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Top 10 AML software for banks

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If you’ve found this article, the chances are you’re looking for:

  • Anti-money laundering (AML) software that’s designed for banks
  • A way to quickly tell what differentiates leading solutions.
  • A straightforward list of features and use cases. 

This article summarizes the ten top AML software vendors for banks, listing their key strengths and explaining the use cases they respond best to.

The best AML software for banks

1. ComplyAdvantage

ComplyAdvantage’s AI-driven fraud and AML risk detection solution improves the efficiency of banks’ compliance workloads by reducing false positives by up to 70 percent and shortening onboarding cycle times by up to 50 percent. Its automation scans unique data using graph network detection, identity clustering, and dynamic thresholds to give banks three central capabilities:

  • Customer screening: With a real-time risk database using flexible screening parameters for automated monitoring, integrating data feeds, case management, and CRM.
  • Adverse media screening: Using an AML and combatting the financing of terrorism (CFT)-focused taxonomy aligned to regulatory guidance to trigger the most relevant alerts against comprehensive, structured profiles.
  • Transaction monitoring: Through a unified cloud-based platform that monitors risks in real-time and maximizes straight-through processing with configurable risk-based rules.

Top ComplyAdvantage features

ComplyAdvantage’s AML solution is ideally suited to digital and regional/mid-market banks and larger banks looking to leverage AI at scale. To help these banks balance business goals with compliance obligations, the solution offers the following features:

  • AI-powered risk detection – Capture novel AML risks using machine learning (ML) models, identity clustering, and graph analytics instead of pre-defined rules.
  • Anomaly detection – Spot hidden red flags with peer group data, unsupervised ML algorithms, and dynamic tuning based on analyst feedback.
  • Real-time risk approachGet system-wide updates based on global watchlists, sanctions lists, and politically exposed person (PEP) lists every hour, and keep configuring rules as you go.
  • Alert prioritization and flexible workflows – Identify and prioritize alert risk factors and set specific rules for different customer tiers according to your risk-based approach.
  • Coverage for all payment rails – Cover every payment type, including ACH, Swift MT, SEPA, Direct Debit, FedNow, Faster Payments, and SEPA ICT.
  • Coverage for non-transaction events – Take advantage of holistic insights on customer behavior events like logins and profile changes.
  • Integrated case management – Open an investigative case directly from an alert with easy integrations across the workflow and automation to reduce human error.
  • Behavioral analytics – Use identity clustering based on customer behavior to identify accounts controlled by a single hidden entity. 
  • Built-in archiving – For continuous transparency and easy access to all transaction records, making it easier to collaborate with regulators.

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2. LexisNexis Risk Solutions

According to Aspiring Solicitors, LexisNexis is “a leading global provider of legal, regulator, and business information and analytics that help customers increase productivity, improve decision-making and outcomes, and advance the rule of law around the world.”

Top LexisNexis Risk Solutions features (1)

  • Identity verification – Quickly verify consumer or business information with succinct, multi-source identity insight.
  • Sanctions, PEPs, and enforcement data – Connect to a comprehensive database of sanctions, enforcements, and global PEP lists that cover more than 50 risk categories.
  • Account and payment screening – Simplify screening with integrated technology that provides a complete view of relationship risk throughout the customer lifecycle.
  • Adverse media – Monitor relevant risk events with visibility into global adverse media profiles from over 35,000 leading worldwide sources.
  • Flexible rules – Use integrated, configurable AML compliance solutions that can be tailored to meet specific risk tolerances and anti-money laundering regulations
  • Modern technology – Combine industry-recognized analytics with advanced technologies such as machine learning, robotic processing automation (RPA), and artificial intelligence.

LexisNexis’ customers include seven of the world’s top ten banks.

3. Dow Jones Risk and Compliance

Dow Jones (2) describes its Risk and Compliance division as providing risk management data and integrated technology solutions to manage regulatory and reputational risk.

Top Dow Jones features (3)

  • Customer due diligence (CDD) Confirm client identities, drill into the beneficial ownership of associated entities, and screen for PEPs, sanctions, and adverse media.
  • Enhanced due diligence (EDD) – See high-risk factors, detailed source of wealth, independent identity checks, and verification of corporate appointments and directorships.
  • Research and screening tools – Cover beneficial ownership, sanctions, adverse media, specialist lists, and bespoke due diligence report services.
  • Tools for ongoing monitoring – Provided via web-based screening tools, APIs, third-party platform integrations, or as a managed service.
  • Risk database – See consolidated profiles and secondary identifier enhancements (such as gender, identity number, image URL, date of birth, and place of birth). 
  • Real-time payments and sanctions screening – Prevent processing payments in restricted sectors or for sanctioned individuals, entities, or jurisdictions.
  • Specialized data feeds – Built specifically to meet sanctions screening requirements, provide consolidated profiles, and provide updates as often as every 6 hours.

According to Appsruntheworld, Dow Jones’ customers include Hobson Prior and ICBC.

4. LSEG Data and Analytics (formerly Refinitiv)

According to Crunchbase, London Stock Exchange Group is a financial markets infrastructure that provides and delivers financial data, analytics, and news.

Top LSEG Data and Analytics features (4) (5) (6)

  • Structured intelligence – The LSEG World-Check database contains data on heightened-risk individuals, entities, vessels, crypto wallet addresses, and more.
  • Detailed integrity and advanced background checks – Understand the source of wealth and ultimate beneficial ownership (UBO) structures with open and paid primary data from over 200 jurisdictions in 60 languages.
  • Identity verification – Get address verification, signals, document proofing, and liveness checks for all customers.
  • Digital onboarding support – Fully configurable and rapidly deployable solution for digitally onboarding new customers in an AML-compliant way.
  • Constant updates – Around-the-clock monitoring of 600+ sanction lists, regulatory and enforcement lists, as well as thousands of reliable media sources.
  • Targeted screening – For specific keywords and over 60 risk topics that help you filter and drill down for more focused screening and reduce false positives.
  • In-depth search – Linking associated subjects to identify criminal networks and associations.

According to HGinsights, LSEG Data and Analytics’ customers include Deutsche Bank and JPMorgan Chase.

5. Oracle

According to Crunchbase, Oracle is an integrated cloud application and platform service that sells a range of enterprise information technology solutions.

<H4>Top Oracle AML features (13)

  • Streamlined customer onboarding – Identify money launderers and accurately assess risk, and compare customers to global sanctions and watchlists.
  • Effective monitoring and detection – Identify unusual customer behavior and suspicious money movements through advanced analytics (AI/ML/graph).
  • Efficient and accurate investigations – Use AI-powered, institution-wide investigation and case management to uncover criminal networks.
  • Sanctions screening and transaction filtering – Use comprehensive and integrated coverage of customer screening and transaction filtering.
  • Regulatory reporting and management insights – Generate and file suspicious activity reports (SARs) and suspicious transaction reports (STRs).

Oracle’s customers (14) include Credit Agricole and Aman Bank.

6. Accuity

According to Crunchbase, Accuity offers a suite of innovative solutions for payments and compliance professionals.

Top Accuity features (7)

  • AML transaction monitoring – Review transactions and post-transaction alerts for true and false positives, investigate flagged transactions, and determine suspicious trades.
  • SARs/STRs support – File, maintain, track, and document findings from SARs/STRs.
  • Scalable model – Meet bespoke AML transaction monitoring requirements with a flexible, customizable, and scalable model.
  • Ecosystem expertise – Leverage support from people with hands-on experience with tools such as Actimize, Mantas, and Norkom, as well as advanced AML monitoring systems.
  • Nearshore support – With a global footprint, including multi-language support spanning time zones.
  • Process optimization – With staggered rollout plans to ensure a smooth transition and minimal service disruption.

Accuity serves retail, commercial, and regional banks.

7. NICE Actimize

According to Crunchbase, NICE Actimize provides real-time fraud prevention, anti-money laundering, enterprise investigations, and risk management solutions. 

Top NICE Actimize features (8)

  • Suspicious activity monitoring (SAM) – Detect true suspicion and minimize false positives with a multidimensional approach to transaction monitoring.
  • CDD – Understand your customer and their risks throughout the customer life cycle with an end-to-end CDD solution.
  • Sanctions screening – AI-powered screening that accurately identifies risk from global sources, all while ensuring full regulatory compliance.
  • X-sight entity risk – Shift from costly, reactive, and siloed risk management to a proactive approach with comprehensive entity profiles.
  • Cryptocurrency intelligence – Gain visibility into high-risk blind spots so KYC processes can detect and uncover virtual asset service providers (VASPs) before onboarding them.
  • Trade-based money laundering – Use computer vision and artificial intelligence coupled with an intelligent, alert reporting mechanism to support multiple trade finance stakeholders.
  • Suspicious transaction activity reporting (STAR) – Quickly and efficiently detect and report suspicious transactions.
  • Currency transaction reporting (CTR) – Take the guesswork out of CTR filing with robust detection and automated CTR generation and validation.
  • Integrated FRAML – Use unique self-learning abilities to adapt in real-time to new attacks and changes in customer behavior.

According to CBinsights, NICE Actimize’s customers include Rakuten Securities, Zenus Bank, and Tonik Bank.

8. Smart Search

According to Crunchbase, FinScan provides advanced sanctions list and PEP compliance solutions available to help financial services organizations

Top FinScan features (10)

  • Customer screening – Identify customers on sanctions, PEP, and adverse media databases.
  • Entity screening – Screen entities and UBOs against the AML lists of your choice.
  • Payment screening – Check payment attributes and block high-risk activities.
  • Data prep – Improve your screening accuracy and efficiency by fixing data anomalies.
  • UBO due diligence – Identify and screen UBOs against applicable AML lists.
  • ID documents validation – Verify customers’ ID documents quickly and accurately.
  • Risk scoring – Determine a customer’s potential risk based on products, activities, geography, and other factors.
  • Enhanced due diligence – Conduct thorough and well-documented AML investigations for high-risk customers (US customers only).
  • Advisory services – Maximize the efficiency of your AML program with guidance from FinScan AML experts.

Finscan does not appear to disclose the identity of its customers.

10. Napier

According to Crunchbase, Napier is a new breed of financial crime compliance technology specialist.

Top Napier features (11)

  • Single unified compliance platform – Integrate multiple compliance solutions into one master dashboard.
  • Flexible deployment – Deploy on-premise or in the cloud.
  • Scalable from zero to infinity – Scale to match the size of the enterprise and grow the platform as the business does.
  • Change and test the rules – Define, iterate, and test rules in a unique sandbox testing environment built specifically for non-technical business users. Test new rules on real data.
  • Highly configurable and intuitive UI – Easily configure a view relevant to your tasks to spot where suspicious activity may be occurring.
  • AI-enhanced insights – Complement existing rules-based processes with AI to empower analysts to make faster and more meaningful decisions based on machine learning insights.
  • Reduce false positives – Reduce real false positives and correctly identify more false negatives.
  • Automated reporting and intuitive workflow – Increase team efficiency and outcomes with intuitive workflows and superior task automation.

Napier’s customers include Satchel (12).

Top AML software for banks: Side-by-side comparison

ComplyAdvantage LexisNexis Risk Solutions Dow Jones Risk and Compliance LSEG Data and Analytics Oracle AML Accuity NICE Actimize Smart Search FinScan Napier
Proprietary data Proprietary real-time risk database Firco(TM) product suite Risk data provider LSEG World Check No No No No No No
Adverse media screening Yes including human review of sources Yes Yes Yes No No No Yes Yes N/A
Ongoing monitoring Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Does it use AI? AI-powered solution AI supported AI tools No Yes No AI-infused No No Yes
Sanctions screening and updates Yes with human review. System-wide updates every hour. Yes Yes, updated up to every six hours. Yes Yes Yes Yes Yes Yes Yes
Flexible parameters For screening and alerts Yes Yes No Yes Yes Yes Yes Not specified Yes
Integrated workflow Across alerts, case management and CRM Yes Yes Yes Yes Not specified Yes Yes Yes Yes
Analytics Graph network detection and identity clustering Yes Not specified Yes Yes Team of analytical investigators Not specified Not specified Risk scoring Pattern identification and risk assessment
Archiving Built-in Not specified Not specified Not specified Not specified Not specified Yes, with reporting features Not specified Not specified Not specified

 

All information is sourced from publicly available websites and is correct as of March 2024. If you’d like to request a correction, please e-mail [email protected], and we’d be happy to review this with you. 

Next Steps: Explore AML software for banks from ComplyAdvantage

Discover why banks around the world choose ComplyAdvantage’s AI-powered AML software and book a demo to see it in action. 

  1. https://risk.lexisnexis.com/global/en/anti-money-laundering
  2. https://www.dowjones.com/professional/risk/
  3. https://visit.dowjones.com/risk/lp/dg/aml-and-counter-terrorism-financing/
  4. https://www.lseg.com/en/risk-intelligence/screening-solutions/world-check-kyc-screening
  5. https://www.lseg.com/en/risk-intelligence/due-diligence-services/kyc
  6. https://solutions.refinitiv.com/LP=8110
  7. https://www.acuitykp.com/solutions/aml-transaction-monitoring/
  8. https://www.niceactimize.com/anti-money-laundering/
  9. https://www.smartsearch.com/solutions/anti-money-laundering
  10. https://finscan.com/
  11. https://www.napier.ai/
  12. https://fintech.global/2024/01/23/napier-selected-by-satchel-to-provide-aml-platform/
  13. https://www.oracle.com/a/ocom/docs/industries/financial-services/fs-crime-compliance-management-fccm-ds.pdf
  14. https://www.oracle.com/finan

Originally published 05 February 2024, updated 19 February 2024

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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