Moreover, the surging volume of digital payments, rising technological advancements, and mounting internet traffic will also accelerate the market growth in the foreseeable future. Financial institutions across the world are deploying AML solutions and services to mitigate money laundering incidents arising due to the increasing use of digital payments.
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Another primary factor catalyzing the market growth is the soaring number of money laundering cases worldwide. The rising incidents of such financial frauds can be attributed to the growing penetration of the internet and surging use of virtual currencies globally. Additionally, the rising preference for online banking services will also augment the demand for AML solutions in the foreseeable future.
Cybercriminals across the world are using internet banking platforms to facilitate money generation through drug trafficking and terrorist funding and make it appear to have come from a legitimate source. Moreover, the escalating focus of governments on mitigating cyberattacks and online financial frauds will also support the anti-money laundering market growth in the foreseeable future.
The burgeoning use of online banking services and rising internet traffic, and the booming number of unidentified payment services for digital transfer of funds, is encouraging governments to draft and implement stringent AML legislations and digital payment security norms to enhance control and security and ensure compliance by financial organizations.
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