This page was last updated on June 9th, 2025
Anti-money laundering (AML) software is used by companies to detect suspicious activities by persons or organizations who are trying to generate income through illegal actions.
Compliance professionals use this software to comply with regulations, like the Bank Secrecy Act, and corporate policies regarding financial fraud. Accountants and managers from all departments can also benefit from using this software when evaluating new customers and suppliers. Additionally, AML software is used by banks and financial institutions to detect suspicious and fraudulent activities that may impact their profitability and damage their reputation.
Companies can work with AML software vendors to avoid doing business with corrupt individuals or organizations that are suspicious of financial fraud, criminal financing, or securities market manipulation.
AML software uses information from multiple solutions that manage financial transactions, such as enterprise resource planning (ERP) systems and accounting software. For large companies with high volumes of financial transactions, integrating AML software with corporate performance management software can also be beneficial.
To qualify for inclusion in the Anti-Money Laundering (AML) category, a product must:
- Use intelligent algorithms for fraud detection and risk management
- Include watch lists of suspicious individuals and organizations
- Allow users to assign scores based on risk potential and history
- Deliver standard AML documents and reports for compliance purposes
- Provide behavior models to detect suspicious individuals or companies
- Offer dashboards with real-time data to immediately identify potential risks
