AML Market Poised to Grow, Report

February 1, 2016

A U.S. District Court in Minnesota has just made anti-money laundering (AML) compliance a bit more personal. The court has ruled that compliance officers and other individuals can be held responsible for AML control failures under the Bank Secrecy Act (BSA).

For former MoneyGram Chief Compliance Officer Thomas Haider the ruling is bad news—it means that he still may be required to pay the $1 million civil money penalty being imposed by the Financial Crimes Enforcement Network (FinCEN).

AML continues to be a growing concern for financial institutions, and Technavio’s market research analyst estimates that the AML software market is expected to grow at a compound annual growth rate of 11% between 2016 and 2020.

Analysts estimate that the Americas will be the largest market for AML while the APAC region will witness the fastest growth. According to the report, factors driving the growth are strict AML regulations, increasing need for regulatory compliance, increasing demand for automated transaction monitoring systems, and the growing acceptance and adoption of these solutions.

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