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US Anti Money Laundering Solution Market Analysis

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

This section covers the major market trends shaping the US Anti Money Laundering Solution Market according to our research experts:

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

US Anti Money Laundering Solution Industry Segmentation

With an increase in transactions through different means of online methods whether it is through Blockchain or other online transaction methods there arises a need to scrutinize these transactions so that the money can't be used for destructive purposes and to validate its legality. IT Firms are coming with different software and technologies especially in a large economy like the US to watch over these financial transactions and get rid of the activity of Money laundering made through financial transactions. With the increasing opportunity for Anti Money laundering market solutions in the US, the market is segmented by Solutions (Know Your Customers (KYC) Systems, Compliance Reporting, Transaction Monitoring, Auditing, and Reporting), Type (Software, Services) and Deployment Model(On-Cloud, On-Premise).