Companies that must comply with anti-money laundering regulations are often forced to purchase additional AML software. This can be an overwhelming decision unless you can compare different providers’ features in advance. AML Software should let you flag sanctioned countries, verify IDs, identify individuals such as Politically Exposed Persons, and perform real-time transaction monitoring.
List of AML Software & Tools 2023
- SEON: Run AML Checks, Block Bad Users and Stop Fraud
- Actico: Smarter Digital Decisioning
- AMLCheck: Spanish Market Expert
- ComplyAdvantage: APIs for AML
- Dow Jones Risk & Compliance: Eponymous AML Risk Mitigation
- Feedzai: Fight Financial Crime with AI
- HM Treasury: Official UK and EU Sanctions Lists
- iComply: Seamless KYC Experience
- Acuris Risk Intelligence: Human Intelligence Meets EDD
- OFAC: From the US Office of Foreign Assets Control
- Ondato: White Label KYC Checks
- Refinitiv World-Check: Intelligence to Uncover Risks
- SumSub: Regtech and Legal Advice
- Token of Trust: AML, KYC and Background Screening
SEON is uniquely equipped to help streamline your AML strategy by weeding out fraudsters without friction and monitoring transactions better.
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What Is Anti Money Laundering (AML) Software?
Anti money laundering (AML) software is designed to help companies meet legal requirements to combat financial crime and particularly money laundering, which both enables crime and constitutes a crime in itself.
Important features include the ability to monitor transactions, report currency transactions (CTR), customer identification, and compliance management.
Top Features of AML Software
Anti money laundering requires specific tools and features. These include:
- AML transaction monitoring: You must be able to learn how much money passes through your systems at all times. This is especially important for large sums.
- Real-time alerts: Monitoring transactions is one thing. But you also need to have alerting systems in place when these transactions meet a certain threshold.
- ID proofing tools: A key part of the anti-money laundering process overlaps with KYC inasmuch as you must know who you are dealing with.
- Politically exposed person (PEP) and sanction lists: Once you know who you’re dealing with, you have to check if you’re allowed to do business with them. Checking against lists of politically exposed persons and sanction lists is a key part of that process.
The 14 Best Anti Money Laundering (AML) Software & Tools
|Disclaimer: Everything you’ll read in this article was gleaned from online research, including user reviews. We did not have time to manually test every tool. This article was last updated in Q3 2023. Please feel free to contact us to request an update/correction.|
Run AML Checks, Block Bad Users, and Stop Fraud
Created by fraud managers, for fraud managers, SEON is increasingly popular as a compliance aid that is industry-agnostic but powerful in the context of fintech, payments, and iGaming – especially thanks to its digital footprint detection capabilities.
In short, it can help you tell whether a customer is lying about their identity. It does so by examining alternative data such as their social media profiles, without introducing any friction into the process.
- Behavioral analytics
- Transparent pricing
- Real-time alerts
- No ID docs verification
- No automated Suspicious Activity Report (SAR)
- Starts at $599. Free version available with limited API calls.
Choose SEON If:
- You want to enable your compliance and protect from fraud by leveraging a powerful, fully customizable solution.
SEON can also assist AML compliance efforts through its AML API, available on its own, in combination with others, or as part of an end-to-end Fraud API. The AML API runs all the checks you may require, including PEP and relatives lists, criminal and fugitive watchlists, blacklists, sanctions lists, and others.
These include integrations with other tools to alert you of suspicious transactions and custom rules, giving you complete flexibility over the flagging settings. By setting these up in a way that works for you, with the aid of SEON’s Customer Success team or on your own, you can greatly boost your AML efforts.
- Behavioral analytics: Monitor user actions based on velocity rules to flag suspicious behavior that could point to money laundering – especially when looking at combined transaction volume.
- Transparent pricing: You pay per API call, all the pricing is clear, and you can even test SEON for free for 30 days (14, then extended once you speak to one of the team).
- Real-time alerts: Never miss a high-volume transaction that comes out of the blue. SEON can calculate sums of transactions to ensure combined payments exceeding $3,000 are automatically flagged for AML purposes.
- No identity verification (IDV): You’ll need to integrate a third-party solution if you want to verify documents as well.
- No automated SAR: SEON’s solution will log all data and findings so you have them at your disposal quickly and easily when you need to file Suspicious Activity Report and prove your compliance. However, it does not automate your SAR reporting at present.
Smarter Digital Decisioning
A leader in digital decisioning platforms, Actico offers a complete suite that’s used for fraud prevention, dynamic pricing, underwriting, claims management, and, of course, compliance. Notable customers include Santander, ING, and Volkswagen Financial Services, among others.
The compliance tools specifically designed include an anti money laundering module called the Money Laundering Detection System (MLDS). There are also credit risk management tools, designed to automate loan decisions while maintaining regulatory requirements.
- Complete compliance suite
- Sanction lists and PEP screening
- Outdated user interface (UI)
- Not focused on identity verification
- Available upon request.
Choose Actico If:
- You are an established financial institution with heavy scrutiny from regulators.
The module supports the management of relevant customer information, transaction monitoring, and risk classification. It allows you to run data through risk rules, which can help you concentrate on high-risk transactions.
- Complete compliance suite: You can use Actico’s tools for Know Your Customer (KYC), Know Your Transactions (KYT), and AML.
- Sanction lists and PEP screening: Look for sanctions, embargoes, and politically exposed persons.
- Dated UI: The compliance suite could do with a fresh coat of paint.
- Not focused on identity verification: While there is data available for KYC, you’re mostly looking at shared databases, which may not be ideal for all markets.
Spanish Market Expertise
AMLCheck is a Madrid-based company specializing in manual and automatic checks of user data against sanctions and PEP lists. The lists are provided by its key partner, Dow Jones Risk & Compliance, and are updated regularly. You can also check against other public lists and any private list you have access to.
The platform is developed by Prosegur AVOS, a business dedicated to outsourcing services and digital transformation tools for the financial and insurance verticals. The company also runs ERFcheck, a reconciliation software, and SISnet, a platform for the insurance sector.
- Reliable PEP list
- Available on-premise
- Opaque business and pricing
- Only focused on Spain
Choose AMLCheck If:
- You’re a Spanish company under heavy scrutiny from regulators – such as finance, insurance, or even real estate and property management. You rely on other Prosegur AVOS tools, such as ERFcheck or SISnet.
You can also run the same data through risk scores as part of a KYC process, based on the latest EU anti money laundering and terrorist financing legislation. Their clients include a number of Spanish companies in finance, real estate, insurance, the luxury goods trade, and iGaming.
- Reliable PEP list: The Dow Jones Risk & Compliance list is a sure bet.
- Available on-premise: You can integrate AMLCheck directly into your on-site system.
- Opaque business and pricing: It’s hard to tell how AMLCheck integrates, how much it costs, and if it should work for you.
- Spanish region specialists: While AMLCheck supports databases for every market, the product is certainly focused on Spain.
APIs for AML
ComplyAdvantage’s main goal is to make compliance less painful. A relative newcomer on the risk tech scene, the company was born of the frustration of trying to integrate legacy AML software easily. We should note that Charles Delingpole, one of the company’s founders, joined SEON’s Series A round.
Key features include customer screening and monitoring, transaction screening, transaction monitoring, and even adverse information and media checks based on the Financial Action Task Force (FATF) recommendations.
- Easy API integration
- Free offer
- Adverse information and media check
- No real-time fraud screening platform
- The full platform pricing is available upon request. But small fintechs can try it for free thanks to the ComplyLaunch program.
Choose ComplyAdvantage If:
- You’re a small fintech startup that needs to try an AML tool for free.
- Easy API integration: ComplyAdvantage was designed to be easy to use, and this shows through its easy-to-use software and ease of integration.
- Free offer: ComplyLaunch is a free version of the tool designed for start-up and scale-up fintechs.
- Adverse information and media check: Not many AML tools let you monitor the news for negative information about your users.
- No real-time fraud screening platform.
Dow Jones Risk & Compliance
Customer Due Diligence Services for Compliance
Since 1982, Dow Jones has made it its mission to ensure that high-quality and well-maintained data powers its screening engine, especially when it comes to workflows related to AML and counter-terrorism financing.
With Dow Jones, you get comprehensive risk screening including PEP sanctions, high-risk industries, enhanced due diligence reports, and ongoing monitoring to ensure data is always up to date.
- Full compliance suite
- Global provider
- Not as much data as competitors
Dow Jones Pricing:
- You need to contact them for pricing.
Choose Dow Jones If:
- You are an enterprise client working in various highly regulated markets.
Dow Jones Pros
- Full compliance suite: From due diligence to AML and financial crime compliance, there is a full suite.
- Global provider: You will get risk management and regulatory compliance that fit every market worldwide.
Dow Jones Cons
- Not as much data as competitors: Some users report false positives and missing information compared with similarly priced competitors.
Fight Financial Crime with AI
A market leader in reducing financial crime for financial institutions, fintechs, processors, and merchants, Feedzai supports all the features you need to reduce fraud and comply with AML requirements.
You can deploy a full fraud management and reporting platform, as well as standard and self-service rules and scenarios designed specifically for AML checks. Feedzai lets you include third-party integrations, as well as pre-built SAR filings to accelerate your reporting to the right agencies.
- Anti-fraud and compliance all in one
- Financial institution specialists
- Powerful yet complex
- At the pricier end of the spectrum
- You need to get in touch with the sales team to get started.
Choose Feedzai If:
- You are a financial institution with complex risk management and AML needs.
- Anti-fraud and compliance all in one: You can use the platform to mitigate risk in many forms.
- Financial institution specialists: Feedzai has positioned itself as the risk management solution for numerous retail, issuing, and acquiring banks.
- Powerful yet complex: Feedzai does a lot, but that means you have to learn a lot too. It can be overwhelming for smaller teams.
- At the pricier end of the spectrum: As Tier 1 financial institutions are key Feedzai customers, the contracts can be prohibitive for less established companies.
Official UK and EU Sanctions Lists
In the UK, AML sanctions lists are regulated by The Office of Financial Sanctions Implementation (OFSI), a division of HM Treasury (a.k.a HMT). The good news is that you can check its list to ensure AML compliance with regard to the UK’s domestic counter-terrorism regime policy. Also worth noting: It includes lists from the United Nations and the EU.
At the time of writing, there are 34 HMT financial sanctions regimes, and you should do your best to ensure you do not make business deals with them – lest you want to pay fines up to £1 million (or 50% of the breach).
- Accessible to the public
- Certain compliance
- Only manual checks
- No API
- It’s completely free to browse the list.
Choose HMT If:
- You have few and far between AML checks to conduct and mainly trade in the UK and EU.
- It’s completely free to browse the list.
Choose HMT If
- You have only a few AML checks to conduct and mainly trade in the UK and EU.
Seamless KYC Experience
iComply, which also goes by the name iComplyKYC, is a digital compliance administrator designed to reduce AML spend, accelerate processing, and lower data privacy risk.
- Easy integration
- Adverse media checks
- Fitness and Probity checks
- Complex pricing model
- Even though they do offer a pricing calculator, you still need to get in touch with the sales team to get a quote.
Choose iComply If:
When it comes to AML screening, you can check the data against 150 million data sources, including sanctions and watchlists, PEP lists, and adverse media.
- Adverse media checks: Keep up-to-date information about users based on what the news says about them.
- Fitness and Probity checks: iComply isn’t just for checking users. You can also use its Fitness and Probity tool to ensure that individuals in key and customer positions are competent, honest, and financially sound.
- Complex pricing model: There is a pricing calculator on the iComply site, which shows how the cost will vary depending on the data you import and export.
Acuris Risk Intelligence
Human Intelligence Meets Enhanced Due Diligence
Acuris Risk Intelligence is one of the world’s largest intelligence databases, and one of the top suppliers of PEP, AML, and sanctions data. So it would make sense that it would develop and deliver an AML-focused solution.
How do you make use of its KYC6 database? Well, it is cloud-based and you can use it either via a batch update or via API calls. The Acuris team prides itself on utilizing the best of human expertise, employing a team of law enforcement experts who continuously monitor the criminal internet for new information.
- Large proprietary database
- Part of a risk mitigation ecosystem
- No proper graphical user interface (GUI)
- Legacy solutions
- Available on request only.
Choose Acuris If:
- You need to focus on PEP and high-profile people, as well as anti money laundering compliance.
There are a handful of user roles that allow you to scan members of your organization or customer lists against the database to check if they appear on selected watchlists.
- Large proprietary database: The current size of the database is approximately 800 million records, including senior PEPs and high-profile people.
- Part of a risk mitigation ecosystem: If you get started with the AML product, you could also be interested in Acuris’s third-party risk and cybersecurity tools.
- No proper GUI: You can use the REST APIs or the website, but even the latter is simply an old-fashioned form where you upload your data.
- Legacy solutions: Due to MemberCheck becoming integrated into the Acuris Risk Intelligence platform, you’ll have to work with the team to figure out which parts of the product work for your particualr needs.
From the US Office of Foreign Assets Control
OFAC, a division of the US Department of the Treasury, ensures organizations are not conducting business with people or entities located in sanctioned or embargoed countries.
Failing to comply with OFAC sanctions checks could expose your organization to fines and penalties – including convictions and jail time.
- Free and openly available
- Checks need to be done manually
- OFAC is free to use.
Choose OFAC If:
- You want a good overview of who’s embargoed or sanctioned by the United States.
- It’s free and openly available.
- There is no official software, so checks need to be done manually.
White Label KYC Checks
Ondato is an expert in photo and live video identity verification, which overlaps with data monitoring, screening, risk scoring, due diligence, and case management. On paper, that’s everything you need to mitigate risk and improve KYC and AML compliance.
How it works is rather impressive, as the whole onboarding process takes care of document verification, personal ID checks, and PEP and sanctions checks at the same time. Best of all, you can deploy Ondato seamlessly as your own portal thanks to its white label option.
- Full KYC process for onboarding
- White label solution
- Opaque pricing
- Enterprise pricing requires speaking to the sales team, but there is also the Expansion plan, with $0.85 per verification at $569 licensing per month, and Growth, with $0.95 per verification at $259 per month. KYB plans start at $569 per month. There is also the Officer Platform, which gives you a mix of IDV and AML checks, starting at $59 per month + a data fee ($0.15 per PEP check, for instance.)
Choose Ondato If:
- You want a full KYC and AML solution with your own branding.
- Full KYC process for onboarding: Check IDs, verify documents, and get AML verification at the same time.
- White label solution: Deploy Ondato without mentioning its brand name for a seamless onboarding process.
- Opaque pricing: While you can get a free trial of Ondato, it’s unclear how much you’ll need to pay as an Enterprise.
Intelligence to Uncover Risk
Refinitiv World-Check is a complete AML solution that covers all the aspects of managing compliance in regulated markets. As a world leader in AML software, the company prides itself on providing accurate, precise details of the violations or sanctions of specific individuals or entities through individual APIs.
It was acquired by the London Stock Exchange to create, in its own words, a global multi-asset class capital markets business.
- Complete AML and KYC tools
- Ease of use
- Opaque pricing
- Available by contacting the sales team.
Choose Refinitiv If:
- You are in wealth management, finance, trading, or investment banking.
You’ll get complete PEP screening, sanctioned lists, global regulatory and law enforcement lists, negative media checks, and more – all packaged in a well-designed interface optimized for ease of use, whether you’re in risk and compliance, investment banking, or asset management.
- Complete AML and KYC tools: You will have all the right tools at your disposal.
- Ease of use: Refinitiv is a well-designed product, ideal for risk managers and compliance officers who need an upgrade from the old spreadsheets.
- Opaque pricing: It’s hard to know exactly how effective Refinitiv is unless you jump through the hoops of multiple demo calls and sales presentations.
Regtech and Legal Advice
SumSub is designed to help you enhance your risk mitigation strategy – especially when it comes to observing compliance guidelines. To do so, the company relies on powerful tools to check databases along with five million articles in 200 countries for adverse media coverage. It also has 400 million AML files on companies and ultimate beneficial owners in 220 countries.
Key clients include Hyundai, BlaBlaCar, and Flippa, among others. As for features, it offers all the document verification, watchlists, PEPs, and adverse media checks you need. Its unique selling point is probably that it combines this with legal advice, provided by its team of fintech, regtech, and compliance experts.
- Compliance consultancy
- Large market coverage
- Extra costs depending on verifications
- The Growing pricing is as follows: Basic ($1.35 per verification starting at $149/month); Compliance ($1.85 per verification starting at $299/month); and Flex ($1 per verification with a prepayment of $5,000). There is also an Enterprise plan available with pricing offered upon request.
Choose SumSub If:
- You need AML, KYC, and Know Your Business (KYB) tools with legal advice added.
- Compliance consultancy: SumSub is one of the rare companies on this list that offers legal advice as well as the tools to implement better compliance.
- Transparent pricing: You get a free trial and clear pricing based on the number of verifications you need.
- Large market coverage: SumSub checks official documents from 220 countries, so you can deploy it for international markets.
- Extra costs depending on verifications: Verifying a phone number costs extra. There’s address verification too, which can quickly add up if you need full user profiling.
Token of Trust
AML, KYC, and Background Screening
Token of Trust aims to provide a turnkey solution to improve compliance relating to AML and KYC. It also doubles as a powerful identity verification tool and offers background screening information for manual reviews.
While the company is headquartered in the US, many reviewers commented on how well the solution worked for compliance in other markets, especially the UK and EU. In terms of features, you’ll get age verification along with PEP and sanctions cross-checks, and all the tools you need to meet complete customer due diligence requirements.
- Global compliance
- ID scanning and proofing
- Document verification
- Not as turnkey as advertised
Token of Trust Pricing:
- Not available online.
Choose Token of Trust If:
- You need a turnkey solution to get started with AML and KYC in a new market – especially if you are in the tobacco, CBD, or vaping industries.
It is one of the rare companies listed here that offers specific compliance products for PACT Act compliance (centered around nicotine, CBD, and vape products).
Token of Trust Pros
- Global compliance: Comply with FATF, 6AMLD, and other directives.
- ID scanning and proofing: You can verify user identities to ensure they really exist.
- Document verification: Use Token of Trust to allow users to upload ID documents and check them against global databases.
Token of Trust Cons
- Not as turnkey as advertised: While Token of Trust allows you to get all the features you need for AML and KYC, the integration can be lengthy, depending on your use case.
Speak with us to get a real-world taste of SEON’s expertise in fraud prevention, unique social footprinting, and granular customizability.
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What AML Checks Should You Perform?
AML is heavily regulated. Here are the checks you should ensure you perform:
- PEP check: A check for a Politically Exposed Person. This is a prominent public figure who carries out a public role. The definition of a PEP may change from country to country or even company to company. Examples include politicians, ambassadors, diplomats, and so on.
- Special Interest Person (SIP) or Special Interest Entity (SIE) checks: Mostly checking for current or historical involvement in financial crime, usually logged on government blacklists.
- Relatives and close associates (RCA) check: This covers individuals or businesses that are either related to or associated with a PEP.
- Sanctioned individuals: Sanctions checks (sometimes known as watchlist checks) are specialized searches that include a number of international, government, or regulator sanctions.
- Transactions: High-value transactions (usually above $3,000) need to be checked and linked to an identity.
How to Find the Best AML Tool
There is no shortage of options for companies that want to improve their compliance process.
Hopefully, this list will be a good primer on the topic as it covers a wide range of solutions, from those dedicated to helping financial institutions to supplementary tools helping you along the way.
AML Software FAQ
Historically, only financial institutions needed to check their users against anti-money laundering lists. However, there are increasing government regulations related to AML in real estate, iGaming, fintech, and crypto trading, among other verticals.
Your AML software should be able to verify documents, monitor transactions, and check user data against specific watchlists. You should also be able to include a whitelist to allow specific users.
AML software automatically checks user data against specific watchlists. That includes people who live in sanctioned countries, politically exposed persons, and people with poor online reputations (adverse media). The software also needs to check for transactions, especially high-volume ones, so that you can flag and review them manually.
AML software companies have different pricing based on the number of checks you need to perform. You should also consider whether the integration is included in the price.
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