Anti-Money Laundering (AML) Software

Anti-Money Laundering (AML) Software Overview

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.

Best Anti-Money Laundering (AML) Software include:

Fiserv AML Risk Manager, Refinitiv World-Check Risk Intelligence, and Encompass.

Anti-Money Laundering (AML) Products

(1-21 of 21) Sorted by Most Reviews

The list of products below is based purely on reviews (sorted from most to least). There is no paid placement and analyst opinions do not influence their rankings. Here is our Promise to Buyers to ensure information on our site is reliable, useful, and worthy of your trust.

AnChain.ai

Based in Silicon Valley, AnChain.AI is a blockchain analytics company that specializes in AI-powered platforms. AnChain.AI provides around-the-clock protection, securing crypto exchanges, protocols, and DApps worldwide for several millions of dollars in weekly transaction amounts.…

Coinbase Tracer

Coinbase Tracer (formerly Coinbase Analytics) supports crypto compliance for governments, financial institutions, and crypto businesses, and connects cryptocurrency transactions to real-world entities using public blockchain attribution data, enabling users to monitor risk on millions…

Dow Jones Risk & Compliance

The Dow Jones Risk & Compliance division combines the expertise of a multilingual team of 450 researchers and analysts with automation and artificial intelligence tools. The solution aims to deliver reliable, actionable information and applications that are developed specifically…

SAS Anti-Money Laundering

SAS Anti-Money Laundering helps users take a risk-based approach, making it easier to manage alerts, test scenarios and comply with industry regulations.

Sanction Scanner

Sanction Scanner is an AML compliance software, from the company of the same name headquartered in London. Sanction Scanner provides AML Name Screening Software, Transaction Screening Software, AML Transaction Monitoring Software and Adverse Media Screening Software.

Oracle Anti–Money Laundering (AML) Compliance

Oracle's Anti–Money Laundering (AML) Compliance is a suite of solutions that helps companies fight financial crime and achieve AML compliance. They are designed to deliver unified enterprise case management capabilities, and protection financial institutions and customers by promoting…

Encompass

Encompass offers automation capabilities and access to global data sources. Their know your customer (KYC) and anti-money laundering (AML) platform empowers organizations to streamline time-consuming KYC processes and demonstrate AML compliance, from UBO verification and KYC remediation…

Clari5 Customer Due Diligence

Clari5 provides Financial Institutions a lifecycle assessment and re-assessment of customer risk as part of know your customer (KYC) applicant on-boarding and ongoing customer due diligence processes. The solution streamlines money laundering risk assessment, improves customer…

Finchecker

Finchecker is a technical and legal toolkit for all KYC/ KYB & AML needs. By providing a customizable compliance solution that addresses a particular business process, the solution helps automate any compliance process, and it comes with technical support during the integration.…

NetReveal

BAE Systems offers NetReveal to financial institutions, their suite of fraud detection products to a wide range of entities, from banks and financial entities to corporations, government, insurers and others. The system is primarily oriented towards first-party fraud so the company…

ThetaRay

ThetaRay is the provider of SONAR, an AML transaction monitoring solution that offers payment fintech and banks cross-border and domestic payment security with technology.

FinScan

FinScan provides advanced sanctions and PEP compliance solutions. The product helps organizations faced with complex regulatory requirements screen customers, vendors, beneficial owners, and other associates against any internal or third party high-risk, sanctions or black lists.…

Abrigo Financial Crimes Solution

Abrigo provides market-leading compliance, credit risk, and lending solutions.

Refinitiv World-Check Risk Intelligence

World-Check from Refinitiv, formerly Thomson Reuters's financial risk division, provides risk intelligence data. World-Check data supports due diligence obligations in the fight against financial crime, bribery, and corruption, human rights crimes and environmental crime.

Clari5 Anti-Money Laundering

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,…

Elliptic

Elliptic, headquartered in London, helps customers make the crypto economy a safe place to transact and invest as crypto paves the way for a new, digital monetary system. They state crypto businesses, financial institutions, and governments turn to Elliptic for blockchain analytics,…

Fiserv AML Risk Manager

AML Risk Manager from Fiserv helps financial institutions comply with four essential areas of an anti-money laundering risk management program – Know Your Customer (KYC); monitoring, detection and alerts; case management; and reporting. AML Risk Manager goes beyond standard transaction…

Sumsub

Sumsub (or Sum&Substance) is a tech company headquartered in London that creates AI solutions which help identify customers, partners and employees online, enabling Internet services to protect their users from fraud, avoid being caught in money laundering schemes (KYC/AML), and…

Trulioo

Trulioo, headquartered in Vancouver, offers a global identity verification platform.

Chainalysis

Chainalysis is a blockchain analysis company providing data and analysis to government agencies, exchanges, and financial institutions.

PassFort a Moody's Analytics solution

PassFort is a Moody's Analytics company delivering compliance efficiency and customer experiences in the fight against financial crime. PassFort’s SaaS, low to no-code solution enables regulated financial services companies to rapidly onboard customers then manage risk and compliance…

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

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Frequently Asked Questions

What does Anti-Money Laundering Software do?

Anti-Money Laundering (AML) Software flags suspicious transactions, preventing money laundering and helping to deter financial crimes and terrorism funding. Its real-time scanning of country, organizational, and individual sanctions list produce alerts for follow-up and investigation. It uses AI and analytics to identify suspicious customer behavior and suspect transactions. Its reporting features support AML regulatory compliance.

What are the benefits of using Anti-Money Laundering Software?

Anti-Money Laundering (AML) Software protects brand reputation and company finances, preventing losses. It automates and streamlines AML oversight, minimizes false positives, and facilitates regulatory compliance and reporting. It supports risk mitigation and helps to prevent fraud.

How much does Anti-Money Laundering Software cost?

Most vendors require a quote for their AML software products and services. There is a wide range of pricing depending on desired features and the transaction volumes supported. Free trials are available.