By 2024, the global anti-money laundering market is expected to double, according to new research from MarketsandMarkets, the research firm.
The worth of the AML market is expected to grow from a worth of $1.5bn today to $3.6bn in the next five years. The growth is particularly growing due to a proliferation of cloud-based services in banking, financial services and insurance.
Terrorism funding and money-laundering activities are the key factors driving the growth of the market. As a consequence of these increase is harder rules regarding compliance issued from regulators. For instance, both Swiss and US regulators have recently made commitments to counteract money laundering.
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