“If you think compliance is expensive, try non-compliance.” – Former U.S. Deputy Attorney General Paul McNulty
In this era of accelerated technological progress, financial scams have also taken a turn for the worse. Anyone can transfer money across banks and borders with the click of a button. Today, the wealthy and corrupt individuals create layers of accounts and shell companies to launder money. According to the Anti-Money Laundering (AML) Preparedness Survey Report 2020 of Deloitte, every year, US$800 billion to US$2 trillion is laundered.
To combat money laundering and terrorism financing, your organization needs robust AML software that can help you detect suspicious illegal activities. These tools also help stay compliant with the necessary regulations like filing Suspicious Activity Reports (SARs) under the Bank Secrecy Act. Accountants and managers at your organization can also benefit from this type of software when evaluating new customers and suppliers. Additionally, banks and financial institutions use anti-money laundering software to detect suspicious and fraudulent activities that may impact their profitability and damage their reputation.
Must Read: Key lessons from TD Bank’s $3 billion AML compliance mistake.
Let us look at 5 AML Software that will keep the organization on its toes and help prevent financial crime by early detection of suspicious transactions.
- ScanWriter
- Encompass
- Sanction Scanner
- Refinitiv World-Check Risk Intelligence
- GlobalGateway by Trulioo
#1. ScanWriter
ScanWriter by Personable Inc. is fraud detection and investigation software that empowers your investigations with actionable data insights. For example, you can track the audit trail and scrutinize the movement of funds to flag potential suspicious activity. It automates the data capture and analysis process. ScanWriter gets the data structured in Excel or insightful visualizations. It also provides an analytic summary within minutes. Additionally, in partnership with Microsoft Power BI (Business Intelligence), it automatically prepares financial data visualizations like the ‘flow of funds’ that can help prevent and detect financial crimes. ScanWriter supports more than 40,000 institutions, including more than 10,000 financial institutions.
Key Benefits
- Automates the manual data entry processes and document workflow
- Provides hassle-free access to the dashboard and generates reports automatically
- Easily detects irregular transactions, collates and analyzes data for effective preparation of SARs
- Reduces the need for multiple checkpoints to account for human error
- Verify the integrity of the financial information
- Ensures 100% accuracy of the extracted data
- Helps discover hidden insights with analytic data summary
- Maintains confidentiality of data by saving it locally
Source: ScanWriter
Integration & Deployment
- Seamless integration with Excel and Microsoft Power BI
- Deployable on Cloud, SaaS, web-based, on-premise – Windows, on-premise – Linux
Language Support
ScanWriter supports 21 languages, including French, Spanish, Italian, Mandarin, Cantonese, Japanese, Arabic, etc.
Location
Personable has its corporate office in Fountain Valley, California, and a second office in Washington DC.
Client Base
ScanWriter’s client base consists of both government and private organizations.
Customer Feedback
Source: ScanWriter
Pricing
Standard ScanWriter Excel costs $5,495 per license for one workstation user and ten customized readers. Additionally, each standard license has a non-prorated $3,234 annual maintenance fee that covers unlimited usage by common readers, training, support, and software updates.
Demo & Free Trial
You can get an idea of the working of ScanWriter Excel Edition by viewing videos on their Youtube channel. You can also request a free demo on ScanWriter’s website.
#2. Encompass
Encompass is a Know Your Customer (KYC) automation software that helps with your Anti-Money Laundering (AML) compliances. Encompass comprehensively detects, prevents financial crime, and reduces regulatory risk. Encompass runs live data searches and documents collation against trusted data sources. Encompass aligns with your pre-defined compliance policy and processes.
Key Benefits
- Automates the KYC process, thus, reducing the cost
- Streamlines customer onboarding
- Ensures compliance with the latest AML regulations
- Customizable as per your requirements
- Provides KYC due diligence on-demand
- Retrieves and integrates KYC data from a range of global data sources
- Provides a complete KYC profile with source documents and audit trail
- Increases consistency and efficiency
Source: Encompass
Integration & Deployment
- Cloud, SaaS, Web-Based
Location
Encompass was founded in Australia and has offices in New York, London, Amsterdam, Sydney, Singapore, Glasgow, and Belgrade.
Client Base
Its customers include leading global banks, financial institutions, legal and tech brands.
Customer Feedback
Source: g2
Pricing
Pricing is available upon request from the company.
Demo & Free Trial
You can request a demo by filling out the form on their website. Encompass also has videos on its website to explain the software’s working.
#3. Sanction Scanner
Sanction Scanner is an AML solution that plays an active role in helping you fight financial crime. It provides name screening and transaction monitoring solutions, continuously monitoring the sanction lists of over 220 countries.
Key Benefits
- Strengthens and accelerates your AML compliance process
- Cost-effective AML solution for companies of all sizes
- It helps to know your client, monitor transactions, and check adverse media data
- Provides case and risk management
- Helps with behavioral analytics and Suspicious Activity Reports (SARs)
- User-friendly and secure
Source: Sanction Scanner
Integration & Deployment
Sanction Scanner is deployable on:
- Cloud, SaaS, Web-Based
- Desktop – Mac
- Desktop – Windows
- Desktop – Chromebook
- On-Premise – Windows
Location
Sanction Scanner has offices in London, United Kingdom, and Istanbul, Turkey.
Client Base
The client base of Sanction Scanner consists of banking institutions, insurance companies, fintech companies, organizations in the crypto industry, etc.
Customer Feedback
Source: g2
Pricing
Sanction Scanner has a pay-as-you-go business model. You can contact the company for further details on pricing.
Demo & Free Trial
You can request a demo at their website. However, Sanction Scanner does not offer a free trial.
#4. Refinitiv World-Check Risk Intelligence
Refinitiv World-Check Risk Intelligence is a tool that helps to meet your KYC and third-party due diligence screening obligations. It helps prevent money laundering, countering the financing of terrorism, anti-bribery, and corruption. The World-Check data is fully structured, aggregated, and de-duplicated. It allows you to monitor the activity of your clients who are Politically Exposed Persons (PEPs).
Key Benefits
- Simplifies the day to day onboarding of customers
- Delivers accurate and reliable information
- Helps identify potential financial scams with information from legitimate public domain sources
- Easily integrates into the existing internal processes and workflow
- Provides digital identity verification and risk screening
- Allows customization as per requirements
Source: Refinitiv
Integration & Deployment
- Cloud, SaaS, Web-Based
Location
Refinitiv has offices worldwide at 91 locations, including 11 offices in the United States.
Client Base
The clientele of Refinitiv includes banks, financial institutions, private organizations, the legal industry, etc.
Customer Feedback
Source: g2
Pricing
The company provides the pricing upon request.
Demo & Free Trial
Refinitiv does not provide a free trial but has videos on the website to better understand the product. Additionally, you can contact the company for more product details.
#5. GlobalGateway by Trulioo
GlobalGateway by Trulioo is an identity verification provider that supports cross-border compliance with AML and Counter-Terrorism Financing (CTF) regulations. In addition, it automates the KYC workflow keeping your organization compliant with the necessary regulations.
Key Benefits
- Runs effective document checks
- Verify and check identities of high-risk individuals and businesses
- Prioritizes data privacy
- Efficiently compares the customer data to verified independent sources
- Helps with fraud detection and workflow management
- Provides AML watchlist screening
- Takes care of your risk mitigation and age verification needs
Source: Trulioo
Integration & Deployment
GlobalGateway provides a wide range of services through single Application Programming Interface (API) integration and is deployable on:
- Cloud, SaaS, Web-Based
- Desktop – Mac
- Desktop – Windows
- Desktop – Chromebook
Location
Trulioo has offices worldwide, with its headquarters in Vancouver, Canada.
Client Base
Trulioo’s customer base consists of banks, financial institutions, organizations involved in cryptocurrency, wealth management firms, and fintech companies.
Customer Feedback
Source: g2
Pricing
Trulioo offers three flexible, pay-as-you-go plans for GlobalGateway.
Demo & Free Trial
You can ask for a demo at their website, and Trulioo also provides a free trial version.
Feature – Tool Matrix
Here is a table for a quick comparison between the software:
| ScanWriter | Encompass | Sanction Scanner | Refinitiv World-Check Risk Intelligence | GlobalGateway by Trulioo | |
| Audit Trail | Yes | Yes | Yes | Yes | Yes |
| Cloud-based and On-Premise | Both cloud-based and on-premise | Cloud-based | Both cloud-based and on-premise | Cloud-based | Both cloud-based and on-premise |
| Pricing | $5,495 per license for one workstation user and ten customized readers plus a non-prorated $3,234 annual maintenance fee. | Available upon request. | Pay-as-you-go. | Pricing upon request. | Pay-as-you-go. |
| Automatic Analytics | Analytic summary within minutes. | Automates data analysis. | Provides a transaction analysis feature. | Employ analysts across the globe. | Gain valuable insights through in-depth metrics and analytics |
| Confidentiality | Maintains confidentiality by saving data locally. | Run the risk of data leaks as only cloud-based. | Secure | Run the risk of data leaks as only cloud-based. | Maintains data privacy. |
Wrap Up
The sophisticated technology-driven financial crimes require more proactive solutions to prevent money laundering and terrorism financing. These tools can help you recognize the illicit suspicious behavior of your clients. In addition, you can make sure that your company or institution is not being used as a tool to carry out large-scale financial scams. Choose one of the tools to stay up-to-date on the identities and transactions of your customers. Technology is rapidly evolving, and for staying ahead of the criminals, you need to take charge of your processes and automate the detection of illegal activities.
Get your free demo of ScanWriter today by filling out a simple form at the website of Personable Inc. The ScanWriter support team can also help with training and any other questions you might have.