US Anti Money Laundering Solutions Market - Growth, Trend, Covid-19 Impact and forecast (2023-2028)

US Anti Money Laundering Solutions Market has generated a revenue of USD 330 Million in the current year and is poised to achieve a CAGR of 13% for the forecast period.

Money laundering is an essential service for criminals dealing with large amounts of cash. Cash is funneled via multiple accounts into a legal business, where it becomes entwined with the firm's earnings and is no longer recognizable in its original form. With all major payments shifting to online, cashless, and new types of money transactions, financial institutions are finding it challenging to determine the legality of transactions. To solve this many software firms had came up with systems to identify the legitimacy of transactions and if there occur suspectable transactions record them. In 2021 around 64.6% of US citizens use online banking.

With the advent of Covid-19, as people preferred staying at home and the government came with welfare policies for economic compensation most of the transaction mode shifted to online mode. From 2019 to 2022 share of the population using digital banking in the United States continuously increased from 62.7% in 2019 to 65.3% in 2022. Money laundering a white coloured crime risk increase as more transaction would be shifting towards digital mode to prevent banks and economic system from these fraud more advanced technology system such as Anti-money laundering solution markets need to grow.

With progressiveness in law-making from the Us Bank Secrecy law (1970) to the US patriot act (2001) and the Anti-money laundering act (2021) signifies a continuous effort has been made by the government to minimize these crimes which amount to 2-3 % of world GDP. It creates an emerging platform for the US Anti-money laundering solution market to grow with technological and software advanced products focused on real-time digital payment and provide flexibility in the complex and rapid payment system.

US Anti Money Laundering Solution Market Trends

US-Anti Money laundering market is affected by development of New transaction meathods.

With a continuous increase in the share of the population using digital banking services from 61.3 in 2018 to 65.3% in 2022 and the development of new technological payments from digital payment to NFT and blockchain technologies, it needs more technological advancement to detect money laundering. NFT ownership among investors in the United States in March 2021 was 21% of the total investment made by the population. A continuous increase in spending on blockchain technology from 1.65 bn USD in 2018 to projected spending of around 41bn USD, through which bitcoin was developed in 2009 by Satoshi Nakamoto is leading to the creation of cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple etc. With the development of these new transaction methods more innovation and investment are required in the US- Anti Money laundering market.

US-Anti Money laundering market is affected by development in rules regarding Money laundering.

With continuous development in law for Anti Money laundering, it requires a need from companies to encapsulate them for detection of cases related to money laundering. With US patriot act of 2001 has major sections affecting financial institutions such as (311, 312, 313, 319(b), 325,326,351,353, 356, 359, 362) and the Bank Secrecy Act of 1970 which includes the currency and foreign transaction reporting act and with latest Anti Money laundering Act which becomes on Jan1, 2021. All these laws had to be taken into consideration for financial Institutions and companies providing services regarding Anti-Money laundering solutions.

US Anti Money Laundering Solution Market Competitor Analysis

The anti-money laundering market is growing in the US. As a global currency, the US dollar is accepted in every corner of the globe making it a widely used currency for purpose of Money laundering. With increasing fintech companies in the US such as Stripe, Klarna, and FTX having overall revenue of (95,46,32) billion USD, further growth is expected in market size for these companies with emerging markets of Digital transactions. North America is having the largest share of the Anti-Money laundering software market worldwide with a share of 28% in 2022 creating its global leadership.

US Anti Money Laundering market is consolidated. Most of the IT and software services providers are in the US providing their services to financial Institutions operating under a different set of rules globally and combating terror funding and money laundering.

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