Insights on the Transaction Monitoring Global Market to 2026 – Featuring Fair Isaac, BAE Systems and Oracle Among Others – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Transaction Monitoring Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The transaction monitoring market expected to grow at a CAGR of 14.5% during the forecast period 2021 – 2026.

Companies Mentioned

• Fair Isaac Corp.
• BAE Systems Plc
• Oracle Corporation
• SAS Institute Inc.
• Infrasoft Technologies Limited
• Fiserv, Inc.
• Experian Plc
• Refinitiv Ltd.
• ACTICO GmbH
• Beam Solutions, Inc.

Key Market Trends

Recent Fines Faced By Banks and other Organizations By Regulators

• The Financial and Capital Market Commission (FCMC) is a public body that oversees financial institutions in Lithuania. FCMC fined Signet Bank of Latvia EUR 906,610 for violating anti-money laundering (AML) and anti-terrorism financing regulatory requirements. The reasons for the fines include the Bank’s inadequate internal control system, customer-based risks and violations, and deficiencies regarding risk management. (July 2020).
• The New York State Department of Financial Services imposed penalties on Deutsche Bank AG, the New York branch, and Deutsche Bank Trust Company America for AML compliance failures as well as correspondent banking relationships with Danske Bank Estonia and FBME Bank. Deutsche Bank faced a penalty of USD 216.1 million as a result of this decision. (July 2020).
• The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), fined the Commerzbank London branch EUR 37.8 million for violations of AML controls. The FCA stated that the violations stemming from Commerzbank pose great financial crime risks and damage the stability and integrity of the financial system in the United Kingdom. As a result of FCA’s audits, Commerzbank London detected three major failures, including the failure of periodic due diligence on its customers. The bank was also found to be insufficient in the control procedures of money laundering risks in customer transactions. (June 2020).
• Hong Kong’s Securities and Futures Commission (SFC) imposed a USD 25.2 million fine on Guotai Junan Securities (Hong Kong) Limited for violations of AML processes. The reasons for the AML penalty included the failure to regularly monitor customer transactions and delays in reporting processes. (June 2020).
• Hence rise in such fines and need for monitoring customers transactions indicates the need for robust transaction monitoring solutions.

Europe Accounts to Hold Significant Market Share

• In October 2019, a Joint Opinion published by EIOPA, EBA, and ESMA, the three main European Supervisory Authorities (ESAs), stated that they found weaknesses in the control frameworks of financial institutions regarding transaction monitoring and suspicious transactions reporting, especially in segments having high transaction volumes. The ESAs acknowledged in their opinion that the use of new technologies provides ample opportunities to better fight financial crime.
• According to the European Banking Authority(EBA), AML is the top priority for the European Union in 2020 as terrorist financing, and money laundering are the main threatening risks. To address such an issue, EBA would form a new committee to ensure a collaborative approach towards the problem by working on the superimposable implementation of different policies. The focus is to investigate the breaches of AML regulations and take necessary actions.
• Europe witnessed many money laundering scandals in 2019. For instance, the Danske Bank (Denmark) scandal which exposed the threatening level of suspects that flowed unchecked through European banks in past years.
• This scandal has witnessed Denmark’s largest lender facing a plethora of investigations, probes, recriminations, and accusations in various countries for its monitoring, reporting, and handling of some EUR 200 billion, or more than USD 224 billion, in potentially suspicious transactions tied to Russia.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Adoption of KYT (Know Your Transactions) to Identify Potentially Risky Transactions

4.2.2 Increasing Stringent Regulatory Compliance

4.3 Market Restraints

4.3.1 High Percentage of False Positives with Current Software Solutions

4.4 Overview of Information-Sharing Structures across regions(US – 314(b), UK – Joint Money Laundering Intelligence Taskforce (JMLIT) etc.)

4.5 Industry Attractiveness – Porter’s Five Forces Analysis?

4.6 Assessment of Impact of Covid-19 on the Industry

5 MARKET SEGMENTATION

5.1 Component

5.1.1 Solution

5.1.2 Services

5.2 Geography

5.2.1 North America

5.2.2 Europe

5.2.3 Asia Pacific

5.2.4 Latin America

5.2.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/6q3agd

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