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The Best Anti Money Laundering Software in 2022

 

January 10, 2022 (Investorideas.com Newswire) Each year, as much as $2 trillion is laundered globally. Isn't it a colossal figure? Yes, it surely is. To emphasize how essential it is to take control over money laundering, it is pertinent to mention that only $267 billion is needed every year to end global hunger by 2030.

Yes, only about 12.5% of the total money laundered each year.

With technology being what it is today, there are a lot of ways to transfer money electronically. Not only can you send money to other people, you can send money to yourself too. This makes it really easy (and tempting) to move money illegally.

The worst part is that it's not just a problem that's limited to one territory. It's happening all around the world, and the financial institutions are doing all they can to stop money laundering from happening.

This is where anti money laundering software comes in. Before we familiarize you with a list of best anti-money laundering software in 2022, let's first know what it is, and what are the specific benefits these tools offer:

What is money laundering and the role of anti-money laundering software?

Money laundering is a process used by criminals to cover their illegitimately acquired money. This money can come from dealings of illegal goods, market manipulation, or stolen public funds. Also, many fraudsters try to evade taxes of their state and that's why they launder their money via illegal paths.

They cheat the regulatory authorities and financial institutions by making it look legitimate. Their ultimate goal is to use it without getting caught by the governments and authorities.

One path they usually opt is to deposit the illegitimately acquired funds into a supposedly legitimate business of their allies. 

From that business, it becomes easier for them to withdraw and use the previously illegal funds without showing up on the suspicion radar of the regulators.

To take control over it, states have stringent anti-money laundering laws in place. However, the wrong doers still slip away from the hands of law.

Usually, it is the responsibility of financial institutions to monitor the transactions they facilitate. For instance, they must track the large funds and know the place of their origin. If it seems like a suspicious transaction, they must investigate and take the required action.

Since keeping an eagle eye over thousands of transactions every day is a demanding as well as costly task, many financial institutions take aid of anti-money laundering software.

An anti-money laundering (AML) software is a digital program that would strictly track the transactions, so that the humans don't have to. It highlights the suspicious transactions, making it easier for a human to verify them more rigorously. Some of the benefits an AML software can provide you are as under:

Transaction monitoring

AML software is a huge help to financial institutions that need to monitor customer transactions for fraud risk. The transaction monitoring system, combined with the customer's history and account profile, will give a better picture of the customer and their risk level.

Compliance reporting

In many countries, the financial institutions are required by the state to have an AML compliance program in place, and that's where AML software can help. 

In order to have a successful AML compliance program, you need to have a strong understanding of what it takes to create a program that works for you.

Online identity verification

Online identity verification is a necessary first step to achieving compliance in the digital world. To help you achieve this step, an anti-money laundering software offers online identity verification of your customers.

Politically Exposed Persons (PEPs) check

Independent regulation in financial sectors is a must. Though, it becomes hard to monitor the dealings of Politically Exposed Persons (PEPs) with the high involvement risks. PEP often tends to try and distract you from their illegal activities, but AML software can help you detect them.

Now that you've learned about the importance of an AML software, let's familiarize you with the five best AML software as per the customer reviews:

5 Best Anti-Money Laundering (AML) Software in 2022

1. SEON

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SEON is one of the most advanced anti-money laundering (AML) software on the market. It is easy for your employees to use and is scalable to your needs, no matter how big you are.

SEON keeps an eye over all of the transactions, and alerts you whenever a colossal transaction occurs. Also, its intelligent mechanism tracks suspicious behavior of your customers, helping you easily track the money launderers.

SEON is an easy-to-integrate anti-fraud solution designed to meet the needs of the present. It offers an easy-to-use, modular tool that can be customized to fit industry-specific needs.

SEON can be integrated seamlessly with current banking and insurance platforms to reduce customer onboarding time, while complying with necessary regulation.

Also, with SEON, your credit risk analysis will be precise, your default rates will be low, and your market will be vast.

One of the major issues ecommerce stores have to face is chargeback frauds. Fraudulent buyers pull back their funds after receiving the goods, incurring loss on the merchants. However, SEON can help identify the chargeback fraudsters and save you from this loss.

Simply put, SEON can be relied on to remain safe from the fraudsters especially the money launderers.

Pricing

  • Basic: $99/month
  • Standard: $299/month
  • Custom: Quote

2. ML Verify

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If you're looking to stay compliant and simplify your AML compliance, ML Verify is the way to go.

As mentioned earlier the importance of PEP checks, ML Verify is the tool that's good at that. With ML Verify, you can automate your PEP and Sanction checks on all new clients, and speed up the AML compliance process.

ML Verify also helps you easily track and record company information and staff training logs/documents. This feature lets you audit your business whenever you want to.

Pricing

  • Basic: £15/month + vat
  • Standard: £20/month + vat

Premium: £25/month + vat

3. SAS

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If you're looking for a way to keep up your company's reputation as a secure place, then SAS is the right software for you. SAS is a tool that specializes in security intelligence protection.

It will keep your company's reputation intact by stopping improper payments associated with any fraud including money laundering.

The anti-money laundering regulations keep changing, but you don't have to worry about it. SAS also helps you keep compliant.  It monitors your transactions with confidence and accuracy, and helps you take a risk-based approach to AML regulations' compliance.

Pricing

Custom pricing based on your company needs.

4. AMLcheck

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AMLcheck is a software for regulatory compliance with anti-money laundering legalities, and it does it better than many other software in the market.

AMLcheck provides a range of anti-money laundering services to companies. The wide range of their services include but are not limited to building a profile or score based on available information and analyzing transactions to detect suspicious behaviors.

It is also an effective way to quickly check for names of individuals and assets against sanctions and PEPs lists with minimal false positives.

Pricing

Custom pricing based on your company needs.

5. Actimize

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Actimize fuses the Artificial Intelligence (AI), Machine Learning (ML), and Robotic Processes Automation (RPA) with the anti-money laundering processes to provide you the top-notch safety against the fraudsters.

Actimize Anti-Money Laundering (AML) software will help you stay ahead in AML security, reduce compliance costs, and respond to every regulatory change.

With the Actimize AML software, you'll keep your organization protected from ever-changing money laundering threats.

Pricing

  • Custom pricing based on your company needs.

Wrapping up

Money laundering is a curse. It obstructs proper functioning of economies. What's more, it also contributes to uneven distribution of funds which later becomes a cause of many social evils.

That's why states are continuously working on the improvement of laws and their implementation. However, the implementation can only be possible with the help of financial institutions performing the due diligence over their customers.

To perform the required due diligence and to ensure no fraudster passes a human eye, there are many anti-money laundering software to deploy. However, it is equally difficult to find the best software that meets your expectations and company needs.

So, in this article, based on the customers' reviews, we brought the best five anti-money laundering software in 2022. You can have their help to scale up your fight against the fraudsters.

Author's bio


Saifullah Napar is a content writer working in this field for the past three years. He has been writing on topics such as business technology, blockchain, fintech, and digital marketing. (LinkedIn)


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