Market Size of UK Anti Money Laundering Solutions Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK Anti Money Laundering Solutions Market Analysis
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.
