LONDON and NEW YORK, Dec. 12, 2018 /PRNewswire/ -- Global spend on Anti-Money Laundering (AML)/ Know-Your-Customer (KYC) and related financial crime and compliance activities is projected to increase 18.3% in 2018 to a record $749 million, 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 (47.0%), totaling an estimated $351.1 million in 2018, with revenues in EMEA (up 19.8%) and Asia accounting for $301.1 million and $96.1 million, respectively.
Refinitiv will have been the largest global provider of AML/KYC data and information in 2018 with total estimated revenues of $247.6m. Dow Jones will be the second largest provider of AML/KYC services, overtaking LexisNexis Risk Solutions which will place third.
Dow Jones will have reported the fastest growth in 2018, with revenues estimated to increase 34.3% in 2018. Bureau van Dijk will be second in terms of revenue growth, followed by LexisNexis Risk Solutions and RDC.
"Spending on AML/KYC compliance solutions is surging as regulatory pressure is forcing the financial industry to implement fully transparent, verifiable and auditable compliance records as part of their compliance obligations," says Chris Porter, Associate at Burton-Taylor. "Clients are demanding automated solutions to support their regulatory obligations, with vendors differentiating their offerings by providing customized solutions that efficiently integrate into existing work flows."
About Burton-Taylor International Consulting (www.burton-taylor.com) Burton-Taylor International Consulting, part of TP ICAP group, is the recognised 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.