https://newtelegraphng.com/anti-money-laundering-market-to-hit-9-38bn-by-2030/

The anti-money laundering market will grow from $4.13 billion to $9.38 billion by 2030, according to a MarketsandMarkets report.

The projection represents a Compound Annual Growth Rate( CAGAR) of 17.8 per cent, according to a press release. In order to combat money laundering, financial institutions have crafted data hubs for compliance and risk profiling, according to the report.

They are also adopting behavioral learning and machine learning tools to minimize false positives. The report indicated there has been major regulatory pressure on financial institutions to have better data visibility, which they address through data hubs for compliance and risk purposes.

During the forecast period, Europe will see the highest CAGAR due in part to the EU’s Sixth Anti-Money Laundering Directive and push from individual nations such as Germany and France.