LONDON and NEW YORK, Nov. 20, 2019 /PRNewswire/ -- Global spend on Anti-Money Laundering (AML)/ Know-Your-Customer (KYC) and related financial crime and compliance activities is projected to increase 17.5% to a record $905 million in 2019, according to a Burton-Taylor International Consulting (part of TP ICAP's Data & Analytics division) report published today.
Other key findings include:
The Americas region will have accounted for the largest share of global revenues (45.5%), totaling an estimated $432.9 million in 2019, with revenues in EMEA and Asia accounting for $353.0 million and $118.6 million, respectively.
Refinitiv is the largest global provider of AML/KYC data and services with total estimated revenues of $272.4m. Dow Jones is the second largest provider, in terms of revenues, followed by LexisNexis Risk Solutions.
Dow Jones is projected to see the fastest revenue growth among AML/KYC services providers in 2019, with revenues projected to increase 27.5% for the year. Bureau van Dijk will be second in terms of revenue growth, followed by LexisNexis Risk Solutions and RDC.
"The importance of AML/KYC services in the global finance community continues to grow, with vendors seeking to expand product offerings through strategic partnerships and targeted acquisitions of unique data providers," says Jennifer Milton, analyst at Burton-Taylor. "Established vendors are also under pressure to revamp and improve existing product offerings, as they face rising competition from a new wave of tech-savvy firms entering the AML/KYC marketplace."
About Burton-Taylor International Consulting (www.burton-taylor.com) Burton-Taylor International Consulting, part of TP ICAP group, is the recognized leader in information industry market research, strategy and business consulting. Burton-Taylor Exchange, Credit, Risk, Compliance, Media Intelligence, PR and Market Data share figures are seen as industry benchmark standard globally. For further information see www.burton-taylor.com.
About TP ICAP (www.tpicap.com) TP ICAP brings together buyers and sellers in global financial, energy and commodities markets. It is the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, trusted by clients around the world. We operate from offices in 31 countries, supporting award-winning brokers with market-leading technology. For further information see www.tpicap.com.