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The transaction monitoring market of North America is estimated to register a CAGR of 11.84% over the projected period of 2020-2028. An increase in need by organizations to mitigate money laundering, manage KYC compliance, etc. are the significant factors propelling market growth in the region. In addition, the emerging AI applications and the rising big data industry in the region are anticipated to create lucrative opportunities for the market.
The North America transaction monitoring market is segmented for further analysis into the countries of the United States and Canada. As per the survey conducted in 2017, by Thomson Reuters, Canada, 50% of the companies are victims of financial frauds. In July 2019, FINTRAC amended new regulations for money laundering and terrorist financing activities. Banks in Canada have had to put up a long fight against money laundering. The banking industry was the first among those to report suspected financial transactions to the RCMP. Canadian banking industry recognizes its crucial role in combating money laundering and terrorist financing and has constantly supported the efforts of the Canadian government to develop an effective regime. The banks in Canada operating foreign subsidiaries or foreign branches in other countries are required to implement a compliance program for assessing and detecting money laundering and terrorist funding.
Some of the prominent companies functioning in the market are ACI Worldwide Inc, Fair Isaac Corporation, BAE Systems, Fiserv Inc, Fidelity National Information Services Inc, etc.
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- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
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- Market Segmentation cater to a thorough assessment of key segments with their market estimations
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