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By 2028, total spending on third-party anti-money laundering systems will have risen by 80 per cent from $28.7 billion this year, according to a study from Juniper Research, a body tracking fintech and payments markets.

Growth will be driven by using artificial intelligence to assist AML analysts, reducing the problem of “false positives.” (A “false positive” is a person incorrectly classified as positive, for example someone who has broken AML laws.)

The research found that AML systems are increasingly using AI in an assistive role, akin to that of a “co-pilot.”

AML system vendors are increasingly expanding the scope of industries they cover beyond financial markets. For example, the total spend on third-party AML systems by professional and other businesses, such as the legal, real estate and non-profit sectors, will reach $6.3 billion globally by 2028, growing 170 per cent from 2024, the report said. 

For years, the private banking, wealth and private client professional services sectors have identified AI as a useful tool for handling compliance tasks such AML and know-your-client screens. (See this news service’s 2017 research report which touched on these points.)

“AML system vendors should extend partnerships with data providers, to allow coverage in different sectors, such as gambling and professional services,” research author Daniel Bedford said. “This will allow compliance teams across a broader range of markets to identify high-risk transactions or customers, and minimise the impact of financial crime.”