Best Anti-Money Laundering Software
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:
Featured Anti-Money Laundering Software At A Glance
G2 takes pride in showing unbiased reviews on user satisfaction in our ratings and reports. We do not allow paid placements in any of our ratings, rankings, or reports. Learn about our scoring methodologies.
iDenfy is an identity verification, business verification, anti-money laundering and fraud prevention platform (KYC, KYB, AML) that helps businesses verify identities, detect fraudulent activity, and
iDenfy is a verification platform that provides AML screening, PEP checks, and adverse media filtering, along with real-time alerts and flexible API for custom workflows. Users like the platform's ability to reduce onboarding abandonment rates, decrease average verification time, and support custom workflows, along with its clear API documentation and global document support. Users reported that the product can be difficult to navigate for inexperienced compliance teams, the pricing can get expensive as usage scales, and certain less common ID formats can trigger a manual review, extending the verification time.
2,440 Twitter followers
Ondato is a global identity and age verification provider that helps businesses streamline Know Your Customer (KYC), Anti-Money Laundering (AML), and age-related compliance. With a focus on accuracy a
565 Twitter followers
Abrigo Anti-Money Laundering is a sophisticated anti-money laundering (AML) software solution designed to assist financial institutions in effectively managing their compliance programs. This comprehe
2,608 Twitter followers
ComplyCube is a powerful all-in-one platform, designed to simplify cross-border compliance and build trust at scale. Trusted by Tier 1 financial institutions, rapidly-scaling fintechs, and innovative
ComplyCube is a product that offers global checks, robust coverage, and comprehensive solutions for know your customer processes, onboarding, and verification. Reviewers frequently mention the product's quick and reliable features, user-friendly interface, and the ease of integration, which make verifying users simple and provide peace of mind, and they also appreciate the product's assistance with customer identification and the enhancement of their financial security. Reviewers noted that while ComplyCube works well, it could offer more options to customize the verification process and clearer guidance on some features, and some advanced features take extra time to understand, and the interface can feel slightly busy during the first days of use.
3,505 Twitter followers
Dow Jones Risk & Compliance is a comprehensive solution designed to help organizations manage regulatory, financial, and reputational risks effectively. By leveraging Dow Jones's extensive proprie
126,938 Twitter followers
ComplyAdvantage is the leader in financial crime intelligence. As your trusted partner, we provide businesses with a complete financial crime solution that goes beyond data and technology. Our unmatch
4,861 Twitter followers
Pirani is a comprehensive GRC (Governance, Risk, and Compliance) and Audit management platform designed to streamline risk management for organizations of all sizes. This innovative solution addresses
Sumsub is the one verification platform to secure the whole user journey. With Sumsub’s customizable KYC/AML, KYB, Travel Rule, Transaction Monitoring and Fraud Prevention solutions, you can orchestra
Sanction Scanner is a global anti-money laundering (AML), fraud detection, and risk management solutions provider, founded in 2019 with the mission of making cost-efficient compliance software accessi
Sanction Scanner is a product that provides risk coverage and operational efficiency, with features such as alert prioritization, centralized case management, and flexible risk policy application. Reviewers frequently mention the wide range of sanctions and PEP lists included in the product, the user-friendly interface, the quick and accurate AML screening results, and the responsive customer support. Users reported occasional minor delays during peak usage times, a desire for more customization options in risk scoring, and a need for more detailed filtering options in reports.
346 Twitter followers
Flagright sets the modern standard for AI-native transaction monitoring. Built as a highly customizable, risk‑based platform, Flagright deploys in two weeks, the industry’s fastest integration. The pl
185 Twitter followers
AMLYZE is a Software-as-a-Service (SaaS) platform designed for banks, fintechs, crypto businesses, and other regulated entities to streamline their Anti-Money Laundering (AML) and Counter-Terrorist Fi
15 Twitter followers
Entrust fights fraud and cyberthreats with comprehensive identity-centric security that protects people, devices, and data. Our solutions help enterprises and governments safeguard critical systems fr
6,409 Twitter followers
At Amiqus we believe in making your life faster and easier, which is why we’re one of the most trusted compliance and onboarding platforms. Working across regulated industries such as legal, financ
Incode Technologies is a leader in the identity trust revolution, backed by investors including General Atlantic, SoftBank, J.P. Morgan, and CapitalOne. At Incode, we're redefining the landscape of i
SEON is the command center for real-time fraud prevention and AML compliance. We help digital businesses stop fraud, reduce risk, and protect revenue with 900+ real-time, first-party data signals tha
SEON Fraud Fighters is a fraud detection tool that provides real-time monitoring, customizable rules, and detailed customer data for fraud prevention. Users frequently mention the tool's user-friendly interface, easy integration, and the depth of information it provides, including IP addresses, social information, and blacklist data, which significantly assists in credit scoring and fraud prevention setups. Users reported issues with the dashboard optimization for daily tasks, the lack of certain features like e-wallet or crypto wallet monitoring, and occasional inaccuracies in social profile tracking and device numbers.
1,888 Twitter followers
Learn More About Anti-Money Laundering Software
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.
What's the most effective AML compliance software?
Finding the most effective AML-compliant software depends on what you or your business's goals are. Consider some of these themes when choosing your AML software: Age Verification, Biometric Authentication, Fraud Prevention, Know Your Customer (KYC), and Transaction Monitoring.
Here are some of the top contenders based on recent reviews:
- ComplyCube: This AI-powered platform streamlines AML compliance and identity verification to secure business operations and support scalable growth.
- Sanction Scanner: This AML software provides cost-efficient AML solutions aimed at fighting financial crimes, helping companies monitor transactions and detect suspicious behavior.
- Dow Jones Risk & Compliance: This solution offers third-party risk management and regulatory compliance services, helping companies evaluate third-party risks with confidence.
Who Uses Anti-Money Laundering Software?
AML software can benefit all departments engaged in business transactions with customers or suppliers.
Risk and compliance officers: Anti-money laundering programs are usually a part of a more extensive governance, risk, and compliance strategy meant to protect the entire company from any threat such as privacy violations, data breaches, brand damage, and employee mistreatment, etc. While chief risk and compliance officers (CROs) use AML software to define company-wide policies to fight money laundering, compliance officers are responsible for implementing these policies and ensuring they are followed.
Finance professionals: Financial teams use AML to monitor currency transactions that may involve money laundering. While it's preferable to identify suspicious persons before working with them, this may not always happen, but it's essential to identify and block suspicious transactions.
Sales professionals: While sales teams focus on finding new customers and closing deals, they must also consider who they're dealing with. As mentioned above, doing business with corrupt individuals or companies accused of money laundering can harm the company. The sales team relies on AML software to avoid such a situation.
Which anti-money laundering tool is best for small businesses?
Here are some of the best Anti-Money Laundering tools for small businesses considering budget and ease of use:
- Ondato, which is known for high accuracy and global coverage, Ondato streamlines KYC, AML, and compliance, reducing business costs significantly.
- Sumsub provides customizable KYC/AML, fraud prevention, and more, catering to diverse industries like fintech and gaming.
- iDenfy offers a wide range of solutions including identity, age, and business verification, along with fraud prevention and AML compliance.
What are the Alternatives to Anti-Money Laundering Software?
Alternatives to anti-money laundering software can replace this type of software, either wholly or partially:
GRC platforms: AML software can only be replaced by GRC platforms that include anti-money laundering functionality.
Software Related to Anti-Money Laundering Software
Related solutions that can be used together with anti-money laundering software include:
GRC platforms: GRC platforms include functionality for most types of compliance, from privacy and security to employee safety and anti-money laundering. This type of fintech software ensures customer due diligence and provides features for fraud detection that help companies prevent money laundering.
Third party & supplier risk management software: This type of software manages the risks of working with suppliers and partners, while AML focuses on customers, which means that the two solutions are complementary. A customer of a company may also be a partner or supplier. For instance, a provider of logistics services may acquire equipment from a manufacturing company and help them with shipping and warehousing.
Sales software: AML can be critical for sales teams dealing with customers from countries with a high level of corruption, crime, and political instability, especially for transactions that involve significant amounts of money.
Challenges with Anti-Money Laundering Software
AML software solutions can come with their own set of challenges.
Up-to-date information: This challenge is twofold: first, companies need to maintain an updated database of AML regulations, and second, watch lists including corrupt persons or fraudulent businesses must also be up to date.
Services vs. software: AML vendors don't always have lists and databases of corrupt persons or criminals, so they have to work with services companies that create and maintain these lists. These services companies may only provide portals to access the data and sometimes dashboards for analytics. As a result, AML buyers need software and these services to efficiently avoid business with compromised companies and persons.
Pricing: The cost of an AML solution may include more than just software licenses. As mentioned above, the software may require additional to make the most of it. Integration with other software also requires additional spending.
Cryptocurrency: Since it's difficult to track, cryptocurrency can be used in transactions by corrupt institutions or terrorism financing. Also, cryptocurrency is relatively new, and legislation to regulate it is still in its early stages, posing a challenge to AML software.
Which Companies Should Buy Anti-Money Laundering Software?
Financial institutions: Banks and insurance companies are the most exposed to AML fraud since suspicious individuals and companies need their services to turn dirty money into legitimate funds.
Multinational companies: Global companies are also exposed to money laundering since they work with many customers and partners worldwide, and vetting them can be very difficult.
AML services providers: Instead of buying AML software, some companies may opt to work with AML services providers. These providers use AML software on behalf of their customers to monitor transactions and alert them when they engage in suspicious activities.
How to Buy Anti-Money Laundering Software
Requirements Gathering (RFI/RFP) for Anti-Money Laundering Software
A requirements list should include all the features mentioned earlier and be customized for the specific needs of each company. For instance, a global company will require advanced features for KYC and access to databases, including suspicious individuals worldwide.
Compare Anti-Money Laundering Software Products
Create a long list
The best way to create a long list is to eliminate all products that are not a good choice. For example, a buyer that only wants cloud solutions can eliminate all on-premises options from the list. Also, if the buyer already has GRC software and only needs AML, they can eliminate GRC platforms that include AML features.
Create a shortlist
A short list can be created by eliminating products from the long list based on advanced criteria. An example would be the type of AML regulations covered by the solution. Some focus on US or European regulations, while other solutions provide global coverage.
Conduct demos
Demos should be conducted live following a personalized script for each customer. The customer must ensure that the vendors show them what they need, not a generic presentation.
Selection of Anti-Money Laundering Software
Choose a selection team
The selection team should include compliance officers, members of the IT team, and one or more executives. In addition, the buyer's legal team may need to be involved to ensure that both parties clearly define and understand the terms and conditions.
Negotiation
Negotiations are based on the pricing of the software but also on what's included in the package. Services are critical to the buyer to ensure proper configuration and implementation.
Final decision
Compliance officers should make the final decision with the involvement of the IT department.
What Does Anti-Money Laundering Software Cost?
Besides the cost of software licenses, buyers may need to spend on integration with other software such as accounting and ERP or consulting services.
Large companies may need 24/7 global support, usually not included in standard pricing. Furthermore, buyers need to understand how they pay to access AML directories.
Furthermore, anti-money laundering training may be required to ensure that users are familiar with AML compliance, making them more efficient.
Return on Investment (ROI)
The ROI of AML can be difficult to calculate since it's not easy to quantify the benefits of using this software. For instance, avoiding a contract of $1 million with a suspicious business means that the company saved the amount but at the same time protected the business's reputation, which is difficult to convert into a monetary value.
Implementation of Anti-Money Laundering Software
How is Anti-Money Laundering Software Implemented?
AML software is implemented by the buyer, vendor, or one of their partners. It is recommended that both the seller and buyer assign a project manager to monitor the implementation process.
Who is Responsible for Anti-Money Laundering Software Implementation?
Compliance officers and IT teams share the primary responsibility, but anyone using the AML software is responsible for implementation. Compliance officers must define workflows and processes, user roles, and access rights implemented by IT. Users provide feedback so that their managers and IT can tweak the system to make it more user-friendly while maintaining a high level of security.
What Does the Implementation Process Look Like for Anti-Money Laundering Software?
AML implementation should start with migrating the data from legacy systems and other data sources to the new software. The next important step is configuring the solution based on the customer's needs. Finally, training and testing are required before they go live.
When Should You Implement Anti-Money Laundering Software?
There is no perfect timing for AML implementations, but it's preferable not to do it during peak activity hours where it can disrupt the company. For instance, shipping companies are usually busy during the holidays, and financial services may experience high activity volumes when customers need to close their books at the end of the year.
If the buyers also purchase other compliance solutions or regtech software, it is preferable to implement them simultaneously. This will allow the buyer to configure all solutions to seamlessly exchange information and train users that may need to use multiple solutions.
Anti-Money Laundering Software Trends
Artificial intelligence (AI)
AI and machine learning are used more in AML to identify suspicious persons or transactions using complex algorithms that enhance human analysis.
Application programming interface (API)
APIs are critical for connecting AML software with other tools and exchanging data with watch lists. However, in some cases, it is preferable to use APIs to connect with banking systems than it is to develop its functionality. For this reason, AML software developers are likely to use API more and more.
