Connect with us


Anti-money laundering system spend to reach $51.7 billion by 2028

A new study by Juniper Research, the foremost experts in fintech and payments markets, has found that by 2028, total spend on third-party AML (Anti-money Laundering) systems will have grown by 80%; up from $28.7 billion in 2024.

This growth will be driven by the use of AI to assist AML analysts and reduce false positives.

AI Co-pilots to Assist AML Analysts
The research found that AML systems are increasingly using AI in an assistive role. These AI co-pilot systems can reduce the number of false positives and improve risk assessment. We anticipate that this co-pilot role will remain popular, due to ongoing concerns from regulators around the explainability of fully automated decisions using AI.

AML Vendors Expanding Beyond Financial Industries
Juniper Research identified that AML system vendors are increasingly expanding the scope of industries they cover beyond financial markets. For example, the total spend on third-party AML systems by professional and other businesses, such as the legal, real estate and non-profit sectors, will reach $6.3 billion globally by 2028; growing 170% from 2024.

In order to successfully reach these new high-growth industries that are not well covered by existing solutions, we recommend AML systems vendors tailor their capabilities and partnerships to better serve these segments.

Research author Daniel Bedford commented: “AML system vendors should extend partnerships with data providers, to allow coverage in different sectors, such as gambling and professional services. This will allow compliance teams across a broader range of markets to identify high-risk transactions or customers and minimise the impact of financial crime.” Juniper Research

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!