What is Anti-Money Laundering Software?

Anti-money laundering (AML) software helps companies fight financial crime through transaction monitoring to identify any suspicious activity such as terrorist financing and money laundering activities. In addition, this type of software ensures that companies follow anti-money laundering compliance and legal requirements when working with customers and partners to avoid doing business with money laundering entities. Anti-money laundering software identifies suspicious individuals such as a politically exposed person (PEP) or companies that may illegally try to clean fraudulently obtained or stolen funds. In addition, AML provides enhanced due diligence through transaction monitoring for financial services companies and corporations. What Does AML Stand For? AML stands for anti-money laundering, a subset of regulatory technology (regtech) focusing on money laundering. What Types of Anti-Money Laundering Software Exist? Depending on how they're sold and used, there are two major types of AML software: Standalone AML is usually a standalone product, which can be deployed and used separately from other software solutions such as enterprise risk management (also known as GRC platforms). Anti-money laundering platforms tend to have more detailed and advanced anti-money laundering features since they focus exclusively on this business need. Standalone AML may be more affordable than GRC platforms but require integration with the latter, which may increase the cost of ownership. Part of a platform AML can also be sold and used as a module of larger systems like GRC platforms. In addition, some anti money laundering software vendors offer GRC suites that combine multiple products like audit management, regulatory change management, and AML. While a company can buy each module and suite component separately, various options from the same vendors are preferable since they are tightly integrated and usually built on the same platform.

What are the Common Features of Anti-Money Laundering Software?

The following are some core features within anti-money laundering Software that can help companies avoid AML fraud: Know your customer (KYC): AML is used during customer onboarding for due diligence, ensuring that customers aren't under suspicion of illegal activities. Customer due diligence is crucial to companies dealing with businesses and individuals from corrupt countries more likely to engage in money laundering activities. AML compliance management: To determine who should be considered suspicious or compromised, companies must stay updated with the latest national and global regulations created to fight corruption, terrorism, and fraud. AML software should provide a detailed and current database of laws and regulations that companies must comply with to avoid dealing with suspicious individuals and companies. Workflows: Identifying suspicious individuals and companies is only the first step in AML. The following steps are to decide how to deal with them. Ideally, a company should not do business with anyone who may be corrupt or fraudulent, but the reality is often more complicated. For this reason, companies need workflows to mitigate AML risks. For instance, identifying a suspicious activity may require multiple steps involving several users and requiring approval from managers. Suspicious persons and companies database: Local and global institutions focusing on fighting crime create and maintain lists of corrupt individuals and fraudulent companies worldwide. These lists aren't always public and are updated regularly. AML software can provide this information to its users through integration with external databases or as a part of the system. An example of lists used for screening is one by the Office of Foreign Assets and Control (OFAC). Risk scoring: AML users need to assign different risk ratings to any person or company deemed suspicious. While most AML solutions provide automated risk scoring features, users may need to manually adjust scores based on information that may not be available in the software's database. The recent war in Ukraine is an excellent example, as sanctions against Russia have been adopted by multiple countries relatively fast and may not be automatically updated on the software. Watch lists: Watch lists are created when there is no clear proof that a person or company is corrupt or dishonest, but there are indications that they may be suspicious. For instance, governments publish sanctions lists that include PEPs, but each country has different AML standards, and these lists change constantly. Case management: Companies with large numbers of transactions require case management functionality to track and address all incidents in a centralized manner. Each case can be assigned to different teams and escalated based on rules and workflows. For instance, some AML users may focus on currency transactions and others on investments, which requires that each team manages different types of cases. Analytics and dashboards: Analytics features monitor money laundering activities, while dashboards provide real-time data and alerts such as false positives and high-risk transactions. AML includes features for suspicious transactions reports (STRs) and suspicious activity reports (SAR) and monitors a company's compliance with regulatory requirements such as the Bank Secrecy Act (BSA).

What are the Benefits of Anti-Money Laundering Software?

The following are some of the benefits of anti-money laundering software. Prevent fraud: AML provides fraud detection features so companies can identify suspicious individuals and companies before dealing with them. This software also helps companies adopt rules and best practices such as Combating the Financing of Terrorism (CFT). Ensure compliance: AML compliance is more than just a legal obligation. Companies must take a proactive approach to AML through due diligence and fraud detection. This ensures that they comply and prevent AML fraud before it happens, thus protecting the reputation and financial stability of the company. Avoid monetary losses: Another risk related to corrupt or criminal individuals is that they may not pay for the products and services they buy. Moreover, in many cases, these individuals and companies are based in countries where international law cannot be enforced, which means that companies seldomly recover their money. It is, therefore, preferable to avoid doing business with this kind of person or business. Ensure brand protection: Dealing with suspicious individuals and companies can negatively impact a company's reputation and employees. Even limited interactions and low-value transactions with corrupt persons can jeopardize the public's perception of a company.

Page 3 | Best Anti-Money Laundering Software: User Reviews from October 2026

Trulioo

Trulioo is the world’s identity platform, trusted by leading companies for their verification needs. Offering business and person verification across the globe, Trulioo covers 195 countries and can verify more than 13,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists. Its comprehensive suite of in-house capabilities, integrated across a single automated platform, powers customizable onboarding workflows tailored to meet any market requirement. Combining its state-of-the-art technology with expert verification knowledge across diverse markets, Trulioo enables the highest verification assurance levels, optimizing onboarding costs and fostering trust in the global digital economy.

Average Rating: 4.4/5.0

Total Reviews: 39

How Do G2 Users Rate Trulioo?

Ease of Admin: 8.6/10 (Category avg: 8.8/10)
Regulations and Jurisdictions: 9.2/10 (Category avg: 8.9/10)
Real-Time Dashboards: 8.3/10 (Category avg: 8.9/10)
Watch List: 8.3/10 (Category avg: 8.8/10)

Who Is the Company Behind Trulioo?

Seller: Trulioo
Year Founded: 2011
HQ Location: Vancouver, British Columbia
Twitter: @trulioo
4,486 Twitter followers
LinkedIn® Page: www.linkedin.com
380 employees on LinkedIn®

Who Uses This Product?

Top Industries: Financial Services
Company Size: 50% Medium, 38% Small

What Are Recent G2 Reviews of Trulioo?

"Easy way to verify client identity"

Rating: 5.0/5.0 stars

— Adam P.

Best Anti-Money Laundering Software - Page 3

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