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The National Crime Authority in the UK estimates that around £1.5 billion is criminally laundered in the US each year. Legal groups and financial authorities alike work together to pinpoint the companies responsible for these criminal activities and bring them to justice. Part of this process involves asking companies to comply with audits and track their interactions with risky parties.
Anti Money Laundering or “AML” technology are systems built to support companies in ensuring partners and customers are complying with their regulatory obligations. The right technology ensures business leaders can make informed decisions about the future of their company and prove their credibility in audit situations. Here are some of the top anti-money-laundering products available today.
Unit21 is a customisable and flexible no-code platform for all kinds of compliance and risk management operations. The immersive solution helps to protect companies from potential issues with onboarding new customers through a simple API and easy-to-use dashboard. Companies can quickly and conveniently detect and manage money laundering risks, fraud, and other data in one environment.
The easy-to-use environment means Unit21 can turn fraud and risk management into a competitive advantage for modern brands. The business has already supported more than 20 million users, with a 50% reduction in false positives for most companies.
9. KYC Hub
A comprehensive solution for all kinds of customer tracking and due diligence, KYC Hub unifies the process of consumer onboarding and monitoring. The end-to-end screening platform gives companies all the tools they need to protect against the risk of financial crime and fraud while reducing customer friction and false positives.
The KYC Hub ecosystem includes a full anti-money laundering suite, complete with contextually relevant adverse media and constantly updated watchlists. You’ll also get access to Trade AML technology, sanctions, PEP, and RCA too. Uncovering hidden risks is quick and simple with KYC Hub, and you can even reduce overheads too.
Another excellent pick among today’s anti-money laundering technology, Quantexa supports companies in finding hidden risks and criminal activities before they expose themselves to any danger. The Quantexa environment can easily scan information from around the world, reducing false positives and delivering simple, low-cost compliance.
With Quantexa, business leaders can make faster decisions at scale, and even access specialised AML solutions for things like finance, markets, and trading. With a scalable and convenient solution, Quantexa can reduce investigation times by up to 50%.
Promising to make compliance easier for today’s companies, Comply Advantage is a highly flexible and scalable AML compliance solution. With this convenient software, business leaders can ensure they’re ready to meet and exceed global and jurisdiction regulatory compliance. With a frictionless experience, you can improve customer satisfaction and minimise team headaches too.
Thanks to a range of powerful features like transaction monitoring and screening, as well as adverse information and media insight, companies can make better decisions about their partnerships. There’s even the option to automate and standardize labour-intensive processes too.
Encompass is an industry-leading AML solution powered by tools for automation and intelligence. With this state-of-the-art software offering, companies can enhance their anti-money-laundering strategies and screen customers like never before. The AML screening solutions come with access to intelligent process automation, so you can easily track PEP, sanctions, and adverse media risk.
The screening process you get with Encompass is managed according to your existing CTF and AML policies, with a comprehensive auditing trial dynamically complied for compliance. The all-in-one offering makes it easier for companies of all sizes to protect themselves from getting into the wrong partnerships and relationships.
A well-known company in compliance and regulatory practice support, PassFort brings a human touch to compliance automation. The low to no-code SaaS solution transforms huge amounts of complicated information into crucial insights for financial services teams and regulated companies. The result is all the information you need to make better decisions.
Trusted globally by large enterprises and start-ups, the PassFort solution is easy-to-use and accurate, with a host of powerful tools for tracking identity verifications, credit and business registry data, and fraud intelligence from around the world, all through a single API.
Make sure you’re always prepared and informed with the DueDil comprehensive AML software solution. The state-of-the-art technology from DueDil allows companies to tap into due diligence screening services, as well as relationship intelligence and risk tracking tools. With hundreds of companies worldwide, the company uses the “Big Information Graph” to access and surface billions of data points each day.
Equipped for KYB (Know Your Business) support, DueDil believes in providing companies with the best possible insights for making safer, more intelligent decisions about their future. The all-in-one environment also comes with in-life monitoring, so you can stay on top of any changes to your consumer landscape too.
3. Sanction Scanner
A compelling and easy-to-use offering for anti money laundering requirements, Sanction Scanner gives companies the peace of mind they need. The AML screening service includes PEP screening and scanning services, and firms can perform checks within seconds during customer onboarding processes via the web, API, and batch searching options.
AML transaction monitoring allows companies to monitor customer transactions and money transfers in real-time. There’s also adverse media screening, to ensure risks are quickly and effectively-identified during customer account opening processes.
The Trulioo Global Gateway AML watchlist is a state-of-the-art anti money laundering service, allowing brands to screen customers against accurate worldwide watchlists. The technology boosts your chances of complying with crucial KYC and AML regulations, while reducing risk levels.
Whether you’re operating locally or internationally, Trulioo will deliver a watchlist screening solution capable of circling the globe. You’ll have access to a network of lists tracking potentially exposed persons, as well as sanction lists for UN, HMT, EU, and DFAT. Law enforcement lists and governing regulatory body lists are also available.
1. Refinitiv World-Check
Widely regarded one of the most popular AML technologies on the market, Refinitiv World-Check is a risk intelligence and anti money laundering solution for modern organisations. The comprehensive tool allows companies to access structured, accurate information, so they can better meet with third-party and KYC due-diligence obligations.
The World-Check Risk Intelligence system has earned the trust of countless companies for over two decades, promising extensive conversation with hundreds of specialist analytics and researchers across the globe. The World-Check data is fully structured, de-duplicated, and suitable for absorbing into various workflow screening platforms too.