has become an essential component of any bank's compliance efforts. AML software
must reconcile all transactions, monitor for suspicious activity and assist in the detection of terrorist financing activities. There are many AML software
available to financial institutions
and it can be difficult to identify which AML software
will best meet your needs.
In this blog post, we will provide a list of the top 10 AML software
that you should consider as well as share some helpful features that you should look for when selecting AML software
for your institution.
AML Software Controls Suspicious Transactions
Some AML software
systems offer a real-time view of transactions and alerts which is important in preventing possible money laundering activities. Furthermore, some AML software
will also provide you with the ability to monitor cash deposits at various ATMs across your institution's coverage area. It’s worth noting that these features may come with an additional cost.
There are AML
softwares that will permit you to track the identities of your customers and perform cross checks with other databases for potential matches. This can be an invaluable tool in preventing terrorist financing activities as it requires no additional effort on behalf of the institution's staff or management.
Key Features to Look for When Selecting AML Software for Your Institution
- Real-Time Transaction Monitoring
- Ability to Monitor Cash Deposits at ATMs Across Coverage Area
- Tracking Customer Identities and Cross Checks with Other Databases.
The Top AML Software Solutions
The World-Check Risk Intelligence database delivers accurate and reliable information to help you make informed decisions that will prevent your business from being used in any illegal activity.
Read Refinitiv World-Check Risk Intelligence Reviews
Trulioo helps organizations comply with Anti-Money Laundering (AML
) and Customer Due Diligence (CDD) requirements by automating Know Your Customer (KYC) and Know Your Business (KYB).
Read Trulioo Reviews
Lightico makes it easy for banks and their customers to comply with KYC requirements by digitizing the identification process.
Sanction Scanner is a company
that provides cost-efficient anti-money laundering solutions for all sizes of businesses.
Read Sanction Scanner Reviews
DueDil is a company
that helps businesses comply with KYB regulations. Their API helps businesses onboard new customers and keep compliant.
Read DueDil Reviews
PassFort is a company
that helps companies manage risk, trust, and compliance standards.
Encompass is the creator of KYC automation for major financial and professional service firms globally.
Read Encompass Reviews
Dow Jones Risk & Compliance is a company
that provides third-party risk solutions for companies across the globe.
Read Dow Jones Risk & Compliance Reviews
Oracle Financial Crime and Compliance Management
help you protect the integrity of your financial institution
by providing anti-money laundering and compliance solutions.
Read Oracle Financial Crime and Compliance Management Reviews
Unit21 provides a suite of applications that enable companies to manage their risk and compliance.
The AML software
market is experiencing rapid growth with new AML software
being released each year. It’s important for financial institutions
to take the time to select AML software
that are appropriate and will best meet their needs. By identifying which features you need, it will be much easier to find the right AML