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The global AML market size is expected to grow from an estimated value of USD 2.8 billion in 2022 to USD 5.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.9% from 2022 to 2027
Reportlinker.com announces the release of the report “Anti-money Laundering Market by Component, Solution, Organization Size, Deployment Mode, End User & Region – Global Forecast to 2027” – https://www.reportlinker.com/p05815011/?utm_source=GNW.
However, lack of skilled AML professionals with in-depth knowledge and lack of awareness related to government regulations and deployment of AML solutions are expected to hinder the market growth.
- By Solutions, Insurance to grow at the highest CAGR during the forecasted period
Insurance includes life insurance, health insurance, travel insurance, corporate insurance, and vehicle insurance. Insurance firms offer flexible policies and investment products and services.
These products and services allow customers to deposit and withdraw a large amount of money in terms of cash. These flexible offerings and the massive flow of funds in the Life Insurance business has made this industry vulnerable to money laundering and other illegal activities in the insurance industry.
Authorities have imposed AML regulations on insurance covering the transaction monitoring and sanction screening obligation. In the US, the Bank Secrecy Act (BSA) has imposed regulations related to transaction monitoring on insurance firms to track cash flows. To keep a track of money coming in and out of the systems, government and financial bodies implement guidelines specific to the insurance industry, which are expected to fuel the adoption of AML solutions. Thus the Insurance sector is expected to grow at the highest CAGR during the forecasted period.
- By Organization, Large enterprises to account for a larger market size during the forecasted period
By organization size, Enterprises are categorized into Large and Small and medium sized enterprises (SMEs).Enterprises with more than 1,000 employees are considered large enterprises.
Large enterprises are the early adopters of AML solutions, as they use many business applications susceptible to fraudulent attacks. As these enterprises are large, with different types of IT infrastructure, they face the difficult task of effectively managing the security of their applications.
Unlike SMEs, large enterprises are well-equipped with technical skills, have higher investment capabilities, and are more exposed to incidents of fraud. This has led to higher awareness levels among large enterprises.
Large enterprises are rich with resources and offer a number of options for money transactions to customers worldwide. Due to this, large banks, casinos, and insurance companies are more vulnerable than SMEs, due to which large enterprises account for a larger market share than SMEs.
- By Region, North America to grow at highest market size during the forecasted period
Due to the presence of major vendors of AML solutions and services in the North America region and continuous innovations such as the implementation of AI and ML in AML solutions, North America is expected to hold the largest market size during the forecast period. There are two authorities present in the US: BSA and USA Patriot.
These authorities create regulations and policies to combat financial crimes in the country. Such regulatory norms are the major foundations for dependence on AML solutions, which in turn, promote market growth.
Also, the increasing technological advancements and rising money laundering cases fuel the AML market in Canada. AML vendors in this country adopt advanced AI- and ML-based AML solutions to defend their systems against suspicious transactions.
Hence, organizations in Canada are taking modern measures against money laundering and applying a risk-based approach to combat financial crimes, thus increasing the market growth.
Breakdown of primaries:
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the SOC as a Service market.
- By company type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 20%
- By designation: C-level: 40%, Managerial and other levels: 60%
- By region: North America: 20%, Europe: 35%, APAC: 45%
Major vendors in the global MDR market include FICO (US), Fiserv (US), BAE systems (UK), LexisNexis (US), SAP (Germany), SAS Institute (US), ACI Worlwide (US), FIS (US), Oracle (US), Experian (Ireland), Jumio Corporation (US), Nice Actimize (US), GB group plc (UK), Nelito systems (India), Wolters Kluwer financial services (The Netherlands), Comarch SA (Poland), Allsec technologies ltd (US), Dixtior (Portugal), Temenos (Switzerland), TCS (India), Comply Advantage (UK), Featurespace (UK), Feedzai (US), Napier Al (UK), Tier 1 financial solutions (Canada), Finacus solutions pvt ltd (India), FRISS (Netherlands), IDMERIT (US), IMTF (Switzerland), Innovative systems (US), Sedicii (Ireland), Truelioo (Canada), NameScan (Australia), DataVisor, Inc (US), Gurucul (US), Transunion ( US).
The study includes an in-depth competitive analysis of the key players in the AML market, with their company profiles, recent developments, and key market strategies.
Research coverage
The report segment the AML market and forecast its size, by component ( Solutions and services), organization size (SMEs, large enterprises), deployment mode (On-premises, cloud), end users ( Banking & financial institutes, Insurance, Gaming & Gambling) and by region (North America, Europe, Asia Pacific, MEA, and Latin America).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall AML market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05815011/?utm_source=GNW
Navigating the Evolution of AI: A Personal Journey
I have a longstanding relationship with AI, dating back to the 1980s when expert systems were in vogue. However, I steered clear of the AI winter by venturing into formal verification before ultimately finding my niche in networking in 1988.
Much like my colleague Larry Peterson, who treasures classics like the Pascal manual, I still hold onto a couple of AI books from the Eighties, including P. H. Winston’s “Artificial Intelligence” from 1984. Revisiting this book is a trip down memory lane, as its content remains surprisingly relevant today.
Winston’s insights shed light on the evolving landscape of AI, noting its integration into undergraduate computer science curricula and its regular coverage in reputable news magazines. However, defining AI proves to be a challenge, with Winston’s definition revolving around enabling computers to exhibit intelligence. Despite its circular nature, Winston outlines two primary goals of AI: making computers more useful and unraveling the principles behind intelligence.
The debate over the definition of AI persists, with some advocating for the term Artificial General Intelligence (AGI) to distinguish it from statistical models marketed as AI. However, AI has always encompassed a broad spectrum of computing techniques, many of which fall short of human-like intelligence.
In recent years, neural networks, once popular in the late 1980s, have made a resurgence, with deep learning revolutionizing fields like image recognition. However, the terminology surrounding AI systems, such as “deep learning,” can be misleading. While these networks improve with more training data, their learning process differs significantly from human cognition.
For instance, AlphaGo’s defeat by a human opponent employing an unconventional strategy highlights the inability of AI systems to adapt to novel situations. This disconnect between AI learning and human learning underscores the importance of language in shaping our perception of AI systems.
Despite recent skepticism and failures in AI, it’s crucial not to overlook its positive impact. Machine learning, a subset of AI, offers practical solutions to real-world problems, particularly in networking. From denial-of-service prevention to malware detection, machine learning algorithms play a vital role in addressing various networking challenges.
One noteworthy application of AI is its use by Network Rail in the UK to manage vegetation along railway lines through image recognition technology. While perhaps not as flashy as other AI advancements, it exemplifies the practical utility of AI in solving tangible problems.
In light of recent AI hype and criticism, I advocate for a nuanced approach, preferring the term “machine learning” when appropriate. By focusing on “making computers useful,” we can harness the potential of AI to address real-world challenges effectively.
Source: theregister.com
The post Practical Computing: Moving Beyond AI Hype for Real-world Utility appeared first on HIPTHER Alerts.
– Faster-than-anticipated close contributes to accretion and free cash flow benefit realization a year earlier than modeled
– As an Aon company, NFP will operate as an independent and connected platform delivering Risk Capital and Human Capital capabilities
– Enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities as well as $6.0 billion in equity in the form of 19.0 million Aon shares
DUBLIN, April 25, 2024 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm, announced today that it has completed the acquisition of NFP, a leading middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners (MDP), and funds affiliated with HPS Investment Partners for an enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities1 as well as $6.0 billion in equity in the form of 19.0 million Aon shares.
“It is a historic day for our firm as we welcome NFP to Aon and work together to help clients address increasing volatility across risk and people issues,” said Greg Case, CEO of Aon. “With high performing teams and leading content and capability – further enabled by our Aon Business Services operating platform – we will create more value for our clients, while also enhancing long-term shareholder value creation for investors. This acquisition is another example of how we are going further, faster with our 3×3 Plan to accelerate our Aon United strategy and further enhance our relevance to clients.”
The acquisition of NFP expands Aon’s presence in the large and fast-growing middle-market segment, with more than 7,700 colleagues and capabilities across property and casualty brokerage, benefits consulting, wealth management and retirement plan advisory. As an Aon company, NFP will operate as an “independent and connected” platform delivering Risk Capital and Human Capital capabilities from across Aon and will continue to be led by NFP CEO Doug Hammond, reporting into Aon President Eric Andersen.
“The idea of being ‘independent and connected’ is key to how we will collaborate and create more options for clients across our Risk Capital and Human Capital capabilities,” said Andersen. “Doug and his team have built an exceptional client-centered business and we are focused on using our Aon Business Services platform to scale delivery of new capabilities to small and middle market clients across Aon and NFP.”
“With Aon’s acquisition of NFP now complete, we are starting an exciting new chapter in our company’s history,” said Doug Hammond, CEO of NFP. “We look forward to the positive impact that our complementary expertise and capabilities will have on all stakeholders. Aon’s diverse resources and global reach enhance our ability to serve the dynamic risk, workforce, wealth management and retirement needs of our clients. We remain focused on both advancing a culture colleagues want to be part of and working together to contribute to our collective growth and success.”
The faster-than-anticipated close date contributes to expected accretion and free cash flow benefit realization a year earlier than modeled at announcement. Aon will provide further updates on NFP and deal financials, along with the firm’s financial results, guidance, and outlook during its previously scheduled earnings call on April 26, 2024.
UBS Investment Bank served as the exclusive financial advisor to Aon on the transaction. Citi served as a financial advisor and is advising Aon on the transaction financing. Cravath, Swaine & Moore LLP and McDermott Will & Emery LLP acted as external legal counsel to Aon. Evercore acted as lead financial advisor with support from Barclays, BofA Securities, Inc., Deutsche Bank Securities Inc., Jefferies LLC and TD Securities to NFP. Skadden, Arps, Slate, Meagher & Flom LLP and Ropes & Gray LLP acted as external legal counsel to NFP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as external legal counsel to NFP’s capital sponsors.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries and sovereignties with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.
Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.
About NFP
NFP, an Aon company, is an organization of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. We are more than 7,700 colleagues in the US, Puerto Rico, Canada, UK and Ireland serving a diversity of clients, industries and communities. Our global capabilities, specialized expertise and customized solutions span property and casualty insurance, benefits, wealth management and retirement plan advisory. Together, we put people first, prioritize partnerships and continuously advance a culture we’re proud of. Visit https://www.nfp.com/ to learn more.
About Madison Dearborn Partners
Madison Dearborn Partners, LLC is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across four dedicated industry verticals, including basic industries; financial services; health care; and technology & government. For more information, please visit www.mdcp.com.
About HPS Investment Partners
HPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share a common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with $111 billion of assets under management as of February 2024. For more information, please visit www.hpspartners.com.
Investor Contact
Aon
Leslie Follmer
+1 847 442 0622
[email protected]
Media Contacts
Aon
[email protected]
Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
International: +1 312 381 3024
NFP
Josh Wozman
[email protected]
415.318.6441
Safe Harbor Statement
This communication contains certain statements related to future results, or states Aon’s intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of Aon’s operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including, without limitation, statements about the benefits of the acquisition, including future financial and operating results and synergies, Aon’s, NFP’s and the combined firm’s plans, objectives, expectations and intentions are forward-looking statements. Also, when Aon uses words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “looking forward”, “may”, “might”, “plan”, “potential”, “opportunity”, “commit”, “probably”, “project”, “should”, “will”, “would” or similar expressions, it is making forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those set forth in or anticipated by the forward looking statements: adverse effects on the market price of Aon’s securities and on Aon’s operating results for any reason, the failure to realize the expected benefits of the acquisition (including anticipated revenue and growth synergies), the failure to effectively integrate the combined companies, changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax laws, regulations, rates and policies, future business acquisitions or disposals, significant transaction and integration costs or difficulties in connection with the acquisition and/or unknown or inestimable liabilities, potential litigation associated with the acquisition, the potential impact of the consummation of the acquisition on relationships, including with suppliers, customers, employees and regulators, and general economic, business and political conditions (including any epidemic, pandemic or disease outbreak) that affect the combined companies.
Any or all of Aon’s forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon’s performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that potentially could materially affect Aon’s financial results, is contained in Aon’s filings with the SEC. See Aon’s Annual Report on Form 10-K for the year ended December 31, 2023, and additional documents filed by Aon with the SEC for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Any forward-looking statements in this communication are based upon information available as of the date of this communication which, while believed to be true when made, may ultimately prove to be incorrect. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise.
No Offer or Solicitation
This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.
1 Total amount of cash consideration based on estimates of acquired cash.
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Nasdaq’s robust first-quarter performance underscores the increasing demand for its financial technology offerings. The notable upswing in revenue from its financial technology division and index business highlights the efficacy of its adaptable business model amid uncertain market conditions.
Although Nasdaq experienced a downturn in revenue from market services, particularly in U.S. equity derivatives and cash equities, the overall growth in its solutions sector, encompassing index and financial technology products, substantially boosted its net revenue.
The company’s strategic diversification beyond conventional trading and listing services, with a focus on anti-financial crime and compliance solutions, illustrates its commitment to expanding revenue streams and ensuring long-term viability.
Despite falling short of analysts’ expectations for adjusted profit per share, Nasdaq’s emphasis on innovative products and solutions helped offset the impact of slowing trading activity in U.S. equities. The decrease in volumes of equity matched shares and options reflects a period of decreased market volatility.
Prominent listings on the Nasdaq exchange during the quarter, including Astera Labs and Kyverna Therapeutics, further enhance the platform’s appeal to technology and biotech enterprises.
Looking ahead, Nasdaq maintains optimism regarding the pipeline of companies preparing to go public, contingent upon economic and market dynamics. However, immediate market responses to Nasdaq’s earnings call led to a decline in its stock price, mirroring broader trends in the U.S. stock market.
In conclusion, Nasdaq’s performance underscores its resilience and adaptability in meeting the evolving requirements of traders, investors, and listed entities within the dynamic capital markets milieu.
Source: reuters.com
The post Nasdaq’s revenue beats on strong demand for fintech products appeared first on HIPTHER Alerts.
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