Best Anti-Money Laundering (AML) Software
Anti-Money Laundering (AML) Software identifies suspect customers and suspicious financial transactions to prevent money laundering and other financial crimes. It provides companies with the tools to meet legal and regulatory requirements regarding money laundering oversight, the most notable of which is the Bank Secrecy Act (BSA). It supplies Know-Your-Customer (KYC) / Know-Your-Business (KYB) capabilities, monitors financial transactions (Know-Your-Transactions - KYT), offers Currency Transaction Reporting (CTR), and assists in AML compliance management. Money laundering is an...
We've collected videos, features, and capabilities below. Take me there.All Products
(1-25 of 136)
ComplyCube is an identity verification platform that automates Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance for businesses. It offers features that enable businesses to verify customer identities through ID documents, biometrics, and government databases.
The SaaS solution combines trusted data sources and expert human reviewers to enable businesses to achieve global AML/CTF compliance, convert more customers, and prevent fraud.…
Ondato is a compliance solution that enables adherence to strict KYC and AML processes. The platform serves as a standalone tool for user verification and onboarding.
Socure is an AI-powered identity verification system designed to help financial services companies prevent identity fraud losses and remain compliant. The system is comprised of ID+, the identity verification mechanism, a KYC (Know Your Customers) Compliance add-on, which uses additional…
STAR is an AML solution designed to improve compliance efforts. The platform covers CDD, EDD, Watchlist, and Transaction Monitoring. It includes a case manager for investigations, automated SAR narrative and filing. Other features include advanced analytics, AI & ML, and performance…
Onfido simplifies identity verification with a platform used by over 900 businesses with the goal of navigating KYC and AML requirements, stopping fraud, and delivering exceptional onboarding experiences.
Clari5 Real-time AML solution helps banks and financial institutions automate, streamline and comply with existing and emerging regulatory AML/CFT compliance programs. The solution suite comprises of 6 key modules viz. Suspicious Activity Monitoring, Customer Risk Categorization,…
An AML service for MLROs and Compliance Officers used to discover Watchlist Screening, PEP Screenings, and Corruption Monitoring.
ATHENA by Cynopsis Solutons uses machine learning methods to generate alerts about the high risk activity patterns that are likely to require scrutiny. Its configurable parameters and risk-based approach improve its accuracy in its transaction surveillance process.
Strise is a solution for customer onboarding, with automation for AML, KYB and KYC, and identity verification processes. Strise collects all necessary client information and provides direct answers to analysts, offering real-time portfolio insights, risk discovery, and visibility…
Learn More About Anti-Money Laundering (AML) Software
What is Anti-Money Laundering Software?
Anti-Money Laundering (AML) Software identifies suspect customers and suspicious financial transactions to prevent money laundering and other financial crimes. It provides companies with the tools to meet legal and regulatory requirements regarding money laundering oversight, the most notable of which is the Bank Secrecy Act (BSA). It supplies Know-Your-Customer (KYC) / Know-Your-Business (KYB) capabilities, monitors financial transactions (Know-Your-Transactions - KYT), offers Currency Transaction Reporting (CTR), and assists in AML compliance management.
Money laundering is an attempt by criminal organizations and individuals to disguise their ill-gotten gains from financial crimes and illegal activities, including human and drug trafficking, corruption, and tax evasion. The software helps prevent these funds from being used to further the illegal activities of crime and terrorist organizations.
AML databases are used to support watch list scanning for sanctioned countries, organizations, and individuals. The software is used by financial professionals, and risk, fraud, and compliance managers in the banking, FinTech, payment, investment, wealth management, real estate, crypto trading, and gaming industries. The software is closely related to Identity Verification Software, as a key component of AML is identity verification. The software is also related to Fraud Detection Software and Governance, Risk & Compliance Platforms.
Anti-Money Laundering Software Features
Anti-Money Laundering Software includes many of the following features.
- KYT (Know-Your-Transaction)
- Real-time transaction monitoring
- Transaction alerts, dashboards, and suspicious activity reporting
- KYC (Know-Your-Customer)
- ID verification tools
- KYB (Know-Your-Business)
- AML databases or API access for country and organizational sanctions and watch lists such as OFAC, EU sanctions list, UN terrorism list, and global law enforcement lists.
- PEP (Politically Exposed Persons) – Individual sanctions lists
- Real-time sanction, watch list, PEP, and adverse media scanning
- KYT and KYC workflows
- Investigation and case management tools
- Custom flagging rules and risk classifications
- Risk assessment and scoring tools
- Suspicious customer behavior, transaction analytics, and AI
- Trend analytics
- AML compliance management and reporting
- AML regulatory requirements and information
- On-premises and cloud-based offerings
Anti-Money Laundering Software Comparison
Consider the following when purchasing Anti-Money Laundering Software solutions.
Use Case: Some AML products support a broad range of financial applications, while others focus on specific businesses such as correspondent banking, crypto trading, or specific geographical regions such as the EU.
Scope: Stand-alone AML products usually offer the most comprehensive and robust features, however depending on your needs, many large fraud prevention, claims management, financial compliance, and GRC platforms offer AML modules within their products.
Scale: AML software supports everything from large complex financial institutions to small FinTech startups. Flexible solutions are available with features and costs that readily align with your needs.
Advisory Services: Some vendors offer AML consulting, legal services, and expertise along with their products.
Pricing Information
Pricing can be driven by the number of transactions or API calls, validation rules and AML databases supported, features provided and level of customer support. Limited plans begin at under $100 a month and more comprehensive solutions can easily exceed 1,000 a month. Most vendors require a quote for their AML software products and services. Free trials are available