Sunday, May 19, 2019
News
NEWS HOME
»
PRN INDIA
India Anti-Money Laundering (AML) Software Market to Reach $86.7 Million by 2023
  SocialTwist Tell-a-Friend  
   

NOIDA, India, April 18, 2019 /PRNewswire/ --

According to a new market intelligence report by BIS Research, titled 'Global Anti-Money Laundering (AML) Software Market - Analysis and Forecast, 2018-2023', the global anti-money laundering software market was estimated at $868.0 million in 2017 and is expected to reach $1.77 billion by 2023. It is estimated that the AML software market in India, which accounted for approximately 4.09% of the global market in 2017, will reach $86.7 million by 2023, growing at a CAGR of 15.71% during the forecast period (2018-2023).

        (Logo: https://mma.prnewswire.com/media/495163/BIS_Research_Logo.jpg )

Browse 52 market Data Tables and 104 Figures spread through 220 Pages and in-depth TOC on 'Global AML Software Market'

The growth in the AML software market in India can be significantly attributed to the factors such as regulatory compliance requirements of financial institutions with international regulatory bodies along with increased volume of wired transactions. Money laundering has been a key concern since the early 90s and it continues to be a significant challenge for economies across the globe.

Over the past decade, significant threats of terrorism due to the act of money laundering have become a major concern for regulatory bodies (outside India) such as Financial Crimes Enforcement Network (FinCEN) and Financial Action Task Force (FATF). Money laundering is the process of showing illegally acquired money to appear as legal. The act of money laundering generally involves three steps that are placement, layering, and integration.

India, with an AML index score of 5.28, ranks 68th in the list of 129 countries provided by the Basel Institute of Governance, which is an independent non-profit competence centre working to strengthen quality of governance, counter corruption and other financial crimes. The risk score is based on 14 indicators and provide an indication of the countries that are complying with the regulations and have least number of financial frauds. The score 1 is considered as the best score and implies that the country is complying with the standards and has witnessed the least number of frauds.

BIS Research Report: https://bisresearch.com/industry-report/anti-money-laundering-software-market.html

Prevention of Money Laundering Act, 2002 came into existence in 2005, due to persistent problems with money laundering activities that the country had been facing despite India having one of the robust anti-money laundering systems. The government of India ensures that the financial institutions comply with the foreign-exchange laws, transaction reporting requirements, and KYC norms. The government has taken measures such as the demonetization in 2016 targeting the shell companies in the country to curb the money laundering activities in India. Such initiatives by the government are expected to play a major role in defining the future of money laundering in India.

In the Hawala method, a common money laundering method in India, an individual can access or transfer money from one location to another without the involvement of an authorized person. Also, the Hawala method of transferring money occurs at different foreign exchange rates, as stated by the Reserve Bank of India (RBI). The key features of this system include transferring value without moving funds. India has always been a target of several terrorist groups and these groups launder money using Hawala.

The most common methods for laundering money in the financial institutions have been opening multiple bank accounts, purchasing bank checks with cash, and routing funds through complex legal structures. India had 9,600,000 currency transaction reports registered in 2013-2014.

According to Yash Agrawal, Analyst at BIS Research, "The adoption of analytics and machine learning in AML is increasing the adoption of anti-money laundering software in crypto currency market and emerging economies. Robotic Process Automation (RPA) in AML along with KYC are the major factors which are expected to create lucrative opportunities for the market in the next five years. The market is packed with advancements in anti-money laundering systems, in order to promote digital currency activities. Additionally, cloud-based solutions are expected to witness a significant growth during the forecast period, owing to the lower cost of implementation than that in the on-premise deployment models."

Request for a Sample: https://bisresearch.com/requestsample?id=682&type=download

The market report provides a detailed analysis of the trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary, and SWOT analysis. The overall market has been segmented by software type along with deployment type.

The report also includes a comprehensive section on the geographical analysis which has been segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest-of-the-World (RoW). The key companies offering AML software solutions in India include Infrasoft Technologies Ltd., 3i Infotech, and Surya Software Systems Private Limited, among others apart from global key vendors such as Oracle Corporation, NICE Actimize, and SAS Institute Inc.

Key Questions Answered in the Report  

  • What was the revenue generated by the global AML software market in 2017 and what will be the estimates by 2023?
  • Which software type, such as transaction monitoring software and currency transaction reporting software are expected to dominate the AML market in the coming years?
  • Which deployment model, such as on-premise or cloud-based, is adopted in the current market and what is the future outlook?
  • What are the new strategies adopted by the existing market players to make a mark in the industry?
  • What are the major driving forces that tend to increase the demand for the global AML software market during the forecast period, 2018-2023?
  • What are the major market drivers, challenges, and opportunities in the global AML software market?
  • Which region is expected to dominate the global AML software market during the forecast period, 2018-2023?
  • What are the major factors inhibiting the growth of the AML software market?
  • What is the consumer outlook and challenges for the AML software market?
  • Who are the key market players in India and what is the market share in 2017?
  • What is the supply chain for the global AML software market?

About BIS Research:  

BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.

With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.

Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.

Contact:
Bhavya Banga
Email: media@bisresearch.com
+91-120-4261540-44
BIS Research Inc.
39111 PASEO PADRE PKWY STE 313,
FREMONT CA 94538-1686

Visit our Blog @ http://bisresearch.com/blog/
Connect with us on LinkedIn @ https://www.linkedin.com/company/bis-research
Connect with us on Twitter@ https://twitter.com/BISResearch

More News by PR Newswire India

Shiv Nadar University Celebrates Its Fifth Convocation

The Rising Global Impression of Manipal’s AUA, College of Medicine

UST Global Announces CEO Retirement and Succession Plan

MaxiMine Forms Strategic Partnership With Jinse Finance as Salon Series Hits Chengdu

SEMI Monitors Escalating U.S.-China Trade Tensions; Eyes Global Electronics Supply Chain Impact

GCL System Unveils Cast-Mono Products to Welcome Grid-Parity Era

Bicester Village Launches 'Celebrating India' With VIP Guests Waris Ahluwalia, Jodie Kidd and Donna Air

Panda Asian Food Festival kicks off in Chengdu

Zoya Presents Style Digest 2.0 With Ace Stylist Rhea Kapoor

STL Launches Disruptive Portfolio of Software Products to Accelerate CSPs' Digital Reinvention

TPV Announces the Availability of the Revolutionary 65" Ambilight Philips Television in India

IIM Udaipur Placement 2019: Offers From Multiple Global Locations; Major E-Commerce and FMCG Players Among Top Recruiters

BanQu Secures Partnership with RSM Spain to Bring Supply Chain Transparency, Traceability and Sustainability to Spanish and European Markets

Pearson India to Focus on B2C Business to Accelerate Growth

Peppa Pig and her Brother George Finally Arrive in India

LeadSquared Raises USD 3 Million in Series-A Funding to Focus on Global Expansion

Vidyashilp Community Trust Adopts 21 Government Schools in the N4 Region of Bengaluru

Apex Professional University Recognized as the 'Best Education Brand of 2019' by the Economic Times

Research Afoot at Shoolini University to Produce Biodiesel From Biowaste

Hatsun Agro Product Ltd Strengthens its Portfolio With the Launch of New Dairy Products

Marlin Equity Partners Announces Strategic Minority Investment by Blackstone

InnoVEX Returns in 2019 for New Thinking, New Engineering, and New Future

CleverTap Bolsters C-Suite Leadership as it Accelerates Product Development and Market Expansion

ThomasLloyd Launches First Open-ended Public Infrastructure Fund and Signs Global Fund Distribution Agreement With Allfunds

Midstream Partners Find Growth Opportunities as Management Complexity of Water Climbs in Upstream Oil & Gas

At the Astana Economic Forum-2019 Forecasts Are Voiced Regarding the Future of Mankind

OpenFin Raises $17 Million Series C from Wells Fargo and Barclays

Hangzhou's IC projects attract RMB 163 million investments in Q1, up 24.1 pct year-on-year

Prysmian Secures Approx. €200 Million Offshore Wind Energy Project in the US

Huawei Wins Intersolar AWARD at Intersolar 2019

7th Edition of Concrete Show India Commences in Mumbai

Wanda Department Store Officially Renamed Suning.com Plaza

BOS Platform Foundation Announces the 'BOSAGORA' Platform That Will Fulfill the BOS Project Vision

Pennar Industries Receives NCLT Approval to Merge PEBS Pennar and Pennar Enviro With Itself

Simplilearn Aims to Double its Revenues to INR 500 Crores by 2021

Automakers that Focus on Energy-efficient Vehicles Best Poised to Leverage Government Subsidies, says Frost & Sullivan

Reevoo and J.D. Power Combine Strengths to Lead Automotive Consumer Insights Space in the US

HGC further collaborates with Salesforce and Enxoo to accelerate digital transformation and deliver a better customer experience

TUV Rheinland opens state-of-the-art Wireless/IoT lab in the heart of India's high-tech design hub

Hip Hop Superstar Travis Scott to Headline Friday Night Yasalam After-Race Concert at 2019 Abu Dhabi Grand Prix

IIIT-Hyderabad Conducts First Training of Teachers for Student Induction Programme by UGC

Frost & Sullivan: Water and Wastewater Companies to Gain an Edge by Offering Innovative Business Models Tailored for APAC

StrataWeb® Solved Slope Erosion Problem at a Reservoir

Absolut Announces Winner of Global Creative Competition From 7,500 Entrants

Global Recognition for Synergy Group

MSE Further Strengthens its Board; Inducts SEBI CDAC Member Mr. Vijay Sardana as Public Interest Director

Local and Global AI Leaders Collaborate to Kickstart Vietnam's AI Movement

IQLECT Launches 'ShopIQ' to Provide Real-time Analytics for E-commerce Businesses

SCIKEY Becomes the First to Introduce Crowdsourcing of Job Seeker Resumes With its 'Seller Platform'

Appnext Has Achieved a Top Ranking in the Kochava Traffic Index for Q1 2019

Latham & Watkins Adds Three Prominent Corporate Partners In Tokyo

Next Story Group Acquires Melbourne Property to Establish the First LinQ Hotel

Shiji Group And FreedomPay Announce Key Partnership To Support Global Expansion Plans

Merck Data at ASCO 2019 Showcase Multiple Innovative Molecules with Potential to Impact Unmet Needs in Cancer Care

Universal Fibers Opens New Plant Facility in Europe

Apollo Proton Cancer Centre, Chennai performs India's First Total Marrow Irradiation Procedure

Vendors Focusing on Hard Goods to Gain from the Rising Demand for Self-retracting Lifelines

Cotecna Acquires Neotron, a Leading Provider of Analytical Solutions to the Food Sector

Collinson Continues Medical Assistance Expansion With Aspen Medical Partnership

Nielsen Is No. 7 On 100 Best Corporate Citizens List In 2019

Cambium Networks Announces Wireless Connectivity Hero Award Winners for First Quarter of 2019

Hangzhou attracts RMB1.5 billion investments in bio-pharmaceutical projects in Q1

OKJumpstart Announces ALLIVE Token Sale on Their Platform

Herbalife Nutrition Survey Reveals 8 In 10 Asia Pacific Consumers Strive for Healthier Breakfasts, But Majority Still Make Breakfast Decisions Based on Convenience

NetBiz Joins Wellness Fest to Lead the Way for a Happier Navi Mumbai

What is your Marketing ROI: Understanding Real Impact to Grow Revenue

Connell broadens offering to its Life Science customers with the acquisition of Ingredient Resources

SOTC Launches its 'Last Minute Deals' - a 10-Day Sale for Spontaneous Travelers This Holiday Season

IBM Expands "New Collar" Programs into France

Cyril Amarchand Mangaldas Advises on India's Largest Rights Issue of INR 25,000 Cr by Vodafone Idea Limited

Zift Solutions Launches Strategic Partner Program

IBM Showcases Work with European Companies Using Hybrid Cloud and AI Solutions to Transform Industries

FarEye Targets 325% Growth in Revenue This Fiscal

Jinergy 450W HJT Module in the Spotlight in Intersolar Europe

Right2Vote: Government of India Certified e-Voting Platform for Insolvency Cases

Comscore Announces New Leadership in APAC and EMEA

First-of-its-Kind PV Inverter Scorecard Ranks Manufacturers by Performance in Independent Tests

Liventus Technology Services, India Announces Rebranding to PQube

MEIL Completed 130 Projects in FY-19

CATL and Volvo Car Group Sign multi-billion-dollar battery supply deal

LONGi Released New Series of High-Power Modules - 430W Hi-MO4 and REAL BLACK

Huawei Defines Digital City Needs with Maslow Model and Supports their Transformation with Digital Foundation

Nuix responds to market demand for a hosted eDiscovery solution with zero infrastructure costs in Asia

Seraphim rolls out Innovative Blade Bifacial Solar Module

Pneuma Respiratory and Leads Biolabs, Inc. Announce Partnership

Bittrex International and Vodi X Partner for Initial Exchange Offering

Gratomic Provides Clarification Regarding its Signing of a Definitive Graphite Concentrate Sales Agreement and Exclusive Marketing Agent for Continental Europe

Sekisui Diagnostics Invests $1.9 million in Microbial Biopharma CDMO Business

Astana Economic Forum: "Inspiring growth: people, cities, economies"

Joint Press Statement On Behalf Of Dr. Shiva Ayyadurai And Techdirt, Michael Masnick, And Leigh Beadon

Black Bull Advisors' Luis R. Gonzalez Delivers Keynote Speech at the NYC Blockchain Fund Summit While Explaining the Firm's AI-based Crypto-focused Hedge Fund

Harnessing Data and New Digital Technologies: Airbnb Executive to Explain the Rules of Modern Marketing

ActLight SA Announces Closing of Its Series C Round of Financing

Coinplug receives its fourth Korean government project of 2019

Adyen Selected By Uber As A Global 3D Secure Solution Provider

Qualitrol Releases New Gas Options for Their Flagship Online DGA Monitor

TechSmith Receives Frost & Sullivan 2019 Global Market Leadership Award for Dominating the Lecture Capture Solutions Market

JA Solar Half-cell Mono PERC Module, a New Choice of High-efficiency Products for the South Korea Market

Dalmia Bharat Group Commissions India's Most Advanced Monolithic Refractory Production Line in Katni (MP) India

Bayshore Networks Applauded by Frost & Sullivan for Its Comprehensive Cyber Security Platform, Lighthouse

Gratomic Announces Signing of a Definitive Graphite Concentrate Sales Agreement and Exclusive Marketing Agent for Continental Europe

Siklu MultiHaul™ cTU, the Next Generation TU, is Now Available

Xi'an Food Shines at 2019 Chinese Artisan Food Festival in Xi'an, Shannxi, China

High Adoption of Electric Vehicles in China Attracts OEMs Looking to Expand Their Global Footprint

UNSW Business School Ranked 1st in the World for Risk and Actuarial Studies

Bright Pattern Selected as Finalist for Omnichannel Provider of the Year for Customer Contact Week (CCW) Excellence Awards

NMDC Shines at Singapore Iron Ore Week - 2019

China (Shaanxi) Pilot Free Trade Zone Development Forum is held to further the country's opening up and development

Arvind Fashions Partners With Nucleus Vision to Create a More Seamless & Personalized Shopping Experience

Bain & Company's India Private Equity Report 2019, Released

Diageo Reserve Announces World Class 2019 in India

ReNew Power Conferred LEED Gold Certification by US Green Building Council

Swiss Re Hosts Exclusive Career Forum for Women -'ElevateHER'

Brain imaging AI leader icometrix raises $18 million in new funding

Ortho Clinical Diagnostics to Host 4th Annual Hospital C-Suite Summit in Singapore

Bithumb Global Launches a Global Cryptocurrency Exchange

Global IaaS Market Rises as Enterprises Opt for Hybrid and Multi-Cloud Deployment Models

Empire State Building Run-Up Presented by Turkish Airlines Powered by the Challenged Athletes Foundation

Frost & Sullivan Publishes Annual Update on BioLineRx

INOX Leisure Scripts History With Exceptional Results

HighJump Named a Leader in Gartner 2019 Magic Quadrant for Warehouse Management Systems

Silicon Reclaim Wafer Market Logs Second Year of Strong Growth but Softening Ahead

Inclusive Technology Introduces AMAneo BTi, the World's First Mouse Adapter for iPad or iPhone

Master Kong delivers customized instant food products to China's Winter Sports athletes

Major Industry Analyst Firms Cite Io-Tahoe as a Leader in Smart Data Discovery

MGI Announces US$200 Million in First Round Fundraising

Measure Applauded by Frost & Sullivan for its Strategic Mix of Organic and Inorganic Growth Strategies in the Drone Services Provider Market

Rising Auto Demand and Surge in Investment to Push Platinum Market Into Deficit, Says Johnson Matthey's Latest Pgm Market Report

Former U.S. Secretary of State John Kerry, Her Royal Highness Princess Lalla Hasnaa of Morocco, Mahindra Group Chairman Anand Mahindra, African Wildlife Foundation CEO Kaddu Sebunya Among Newest Members of Earth Day Network's Global Advisory Committee

Artprice: Sculpture, the Medium of Tomorrow

Beijing Spring International Long Distance Walk Carnival held in Fangshan

Frost & Sullivan Publishes Annual Report on Enlight

Buyers From More Than 40 Countries and 100 Smart Cities of India to Witness World's Largest Ceramics Expo

Gazprom International Children's Social Programme Football for Friendship Global Ambassador Franz Beckenbauer to Share Skills with Young Players from Around the World in Madrid

NetLinkz appoints IT Industry Veteran Jim Preketes as Chief Operating Officer

Pennar Group Bags Orders Worth INR 311 Crore

World-class residential project Prague Town in China's Lishui makes an appearance in New York on May 10

Nexen Tire's Partner Manchester City Becomes Back-to-Back Champions at the Premier League

IIIT-Hyderabad's Prof. Pradeep K. Ramancharla Elected Vice President (South) of Indian Association of Structural Engineers (IAStructE)

Flock Coliving Launches its 102-room Project in Sector 40, Gurugram

Torry Harris Named a 'Leader' Among Specialist API Strategy and Delivery Service Providers

Seraphim launches PLANET products, targeting PV energy storage market

AI will affect one in every five jobs in Asia--eliminating one in eight, finds new report by MIT Technology Review Insights

HTC Global Services Prepares for Growth With Investment in Prestigious Offices in the Heart of Kuala Lumpur

Ryanair Surpasses New Safety Standards For Flight Tracking With GlobalBeacon

The Seventh HIMSS-Elsevier Digital Healthcare Award in APAC Opens for Submissions

Designer Parfums Announces License With Formula 1® for Fragrance Category

Manorama Industries Limited Declares a Robust Financial Performance in FY2018-19

Heads of China's Science and Technology Community Expect to Deepen International Cooperation and Make More Friends

Empire State Building in Partnership with iHeartMedia Shines a Light on the Robin Hood Foundation with Shawn Mendes Music-to-Light Show

Deutsche Bank Exec Joins the Founders Bank Project as CEO

OK Jumpstart Set to Launch 2nd Token Sale for ALLIVE (ALV) Next Week

PokerStars Deals Its 200 Billionth Hand

125th Canton Fair Welcomes 195,000 Buyers, Closes with Turnover Reaching $29.73 Billion

IntelliStay Hotels Announces Equity Investment From Promoter Group PRAMA Hotels

An unforgettable overnight Templestay in a UNESCO World Heritage-listed Buddhist mountain monastery in Korea

Dalmia Bharat Limited: Maintaining Financial Prudence

Impelsys welcomes T V Vinod Kumar as Chief Operating Officer to propel its next phase of growth

Children Learn to Become World Citizens at the 2019 Eye Level Model United Nations Camp in South Korea

Students of Ryan International Schools Dominate the City, State and National Toppers List

Recently Conducted JD Annual Design Awards 2019 Honours Creative Professionals

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Compare Bengal, UP: Yogi's barb at Mamat...
One vote will shape India's development ...
Re-polling underway at 7 Andhra Pradesh ...
Nitish Kumar condemns Pragya Thakur's pr...
West Bengal run by goons: Kailash Vijayv...
PM Modi offers prayers at Badrinath Temp...
More...    
 
 Top Stories
Voting underway for 8 Lok Sabha sea... 
Voting underway for Agra North Asse... 
Himachal Pradesh: One of India's fi... 
NCP supremo Sharad Pawar meets N Ch... 
Babul Supriyo slams TMC for complai... 
Your vote is precious, says Anupam ... 
Gurdaspur: Brothers attacked by mis... 
Saudi Arabia says does not want war...