ANTI-MONEY LAUNDERING TOOLS MARKET ANALYSIS
Moreover, the intergovernmental organizations such as Financial Action Task Force are encouraging various economies to pass legislation about anti-money laundering activities and adopt AML tools to fight against the money laundering. In addition, growth in the IT expenditure have motivated BFSI companies to adopt the AML solutions. For instance, City Group spent around US$ 8 billion on various technological developments in 2018 to secure its assets. These factors, are expected to drive the global Anti-Money laundering market growth over the forecast period.
However, high initial cost of anti-money laundering tools is the restraining factor for the growth of the market. In addition to that lack of skilled personnel about AML is also expected to hamper the market growth. Moreover, organizations also need to invest time and money to suit itself according to changing government Anti-Money laundering rules and regulations.
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