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Adroit Market Research studied Anti-Money Laundering Software Market Size by Deployment Type (On-Premise and Cloud), by Product Type (Transaction Monitoring Software, Currency Transaction Monitoring, Customer Identity Management, Compliance Management and Others), by Application, Financial institution (Tier -1 Commercial Banking, Tier -2 Credit & Finance institution, Tier -3 Micro Finance Institution and Tier -4 Loan Lending institution), by Region. The study includes global anti-money laundering software market size till 2025 along with company summaries which include company overview, product offering, and recent developments and financial overview.
By 2025, global anti-money laundering software market size is projected to cross USD 2 billion. Increased frauds in Fintech services & digital transactions and increased spending on IT solutions by financial institutions is expected to drive the growth of global anti-money laundering software market. Additionally, strict rules and regulations by Financial Action Task Force (FATF), International monetary funds, Bank Secrecy Act in the U.S. to increase the adoption of anti-money laundering software driving the AML software market growth.
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On-premise is projected to be a preferred deployment type over cloud during the forecast period. Concerns over security and data theft for cloud deployment is the reason for slower adoption. These problems are expected to be solved coupled with other benefits such as pay-per-use model and cost-effectiveness and is projected to increase adoption of cloud in anti-money laundering software. The cloud segment is projected to grow at a CAGR of 12.1% during the forecast period in the global anti-money laundering software market.
Transaction monitoring software will continue its dominance with a share of around 50% during the forecast period. International banking systems are facing increased money laundering threats and hence major commercial banks worldwide are updating their transaction monitoring systems, which shall assist them in suspicious transaction monitoring on a real-time basis. This is expected to drive the growth of transaction monitoring systems within the global anti-money laundering software industry.
According to the United Nations Office on Drug and Crime, money laundering worldwide is estimated to be 2% of the global GDP. To counter these money laundering cases which are financing to terror activities and drug trafficking government have implemented various acts and rules in many regions for the financial institution. For instance, in North and Central America, USA Patriot Act and Bank Secrecy Act in the U.S., Proceeds of Crime (Money Laundering) in Canada and Federal Law for the Prevention and Identification of Operations in Mexico are the reason major financial institutions in the region have widely adopted to anti-money laundering software. Thus, North and Central America had the largest market in 2017 and is projected to grow at a CAGR of 8.46% during the estimated period in global anti-money laundering software market.
Technological developments such as machine learning which is capable of constructing algorithms that shall help in the predictive analysis are expected to revolutionize the anti-money laundering software. Machine learning is expected to reduce money laundering and thus improve the efficiency of financial institutions. Owing to which major tier 1 financial institutions such as commercial banks across the globe are expected to adopt and update to anti-money laundering software during the forecast period. Tier 1 financial institution is expected to have a share of more than 70% in the global anti-money laundering software industry.
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The key players associated in the global anti-money laundering software market are Oracle Corporation, Fiserv, Inc., Accenture Inc., SAS Institute Inc., Thomson Reuters Corporation, SunGard, FICO TONBELLER, Ascent Technology Consulting, EastNets and others. Deploying the latest AML solution for their clients is a key strategy adopted by the players in the market to strengthen their market position. For instance, in 2017, Fiserv, Inc. announced that it had deployed a cloud-based version of Fiserv AML Risk Manager for LuLu Exchange, a major player in currency exchange, cross-border remittance, and other financial services. This version shall offer techniques such as machine learning to detect suspicious transactions increasing fraud detection accuracy.
Segment overview of global anti-money laundering software
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Reading posthumous completions of famous authors' unfinished mysteries is always a bit of a gamble, because the intrepid completers set themselves the exceedingly difficult task of replicating the very particular virtues (as well as, perhaps, a few much-excused quirks or even faults) of said famous author. In this case, I found myself somewhat disappointed, although you'll notice I still gave it three stars, which in my lexicon means "provided substantially more enjoyment than irritation".
Stella Duffy did not have a half-finished deathbed masterpiece to work with here, but rather an abandoned few chapters and associated notes for a novel started at least thirty years before Marsh's death. (This leads one to the rather obvious question of why it was abandoned, although one can only speculate). It is a wartime novel, where part of the mystery revolves, not very subtly, around treasonous activities in a remote (and apparently cave-riddled) part of New Zealand, where a military hospital and its associated morgue (in a cave) form the principal setting. Marsh's detective Alleyn is there, writing homesick letters to sidekick Fox and wife Troy, due to the national security issues, but ends up conveniently solving a local murder that becomes intertwined.
The plot's a bit sensationalist, which is only what we expect from Marsh, and the murder details are actually a little less gruesome and bizarre than in some of her work. The characters, including the Fox-substitute that Alleyn picks up, are not hugely well-developed, though one or two of them have private secrets. Lesbian attraction is a motivating factor for one character, and though it is hopeless and decried, I think there's some evidence that Duffy played down any nastiness that wasn't completely necessary to understand the plot. None of this was particularly bothersome and some entirely expected in a Marsh-mimicry.
My discomforts, such as they were, were actually with the writing, which was clunkier than Marsh's, and the unsuccessful attempt to introduce motifs and quotations from "A Midsummer Night's Dream" - they seemed terribly superimposed, whereas I always got the sense that the theatrical references in Marsh's own writing sprang spontaneously out of her own background in theatre.
There are three intertwined crimes in this story: one faked murder, one real domestic murder with mitigating circumstances, and one treasonous plot. We are clearly invited by Alleyn's musings, and explanations to pseudo-Fox at the end, to compare and contrast the outcomes for the individuals involved, and whether they are properly weighed and balanced. (Bear in mind that New Zealand still had the death penalty in the 40s). Was this rather ambiguous ending one of the reasons Marsh abandoned the project? As I say, we can only speculate.
I can't say I'm sorry that Duffy picked up the project and published it. It provided a few hours of harmless pleasure. However, to those who want to read Ngaio Marsh, read Ngaio March, not this.
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