Market Trends of US Anti Money Laundering Solution Industry
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.
With a continuous increase in the share of the population using digital banking services from 61.3 in 2018 to 65.3% in 2022 and the development of new technological payments from digital payment to NFT and blockchain technologies, it needs more technological advancement to detect money laundering. NFT ownership among investors in the United States in March 2021 was 21% of the total investment made by the population. A continuous increase in spending on blockchain technology from 1.65 bn USD in 2018 to projected spending of around 41bn USD, through which bitcoin was developed in 2009 by Satoshi Nakamoto is leading to the creation of cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple etc. With the development of these new transaction methods more innovation and investment are required in the US- Anti Money laundering market.
US-Anti Money laundering market is affected by development in rules regarding Money laundering.
With continuous development in law for Anti Money laundering, it requires a need from companies to encapsulate them for detection of cases related to money laundering. With US patriot act of 2001 has major sections affecting financial institutions such as (311, 312, 313, 319(b), 325,326,351,353, 356, 359, 362) and the Bank Secrecy Act of 1970 which includes the currency and foreign transaction reporting act and with latest Anti Money laundering Act which becomes on Jan1, 2021. All these laws had to be taken into consideration for financial Institutions and companies providing services regarding Anti-Money laundering solutions.
