Finance Software

The Top 10 Anti-Money Laundering Software

Anti-Money Laundering solutions assist businesses in detecting and preventing money laundering activities through features such as transaction monitoring, customer due diligence, and suspicious activity reporting.

The Top 10 Anti-Money Laundering Software Solutions include:
  • 1. ComplyCube Anti-Money Laundering
  • 2. Dow Jones Risk and Compliance
  • 3. NICE Actimize
  • 4. Ondato AML Software
  • 5. Oracle Financial Crime and Compliance Management
  • 6. Refinitiv AML Compliance For FinTechs
  • 7. Sanction Scanner
  • 8. SAS Anti-Money Laundering
  • 9. Sumsub AML Compliance
  • 10. ThetaRay Anti Money Laundering

Anti-Money Laundering (AML) software enables teams to detect and prevent suspicious activity which may indicate money laundering and fraud. These solutions work by using a combination of dynamic and static rules as well as third-party information databases to analyze customer transactions and flag any suspicious behaviors.

AML software is critical for organizations in the financial sector. Money laundering continues to present a major challenge, and many regulations require financial services to identify suspicious transactions, and report any potential money laundering, terrorist financing, or other illicit financial activities. AML software utilizes advanced technologies such as AI, machine learning, and big data analytics to detect patterns, trends, and anomalies that could indicate potential criminal activities.

In this guide, we will explore the top 10 anti-money laundering software solutions. These solutions have been evaluated based on their features, include transaction monitoring and analysis capabilities, regulatory reporting, data management, and data integration abilities, as well as their ability to provide ongoing support and updates to keep up with changing regulations.

ComplyCube Logo

ComplyCube is a comprehensive platform designed to streamline Identity Verification (IDV), Anti-Money Laundering (AML), and Know Your Customer (KYC) compliance across various industries such as legal, telecoms, financial services, healthcare, e-commerce, cryptocurrency, and travel. The platform is suitable for businesses of all sizes, from startups to multinational enterprises.

ComplyCube’s easy-to-integrate AML platform assists in meeting regulatory requirements, preventing financial crime, and countering terrorist financing. It enables businesses to set thresholds in line with their risk-based approach and AML/CTF controls. The platform also offers automated checks and real-time monitoring capabilities. ComplyCube uses a combination of AI and trained human experts to verify ID documents and run AML, PEP, and Sanctions screening. The risk engine calculates AML risk scores for customer profiles and presents a simple low, medium, or high score.

In addition to providing global compliance, ComplyCube allows businesses to adapt to changing regulations and compliance rules in their respective markets. The platform’s real-time AML screening and monitoring cover all official lists, such as UN, EU, OFAC, and OFSI, local and regional lists, and PEP levels. ComplyCube’s AML & KYC services are available across all major systems and can be easily integrated into applications for seamless user experience.

ComplyCube Logo
Dow Jones Logo

Dow Jones Risk & Compliance provides high-quality risk data, integrated technology solutions, and due diligence services for managing regulatory and reputational risk. It combines the expertise of a multilingual team of 450 researchers and analysts with industry-leading automation and artificial intelligence tools.

The service includes a Financial Crime Compliance solution, which enable businesses to conduct comprehensive due diligence on customers and connected parties as part of a robust Know Your Customer (KYC) program. Features include customer and enhanced due diligence, beneficial ownership, Politically Exposed Persons (PEPs), sanctions, and adverse media coverage. They also provide ongoing monitoring of customers and real-time payments screening.

Dow Jones Risk & Compliance also offers third-party risk management solutions. These allow businesses to verify the integrity of their supply chain and assess risks, such as bribery, corruption, and dealings with sanctioned parties. Additionally, they provide sanctions compliance solutions to help businesses keep pace with shifting international and national regimes, as well as trade compliance tools to identify red flags in international trade and transactions.

Risk & Compliance is a subscription-only service, providing information curated exclusively from publicly available sources to assist subscribers in performing due diligence and screening activities in accordance with their legal or regulatory obligations and risk management procedures.

Dow Jones Logo
NICE Logo

NICE Actimize is a leading provider of financial crime, risk, and compliance solutions for regional and global financial institutions, as well as government regulators. NICE Actimize protects institutions, consumers, and investors’ assets by identifying financial crime, preventing fraud, and ensuring regulatory compliance.

NICE Actimize offers an extensive suite of anti-money laundering (AML) solutions that are used by over 400 customers worldwide to monitor more than 6 trillion transactions daily. These solutions not only optimize effectiveness and accuracy but also ensure full regulatory compliance, coverage, and auditability. The suite includes solutions for onboarding and KYC, screening, CDD/EDD, transaction monitoring, entity risk profiling, and regulatory reporting.

By using NICE Actimize, financial institutions can improve their monitoring, detection, and investigation accuracy, while gaining access to the right data sources for customer risk profiles and investigation support. The solutions provided by NICE Actimize help to uncover hidden risks, maintain always-optimized risk monitoring, and enable agile responses to future risks.

NICE Logo
Ondato Logo

Ondato is a technology company specializing in AI-driven solutions for addressing compliance challenges related to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Their product suite covers the entire client journey, from new customer onboarding to ongoing monitoring with a comprehensive database.

Ondato’s offerings include solutions such as Customer Data Platform (CDP), Due Diligence, Authentication, Virtual Branch, Transaction Monitoring (KYT), Identity Verification, and Know Your Business (KYB) Compliance. With over 15 thousand AML sources, Ondato’s software uses advanced technologies, including AI and machine learning, to ensure regulatory compliance across multiple industries.

The company’s solutions are designed to simplify compliance processes and reduce risks while staying ahead of regulatory requirements. Ondato also offers transaction monitoring with its partners for a comprehensive AML solution suite. Security and privacy are prioritized, with 24/7 monitoring, ISO 27001 certification, and compliance within multiple jurisdictions.

Ondato provides a complete spectrum of AI-driven compliance tools to streamline KYC and AML processes, making it easier for businesses to stay compliant with evolving regulations.

Ondato Logo
Oracle Logo

Oracle Financial Crime and Compliance Management Cloud Service includes an extensive suite of cloud-based anti-money laundering applications designed specifically for mid-sized financial institutions.

The service offers a comprehensive, easy-to-manage, end-to-end application suite designed to enhance efficiency and reduce total cost of ownership. It supports business growth with an anti-money laundering system that can easily be scaled and reconfigured to accommodate new products and provide insights into normal and abnormal customer behavior. The suite includes customer due diligence, transaction monitoring, investigations, and reporting, powered by a robust data model that processes and analyzes vast amounts of structured and unstructured data from internal and external sources.

Oracle’s Financial Crime and Compliance Management Cloud Service is delivered on Oracle Cloud Infrastructure (OCI). OCI has met numerous audit and security standards and provides a secure, high-performance platform that complies with regional and industry-specific requirements. The cloud service integrates seamlessly with existing IT infrastructure and data, enabling easy deployment, trouble-free upgrades, and cost-efficient pay-per-use subscription pricing.

Oracle Logo
Refinitiv Logo

Refinitiv is a global provider of financial markets data and infrastructure, operating as an LSEG (London Stock Exchange Group) business. The company serves more than 40,000 customers and over 400,000 end-users across 190 countries, generating $6.25 billion in annual revenue.

Refinitiv offers powerful KYC (Know Your Customer) and AML (Anti-Money Laundering) solutions for fintech companies. By utilizing cutting-edge technology and robust data, Refinitiv enables firms to digitalize customer screening, KYC, and enhanced due diligence, resulting in better, faster, customer-centric, and regulatory compliant solutions. The company relies on its industry-leading World-Check Risk Intelligence database for KYC screening, which has been trusted by many of the world’s largest companies for over two decades.

Refinitiv’s digital identity and onboarding solution, Qual-ID, offers document proofing, liveness checks, facial matching, identity verification, and risk screening. This advanced API technology ensures a seamless user experience with easy integration and a single touchpoint. In addition, the company provides support through managed screening for high volumes of customers, offering tools and expertise to perform screening on a one-time or ongoing basis.

By combining leading technology, seamless integration, and comprehensive screening data, Refinitiv helps businesses overcome KYC and AML challenges, enhance customer experiences, and achieve regulatory compliance.

Refinitiv Logo
Sanction Scanner Logo

Sanction Scanner is an anti-money laundering (AML) compliance software provider, offering a suite of products to assist businesses in meeting AML regulations. These products include AML Name Screening, Transaction Monitoring, Transaction Screening, and Customer Risk Assessment solutions.

Sanction Scanner’s AML Name Screening software allows businesses to scan their customers in over 3,000 global sanction lists, politically exposed person lists, and watchlists, providing real-time risk assessments. Their Transaction Monitoring and Transaction Screening solutions help financial institutions automate their monitoring processes and check the receiver and sender of transactions quickly and efficiently. Additionally, the Customer Risk Assessment feature enables businesses to assign risk scores to their customers based on various criteria, facilitating more straightforward risk assessment processes.

The company’s extensive global AML database covers more than 3,000 different sanctions, PEP, wanted, and watched lists from over 220 countries, with data updated every 15 minutes. Sanction Scanner’s solutions are powered by artificial intelligence, making AML compliance more accessible and efficient for businesses of all sizes. Their API offers quick integration, fast response times, and impressive uptime, further streamlining AML compliance operations for clients.

Sanction Scanner Logo
SAS Logo

SAS is a global analytics solutions provider that deploys advanced technologies such as AI, machine learning, intelligent automation, and network visualization. Their Anti-Money Laundering (AML) software is designed to help financial institutions fight money laundering and terrorist financing while staying compliant with changing regulations.

The software offers a comprehensive view of risks, enhanced operational efficiency, and improved suspicious activity monitoring and reporting. It achieves this by employing a hybrid approach of proven rules and advanced analytics to detect potential threats. This enables financial institutions to reduce false positives and streamline their AML investigations. SAS AML also gives businesses the ability to comply with customer due diligence and beneficial ownership rules, screen customers and transactions against watchlists, and ensures transparency for both internal and external auditing.

SAS Anti-Money Laundering is a sophisticated, end-to-end AML solution that supports transaction monitoring, customer due diligence, onboarding, watchlist screening, case management, and regulatory reporting on a single, integrated platform. It aims to provide financial institutions with the tools necessary to tackle existing and emerging risks in money laundering and terrorist financing, while maintaining compliance with industry regulations.

SAS Logo
Sumsub Logo

Sumsub is a comprehensive verification platform designed to secure the user journey of businesses with its customizable KYC, KYB, transaction monitoring, and fraud prevention solutions. The platform enables businesses to streamline their verification processes, accommodate more customers worldwide, meet compliance requirements, minimize costs, and safeguard their operations. Sumsub serves clients from various industries such as fintech, crypto, transportation, trading, and gaming.

With Sumsub’s AML Compliance, businesses can comply with AML regulations while improving team productivity. The platform offers a balance between compliance and conversion, saving time on AML case management and avoiding fines and license revocation. To maintain compliance, Sumsub provides KYC/AML, age verification, the Travel Rule, transaction monitoring, and business verification (KYB) support. The platform also allows businesses to transform their AML policies into user-friendly verifications using the flexible Workflow Builder and benefiting from a single case management solution to aid collaboration among team members.

Sumsub Logo
Thetaray Logo

ThetaRay offers an AI-powered Anti-Money Laundering (AML) transaction monitoring solution tailored for payment fintech and banks to facilitate cross-border and domestic payments securely. This technology enhances business growth opportunities, revenue generation, and ensures reliable payment processing. By dynamically analyzing data, ThetaRay’s solution effectively detects and prevents money laundering and other financial crimes without depending on predefined scenarios or models.

ThetaRay’s platform analyzes SWIFT traffic, risk indicators, and client/payer/payee information to detect anomalies that could indicate money laundering or sanctions violations. This allows financial organizations with complex ecosystems to benefit from low false positive rates and higher detection accuracy. Unifying data analysis and workflow management, this advanced financial crime detection platform detects irregular activities and prioritizes transaction patterns requiring further investigation.

With its unsupervised machine learning capabilities, ThetaRay’s AML solution automates precise detection, reduces false positives, and boosts operational efficiency. Key features of the platform include transaction monitoring, 3rd party alert reduction, and customer risk score anomaly detection.

ThetaRay’s AI-powered AML transaction monitoring solution enables payment fintech and banks to expand business operations and boost revenues securely. It provides a unified platform for the effective detection and prevention of money laundering and financial crimes, without the need for predefined models or setups.

Thetaray Logo
The Top 10 Anti-Money Laundering Software