Market Trends of UK Anti Money Laundering Solutions Industry
This section covers the major market trends shaping the UK Anti Money Laundering Solutions Market according to our research experts:
UK Ranks in Top for Global Money Laundering
The research from Credas has found that the UK ranks second place in the global money laundering by the amount. The study has found that approximately GBP 88 billion is laundered every year in the UK. Around the world, it is estimated that 3% of the global GDP is laundered every year. For the United Kingdom, the annual laundered amount equals around 4.3% of the country's GDP. The US ranks first in global money-laundering followed by the United Kingdom. Other top countries on the list include France, Germany, and Canada. While countries like Latvia and Iceland rank at the last of the list. Money laundering and its linkages to organized crime are a huge global problem that banks are at the center of, with their inability to notice suspicious behavior largely to blame for the enormous volumes and value of money cleaned by criminals in the United Kingdom.
BFSI's are the Largest User for Anti Money Laundering Solutions in the UK
Globally, including in the United Kingdom, the BFSI category dominated the Anti Money Laundering Solutions market. By end-users, BFSI accounted for more than a third of the AML Solutions market. Retail banking, commercial banking, digital banking, wealth management institutes, insurance, and insurtechs are all part of the BFSI category. Because of the digitalization and automation of financial systems, as well as considerable growth in online transactions, banks are confronting an ever-increasing risk of fraud and financial crimes. Anti-money laundering regulations specify the steps that BFSI must take to prevent and detect financial crimes, resulting in a demand for anti-money laundering solutions across the industry. The growing Fintech landscape in the UK also enhances the AML solution market as Fintechs also deal with monetary transactions and should abide by money laundering rules prescribed by authorities.
