Top 10 Anti-Money Laundering (AML) Software Solutions in 2024

Are you in the market searching for the most advanced and best AML software solutions in 2024? Look no further. We recognize that ensuring compliance with anti-money laundering regulations can present complexities and consume significant time. 

In this AML software comparison, we'll introduce you to the top 10 AML compliance software solutions of the year, delving into their innovative features and capabilities. 

What is Anti-Money Laundering (AML) Software?

Anti-Money Laundering (AML) software refers to a category of technology solutions designed to help financial institutions and other regulated entities detect and prevent money laundering activities.

‍Money laundering involves disguising the proceeds of criminal activities by making them appear as if they came from a legitimate source. AML software employs various techniques and functionalities to identify suspicious transactions, monitor customer behavior, and ensure compliance with regulatory requirements.

List of Anti-Money Laundering Software Solutions

In the wake of recent high-profile money laundering scandals, the demand for sophisticated anti-money laundering solutions that leverage real-time data analytics is surging, compelling firms to rethink their compliance strategies.

Here are the best 10 anti-money laundering solutions:

• FOCAL: AI-Powered AML Compliance and Financial Crime Prevention

• Dow Jones Risk & Compliance: Comprehensive Risk and Compliance Solutions

• ComplyAdvantage: AML Screening and Risk Management

• Sanction Scanner: AML Name Screening and Transaction Monitoring

• SumSub: Online Identity Verification and AML Transaction Monitoring

• SEON: Fraud Prevention and AML Compliance Solutions

• Ondato: AML & KYC Compliance Software

• Salv: Collaborative Investigations and AML Compliance

• Unit21: Onboarding Orchestration and Data Monitoring

• FICO: AI-Powered Solutions for Financial Crime Prevention

Key Features of AML Software 

Below are the essential functionalities that drive top AML software effectiveness:

1. Transaction Monitoring: Tracks and analyzes transactions to identify patterns or behaviors that might indicate money laundering or other unlawful activities. AML tracking software enables financial institutions to monitor and track suspicious activities to prevent money laundering.

2. Risk Assessment: Ealuates the level of risk associated with specific customers, transactions, or business relationships based on various factors such as geographic location, transaction volume, and historical behavior.

3. Customer Due Diligence (CDD) and Know Your Customer (KYC): verify the identities of customers. They assess their risk profiles and conduct ongoing monitoring to ensure compliance with regulatory standards. The top AML KYC solution offers capabilities for verifying customer identities and ensuring compliance with regulatory standards.

4. Regulatory compliance: Provides tools and capabilities to ensure adherence to relevant AML laws, regulations, and guidelines, which may vary depending on the jurisdiction and industry.

5. Suspicious Activity Reports (SAR): Are generated with the help of AML screening solutions to be submitted to regulatory authorities when potentially suspicious activities are detected.

6. Watchlist Screening: with the help of AML screening solutions, enables the checking of customer information against lists of known or suspected terrorists, criminals, or other sanctioned entities to prevent financial transactions with these individuals or entities.

The Best 10 AML Software Solutions in 2024

AML software vendors offer specialized solutions to meet regulatory standards and reduce financial risks. Leading vendors provide tools for efficient transaction screening and detection of suspicious activities. Below, we discuss the top anti-money laundering software:

1. FOCAL

FOCAL, by Mozn, is a platform that offers a comprehensive suite of solutions designed to address various aspects of compliance and risk management, including verification, customer due diligence, AML compliance, fraud prevention, and financial insights.

Key Features:

1. Identity Verification: FOCAL identity verification solution enables businesses to verify the identities of customers swiftly and accurately.
2. Customer Due Diligence: The Anti-money laundering solution offers customer due diligence capabilities to assess customers’ risk profiles and comply with AML regulations.
3. AML Compliance: FOCAL provides an AI-powered AML compliance solution designed to identify and mitigate risks associated with money laundering and terrorist financing, leveraging real-time updates from over 1300 watchlists.
4. Fraud Prevention: FOCAL incorporates fraud prevention features to detect and prevent fraudulent activities, minimizing financial losses and preserving the integrity of business operations.
5. Financial Insights: FOCAL's solutions offer financial insights and analytics, providing businesses with valuable data and intelligence to inform decision-making and risk management strategies.

What Do Their Customers Say?

“FOCAL has proven to be an invaluable asset for us, resulting in more than 87% reduction in our onboarding time and enhancing our operational efficiency. This has allowed us to easily onboard new customers and grow confidently.”

• Ali Alshamrany, Chief Operating Officer

“Fair to say that FOCAL’s sanction screening solution is straightforward, reliable, and always available. Not to mention FOCAL’s professional and friendly account managers and subject-matter experts who guided us through the entire process.“

• Hashem Sbeitan, Risk & Fraud Director

“FOCAL allows us to be compliant quickly. We use FOCAL to automate the screening of our customers with relative ease. FOCAL’s ever-evolving offerings never fail to surprise us, and it gives us confidence in the product’s ability to keep up with rising expectations of both regulators and customers.“

• Hussein Hejles, Director of Compliance

2. Dow Jones Risk & Compliance

Dow Jones Risk & Compliance is a prominent component of the Dow Jones offerings, renowned for providing reliable data and tools to address financial risks.

Dow Jones Risk & Compliance offers AML databases that covers global risk scores, sanctions lists, and PEP checks. The platform provides a separate tool, Dow Jones Factiva, for adverse media screening to monitor media sources for negative mentions or associations related to customers or transactions.

Key Features:

1. AML Databases
2. Adverse Media Screening
3. In-depth Analysis and Risk Assessment
4. Integrations

What Do Their Customers Say?

“User-friendly system and finding connected individuals”

• Zohaib Z., Anti Money Laundering Officer

“The info that I could derive before deciding to onboard or terminate a customer.”

• Tengku Q., CDD Analyst

3. ComplyAdvantage

ComplyAdvantage offers AML software solutions to help companies detect and counteract risks associated with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

ComplyAdvantage provides customer screening, monitoring, and transaction risk management capabilities. It also provides access to a real-time global database of individuals and companies, including sanctions lists, PEP lists, and adverse media checks.

Key Features:

1. Real-time Global Database
2. Transaction Monitoring and KYB Services
3. Configurable Data Feed
4. Integrations

What Do Their Customers Say?

“The team are quick to respond, dedicated account manager, the ability to control different aspects of your searches and criteria's. The system also has the ability to connect to Salesforce. Its especially great because it doesn't just complete a one off check on a client or business, but a daily check - in doing so, reduces the day-to day risk to the business.”

• Shyam K., Chief Compliance Officer, Head of HR & Director, Financial Services

“ComplyAdvantage provides solid, holistic approach to managing anti-money laundering issues, monitoring transactions and PEP management, with the perk of uncluttered and sensible UI.”

• Loris G., Head of Corporate Security & Free Trade Zone Director

4. Sanction Scanner

Sanction Scanner is a reputable player in the regulatory technology industry. The company offers an anti-money laundering solution designed to assist businesses in AML screening, customers and transactions, monitoring for suspicious activity, and mitigating compliance risks.

Key Features:

1. Customer & Transaction Screening
2. Adverse Media Screening
3. PEP and Adverse Media Data
4. Real-time, AI-enhanced Data
5. Compliance Support

What Do Their Customers Say?

“Sanction scanner is a flexible, user friendly and smart application. We can easily integrate it into our processes. Good application for legislative compliance.”

• Mehmet Can G., Internal Control & Compliance Manager

“In the face of our regularly increasing number of customers, the manual risk measures we could take were insufficient. Thanks to the solution provided by Sanction Scanner to us, our customers' transactions accelerated and this made us more preferable. and we are freer of risks ourselves.”

• Nolen e., Internal Compliance Executive

5. SumSub

SumSub offers transformative products tailored for both user and business verification, as well as AML transaction monitoring.

Their platform is designed to provide multilayered protection against synthetic fraud, identity theft, and document forgery, catering to businesses across various industries, including fintech, trading, crypto, and online gaming.

SumSub's AML screening software solutions are crafted to deliver flexible user verification and Proof of Address (PoA) checks. They ensure quick global user verification in under 30 seconds while maintaining round-the-clock compliance. AML screening software automates the screening process to identify high-risk individuals and entities efficiently.

Key Features:

1. Identity Verification
2. AML and KYC Compliance
3. KYB (Know Your Business)
4. AML Transaction Monitoring

What Do Their Customers Say?

“What I appreciate most about SumSub is their outstanding support and user-friendly interface. As someone who verifies new clients regularly, I find their intuitive app very helpful, and I feel at ease knowing exactly who my clients are. The team behind SumSub is also highly responsive, always ready to answer my questions and offer assistance whenever I need it. Overall, SumSub is a great solution for businesses that prioritize user verification and security.”

• Peter M., Head Of Sales

“Verification is rapid and transparent for users. Now, we have fewer support tickets with verification problems. It helps us to move forward and raise our business.”

• Denis B., Analyst

6. SEON

SEON is a leading provider of real-time fraud prevention and AML solutions. SEON offers a comprehensive platform designed to combat financial crime and ensure compliance with regulatory requirements.

The platform leverages an approach that combines AML screening data with digital profiling and device fingerprinting information collected during customer onboarding, which enables organizations to accurately validate customer identities and intentions.

Key Features:

1. Comprehensive AML Screening
2. AML Transaction Monitoring
3. Integrated Platform
4. Customizable Rules
5. Transparent AI-driven Insights
6. Direct-to-Source AML Intelligence

What Do Their Customers Say?

“Wide data range, the interface can be customized according to the type of business, goals and preferences. Also, SEON is easy to integrate with the existing business tools. Consistently does it's job. Became quicker and even more intuitive since my last review”

• Vladislav A., Payment system and chargeback specialist

"Fast and convenient, You can create a lot of rules to monitor players and detailed information is shown.”

• Thanh D., Fraud Analyst

7. Ondato

Ondato offers an AML and KYC compliance platform designed to streamline customer onboarding while ensuring adherence to regulatory standards. Their software combines identity verification with transaction monitoring, utilizing advanced technology to mitigate risks associated with financial crime.

Key Features:

1. Automated Identity Verification

2. Risk Assessment Tools

3. Seamless Customer Onboarding

What Do Their Customers Say?

"Great tool for the live verification of online customers"

• Stacy-Claire I., Senior Onboarding Analyst

8. Salv

Salv specializes in collaborative investigations and AML compliance, providing tools that enhance communication and efficiency among teams. Their software is designed to simplify the management of compliance processes while facilitating thorough investigations into potential financial crimes.

Key Features:

1. Collaborative Investigation Tools

2. Case Management

3. Customizable Reporting

What Do Their Customers Say?

“Customer support is intimate and always thorough and prompt.”

• Joe L., Operations Director

9. Unit21

Unit21 focuses on onboarding orchestration and data monitoring, enabling businesses to automate compliance workflows effectively. Their platform integrates advanced analytics for real-time detection of suspicious activities, helping organizations respond swiftly to potential risks.

Key Features:

1. Onboarding Workflow Automation

2. Real-Time Transaction Monitoring

3. Flexible Case Management

What Do Their Customers Say?

"Automate fraud and AML detection without writing a single line of code."

• Dinesh K., Business Development Specialist

10. FICO

FICO offers AI-powered solutions for financial crime prevention, leveraging machine learning to enhance transaction monitoring and compliance. Their software aims to reduce false positives while ensuring regulatory compliance, making it a vital tool for financial institutions.

Key Features:

1. Advanced Analytics and Machine Learning

2. Automated Monitoring

3. Comprehensive Reporting

6 Common AML Checks

Despite the fact that the specific checks to perform can vary depending on the industry, jurisdiction, and risk assessment, these checks are fundamental across various sectors and include AML solutions for banks and AML software for accountants:

1. Customer Due Diligence (CDD)

• Identity Verification: It is advised that banks should use AML solutions for identification, including government-issued IDs, passports, driver's licenses, or utility bills.  

• Beneficial Ownership Identification: Identify and confirm the beneficial owners behind another legal entity, such as a company or a trust, associated with the customer.  

• Enhanced Due Diligence (EDD): Physical identification procedures should be carried out on customers who are considered high risk, such as politically exposed persons (PEPs), customers from well-known risky countries or regions, or customers whose beneficial ownership is hard to determine.

• AML check software streamlines due diligence processes and enhances regulatory compliance for businesses.
  

2. Transaction Monitoring

• Monitor transactions for exceptional or suspicious activity by checking parameters that are considered risky, such as frequent or bulk transactions from high-risk countries and transactions that don't match the customer's profile. Implement systematic measures to review and flag any signs of fraudulent activities.
  

3. Sanctions Screening

• Ensure that firms do not deal with sanctioned clients or barred transactions by cross-checking against United Nations, U.S. Treasury, or European Union sanctions lists. Regularly screen for updates or changes in these sanctions lists.

4. Politically Exposed Persons (PEPs) Screening

• Compare lists of politically exposed persons to customer and beneficial owner lists to identify clients who hold a public position, as they are typically considered higher risk for corruption.

5. Suspicious Activity Reporting

• Establish procedures for employees to report any suspicious activity observed during customer interactions or transaction monitoring.

• File suspicious activity reports (SARs) with the appropriate regulatory authorities when necessary, providing details of the suspicious activity and supporting evidence.

6. Ongoing Monitoring

• Continuously monitor customer relationships and update customer information periodically to ensure accuracy and identify any changes in risk profile.

• Conduct periodic reviews of existing customer accounts and conduct CDD refreshes as necessary, particularly for high-risk customers.

How To Choose The Best AML Software Solution For You?

Terms like ‘best’ and ‘top’ are relative and may differ from one person to the other, however, there are definite measures that need to be considered in rating the AML Software Solution for business needs.

What’s equally true is that when it comes to choosing AML software for your business, you will find plenty but there are significant differences that will cause considerable impacts to your compliance as well as your risk profile.

1. First things first: whether you’re on a quest for an AML solution for banks or any other company, take a good look at your company's requirements. What types of risks are you facing? Who are your customers? Where does your business operate? Being aware of your specific needs will assist you in eliminating the choices that will not suit you and will help you in choosing the right software.

2. The next factor is all about reliability and support. What you want is a software provider that you trust.

3. Of course, cost is always a factor here; however it should not be the only reason why a company should opt for the solution. This is where you have to decide about the priorities, the features you simply must have versus your budget.
   ‍
   Keep in mind that while buying a car it is not merely the horsepower that counts, it is the value added that matters. How much time and money will the AML compliance software cut down for you in your organization in the long run? That's the real question you ask yourself.

4. These can in turn compel you to request a demo or ask for a free trial. Of course, it is always better to see a particular software in action and therefore, observing how the AML compliance software can be of use to your organization is recommended.

5. Finally, the last step is the gathering of feedback and reviews. Who better to tell you about a software's pros and cons than other users?

Conclusion

AML monitoring software provides real-time insights into transaction activities to detect suspicious patterns and anomalies. Also, top AML KYC software integrates KYC processes with AML compliance measures to enhance customer due diligence. In addition, AML software for banks provides tailored solutions to manage regulatory compliance and mitigate financial crime risks.

Regulatory bodies increasingly recommend using AML check software to ensure that businesses remain compliant with evolving anti-money laundering laws and protect themselves from hefty fines. Finding the best AML software is all about doing a thorough evaluation and research, asking the right questions, and finding the best AML KYC software that works for your specific needs.

A comprehensive anti-money laundering software solution combines advanced technologies with regulatory expertise to ensure compliance across industries. Reach out to one of our specialists today for personalized assistance in leveraging FOCAL AML Compliance Management Software for your business needs.

Please note, the information here is based on online research, not hands-on testing. If you spot any inaccuracies or need updates, feel free to reach out for clarification or corrections.