCircl*

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

  8. 8. DISCLAIMER AND ABOUT US

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Frequently Asked Questions

The UK Anti Money Laundering Solutions Market market is studied from 2018 - 2027.

The UK Anti Money Laundering Solutions Market is growing at a CAGR of 7% over the next 5 years.

Nice Actimize, Trulioo, ACI Worldwide, Fiserv Inc, Bae System are the major companies operating in UK Anti Money Laundering Solutions Market.

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