Currency transaction report analytics11/18/2023 ![]() The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The global anti-money laundering market size is expected to grow from $2.17 billion in 2022 to $2.53 billion in 2023 at a compound annual growth rate (CAGR) of 16.5%. The global anti-money laundering market is segmented –ġ) By Product: Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring.Ĥ) By Organization size: Small and Medium Enterprises (SMEs), Large Enterprisesĥ) By End-User: BFSI, Government, Healthcare, IT and Telecom, Other End-Users The various organisation sizes include small and medium enterprises, and large enterprises and involve several end-users such as BFSI, government, healthcare, IT & telecom, and others. The different components include software and services that are deployed through cloud and on premise. Compliance management refers to monitoring and evaluating systems on a continuous basis to make sure they correspond to business and regulatory policies and requirements, as well as industry and security standards. Compliance management is used to deter and prevent potential offenders from engaging in fraud or crime, including money laundering. The main product types of anti-money laundering are compliance management, currency transaction reporting, customer identity management, and transaction monitoring. The anti-money laundering is used to stop the practice of generating income through illegal actions. To prevent fraudulent and illegal activity surrounding the financial systems banks and financial institutions adhere to a set of policies and regulations for KYC (Know Your Customer) /CDD (Customer Due Diligence), transaction screening, monitoring, and compliance. Anti-money laundering refers to a procedure used by financial institutions, including banks, insurance companies, and gaming and gambling establishments to keep an eye on and stop any unlawful actions that enable money laundering and terrorist financing.
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