10 Best AML Software Solutions in 2024: A Quick Review

If you’re wondering what the best AML software would be to help your firm achieve regulatory compliance, look no further. Here are ten popular options!
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Julia Ront, Founder and CEO of Vespia

June 11, 2024

With the financial sector's rapid evolution and the growing importance of ensuring secure and legally compliant transactions, integrating technology into financial regulatory frameworks has become paramount. The birth and growth of RegTech, or regulatory technology, has paved the way for enhanced oversight and effective compliance against financial crime. While RegTech covers multiple areas of financial crime, this article zeroes in on Anti Money Laundering (AML) software.

What Is AML (Anti Money Laundering) Software?

AML software stands as a paramount tool within the RegTech industry. It's a digital solution primarily targeting the detection and identity fraud prevention side of financial crimes. Through AML compliance software, institutions can seamlessly screen individuals and businesses against AML databases, which encompass crucial lists such as PEP (Politically Exposed Persons), RCA (Relatives and Close Associates), sanctions, and adverse media screening tools.

An AML compliance solution plays a pivotal role in various stages of customer engagement, from onboarding customers to monitoring and scrutinizing their transactions. Serving as a continuous AML check and AML risk assessment tool, an AML transaction monitoring software guarantees a transparent and secure transactional environment, allowing businesses to build trust and ensure compliance in their dealings.

How It Works

Any AML software worth its salt should encompass the three main pillars of AML verification:

  1. PEP Check (PEP+RCA): It identifies and scrutinizes individuals who are or have been entrusted with a prominent public function and their connections, ensuring that their funds are not the proceeds of corruption or other illicit activities.
  2. Sanctions List Screening: An essential tool that cross-references clients against global sanctions lists, ensuring that one isn't inadvertently doing business with entities or individuals that are flagged for terrorism, trafficking, or other crimes.
  3. Adverse Media Screening Tool: This digs deeper by monitoring vast swaths of media coverage, both traditional and digital, to unearth any negative news or information that might be linked to a client. It's like a digital reputation check, ensuring that clients don't carry unsavory histories that might lead to potential risks.

Furthermore, once the necessary AML screening of a potential client has been gathered, it's crucial to undertake risk assessment. This assessment will determine if the customer aligns with the business or financial institution's risk appetite. A clear evaluation of their financial behaviors, affiliations, and historical records can either validate their association as a low-risk client or red-flag potential money laundering concerns.

Moreover, the best AML software doesn't halt at the onboarding process phase but also helps with risk management. With the aid of intelligent automated tools, it continuously surveys transactions, swiftly identifying and flagging any suspicious transactions and activities.

10 Best AML Software for Financial Institutions

1. Vespia

Vespia is an all-in-one KYB/ AML platform powered by AI founded by KYC experts and former Veriff team members from Estonia. With a focus on streamlining business verification, AML compliance, and risk management processes using AI, Vespia has carved a niche for itself as a trusted AML software partner for many top-tier financial institutions.

Key features:

  • The AML software provides Know Your Business (KYB) functionalities for company verification.
  • It employs both AI and rule-based methods for KYB, sanctions, PEP & RCA, adverse media, risk analysis, and assessment.
  • An AI Compliance Officer feature is integrated to aid in data interpretation and understanding.

Integrations: Vespia's AML compliance software can integrate with a range of banking and financial systems via API. Also, the company provides a self-service dashboard and onboarding flow SDK.

Any negatives? The software requires a short learning curve, especially for those not familiar with AI-driven platforms. Data coverage may be lacking in some regions.

Pricing/Subscription options: Vespia operates on a tiered subscription model, catering to both small-scale financial institutions and large banks. Minimum commitment starts at €490 per month.

Trial available? Yes, Vespia offers a  free trial for its AML software. Schedule a Demo call

2.  MemberCheck/NameScan

Originating from Australia, Membercheck/Namescan has been a prominent AML screening software vendor since 2008. Operating under the umbrella of the Neurocom Group, this solution has grown in reputation and global reach over the years.

Key features:

  • Database with thousands of sanctions lists, including 4 tiers of PEP screening and RCAs, global adverse media scanning.
  • Flexible API, allowing businesses to design their own front end.
  • Daily monitoring with updates and alerts.

Integrations: The API can integrate with various platforms, making it adaptable to different business systems. Dashboard included.

Any negatives? The AML company's headquarters are not in the EU, which may be a concern for some European businesses. However, the company stores data in the EU and other locations and complies with all necessary regulations.

Pricing/Subscription options: Pay-as-you-go and subscription plans are available, starting from $90 for 50 scans. Volume-based pricing.

Trial available? Yes, some free credits in NameScan. Demo call in MemberCheck.

3. ComplyAdvantage

ComplyAdvantage is a London-based AML screening company. It operates as a modern-day alternative to names like LexisNexis and Dow Jones, offering real-time global databases. The anti money laundering software serves banks, insurers, and cryptocurrency sectors.

Key features:

  • A real-time global database of individuals and companies with sanctions lists, PEP screening, and adverse media checks.
  • Transaction monitoring and KYB services.
  • Configurable data feed to reduce false positives.

Integrations: Dashboard and API easily integrate with multiple business platforms.

Any negatives? Being newer in the market might lack the depth of historical data compared to older competitors, such as PEP & RCA coverage.

Pricing/Subscription options: Volume-based pricing, with plans usually requiring an annual commitment. Multiple plans are available, and its price positioning is mid-range compared to competitors.

Trial available? Limited-time trial offered for potential users. Need to request a demo call.

4. LexisNexis

LexisNexis is a well-established global company specializing in legal and professional solutions. Their AML software is among the various compliance management tools they offer.

Key features:

  • Wide-ranging global watchlists, PEP & RCA screening.
  • Enhanced due diligence reporting.
  • Identity verification and risk scoring solutions.

Integrations: API integration is the usual solution, not the most easy documentation.

Any negatives? The number of its features might be a bit much for smaller businesses used to easy SaaS solutions, making it more tailored for mid to large-sized enterprises. Additionally, being an older player in the industry, they might not be as quick to adopt technological advancements as some of their startup competitors.

Pricing/Subscription options: The pricing model is modular, depending on the features needed. Subscriptions typically require an annual commitment.

Trial available? A limited-time trial is available upon request. Request a demo call.

5. Refinitiv World-Check

Refinitiv, previously the Financial & Risk business of Thomson Reuters, offers World-Check as a trusted solution for AML and counter-financing of terrorism (CFT) regulatory requirements.

Key features:

  • Access to millions of records from World-Check for customer screening.
  • Enhanced media search and monitoring.
  • Efficient PEP screening, Sanctions, and RCA risk assessment screenings.

Integrations: World-Check provides a robust API, making it feasible to integrate with various enterprise solutions, especially in the financial sector.

Any negatives? Similar to LexisNexis and Dow Jones, the plethora of features offered by Refinitiv might be overwhelming for some users. Also, the depth of information might require a dedicated team or individual for optimal use and interpretation of the platform.

Pricing/Subscription options: Different tiers are available based on the size and needs of the business. Typically requires an annual commitment. Also considered to be on the pricier side.

Trial available? A demo version is available upon request, with trials on a case-by-case basis.

6. Dow Jones Risk & Compliance

Dow Jones Risk & Compliance is a key component of the broader Dow Jones offerings, known for delivering reliable data and tools related to financial risks.

Key features:

  • AML databases covering global risk scores, sanctions, and PEP checks.
  • Separate tool for adverse media screening, Dow Jones Factiva.
  • Tools for in-depth analysis and risk assessment, and monitoring.

Integrations: Dow Jones offers flexible integration options compatible with multiple platforms, making it adaptable for varied business needs. Factiva is oftentimes used in the Dow Jones dashboard.

Any negatives? The expansive array of features can be overwhelming for users not familiar with such comprehensive AML software systems. For best results, it might necessitate a dedicated team or individual to interpret and navigate the platform. With Factiva, product users may experience a lot of false positives.

Pricing/Subscription options: Pricing structures are available upon inquiry, and they often come with flexibility depending on the organization's requirements. Typically, an annual commitment is expected. Just like LexisNexis and Refinitiv, this one is also considered on the pricier side.

Trial available? Limited-time trials and demos can be requested.

7. Sanction Scanner

Sanction Scanner, operating out of the UK and Turkey, is one of the best sanctions screening tools for businesses seeking a reliable way to navigate global sanctions. A core goal of their AML software system is to minimize false positives, thereby streamlining compliance processes.

Key features:

  • Global databases covering sanctions, PEP, and adverse media.
  • Transaction monitoring capabilities.
  • Rule-based risk classification dashboard for in-depth analyses.

Integrations: Sanction Scanner offers robust API integration options and provides a user-friendly dashboard, ensuring businesses can adapt the solution to their unique requirements efficiently.

Any negatives? Given their specialization in sanctions, organizations might need to incorporate additional solutions for compliance officers to build a holistic AML compliance strategy.

Pricing/Subscription options: While specific pricing details are available upon inquiry, Sanction Scanner is generally more affordable than some of the older, more established providers. An annual commitment is typically expected for subscriptions.

Trial available? Trials and demos can be requested for a limited duration.


Founded in 2017 and operating out of Hungary, SEON specializes in real-time fraud detection. They harness machine learning combined with human intelligence algorithms to mine artificial intelligence to provide transactional data analysis, effectively identifying fraud patterns through a blend of device fingerprinting, email verification, and IP address analysis.

Key features:

  • Real-time fraud detection leveraging machine learning and human insights.
  • Transaction monitoring and transactional data analysis.
  • Device fingerprinting combined with email and IP address validation.

Integrations: SEON offers seamless API integrations and a dashboard admin panel to set up rule engines.

Any negatives? Due to SEON being a relatively new player in the industry, there might be a learning curve for businesses if they want to utilize the AML monitoring system's capabilities fully. Additionally, to achieve full AML compliance, organizations may need to integrate several solutions alongside SEON.

Pricing/Subscription options: Pay-as-you-go and subscription models. For detailed rates and structures, inquiries can be made directly to the company. Is considered a cheaper option.

Trial available? 14-day free trial with no credit card required.

9. SumSub

SumSub, established as an identity verification solution, provides businesses with tools to ensure compliance with AML and KYC regulations. Through its platform, organizations can swiftly and accurately verify the identity of individuals and entities or financial institutions they engage with, as well as conduct risk management.

Key features:

  • Identity verification, ensuring quick and accurate checks.
  • Sanctions checks, PEP screening, and adverse media checks.
  • KYB, transaction screening, and case management features.

Integrations: User-friendly API that can be easily incorporated into diverse business systems. Also offers a dashboard and onboarding flow SDK.

Any negatives? As with many solutions specializing in identity verification, to attain a holistic compliance framework, businesses might need to combine SumSub with a few other tools or platforms.

Pricing/Subscription options: On the cheaper side. Requires a monthly minimum commitment starting at $149.

Trial available? Request a demo call. Can offer a limited trial.

10. Ondato

Ondato, a Lithuanian company, offers a thorough risk management and identity verification solution. As a global provider and key player in the compliance and regulatory space, Ondato assists businesses in ensuring they adhere to international standards and regulations, especially in the AML and KYC sectors.

Key features:

  • Specializing in KYC and identity verification.
  • Sanctions, PEP & RCA, and adverse media screening.
  • KYB solutions are available.

Integrations: Ondato provides a streamlined API as well as a user-friendly dashboard.

Any negatives? Businesses seeking an all-inclusive solution may need to integrate Ondato with additional platforms or tools to achieve a full compliance framework. Limited coverage in some regions.

Pricing/Subscription options: Monthly subscriptions are available. Prices start at €259 license fee per month, which will give you access to the platform, and additional check costs are applied on top.

Trial available? For a limited-time trial, need to request a demo.

How to Choose AML Software for Your Firm

Selecting the right AML software is pivotal for your firm's compliance strategy. With a multitude of choices in the market, the decision-making process can be overwhelming.

Here are some vital factors to keep in mind when comparing the various top AML software vendors.

Feature list/functionality

The best AML software will ensure that it provides users with the functionalities they need, from basic AML checks to more advanced features like PEP and sanctions screening or adverse media screening tool capabilities. It would be even better if some customization options were available.

Your requirements

Every firm's requirements and goals are unique. Ensure the chosen anti money laundering software caters to your specific needs, whether they involve in-depth analysis, real-time transaction monitoring, or extensive databases.

Your AML compliance budget

Determine a budget and filter your choices accordingly. Some solutions may be pricier but offer more features, while others may be budget-friendly and offer core functionalities.

Any unique pros or cons of a certain tool

Some tools might have unique advantages or disadvantages that could significantly impact your operations. For instance, one AML compliance software's end-to-end location might be a dealbreaker for some, while fanother's focus on sanctions might necessitate additional solutions.


AML screening tools should come with an intuitive and easy-to-navigate interface so that the learning curve is manageable for your team.


You must find out if the AML software provider offers training sessions or informative resources to help your team get acquainted with the platform.

Support team availability

A responsive support team is essential. Check if they're available 24/7 and the channels they offer, be it chat, phone, or email.

Past clients

Look into the industries and businesses the AML software has served. This can give you insights into its effectiveness and reliability.

Reviews from real customers

Real customer reviews and ratings on software comparison platforms can provide genuine insights into the software's strengths and weaknesses. One such platform is Clutch, where the website reaches out to real customers and publishes their verified reviews on the vendor's Clutch profile.


The task of selecting an AML software solution is no small feat. It requires a detailed understanding of your firm's unique needs, thorough research, and careful comparison of the options available. Whether you prioritize user-friendliness, a broad feature set, or budget constraints, the perfect solution is out there. This article has provided a snapshot of ten leading AML software solutions in 2024, along with a guide on how to evaluate them. With the right choice, you can fortify your firm's defenses against financial crimes and ensure robust compliance.

Is AML compliance keeping you up at night? If you're in search of a solution, consider subscribing to Vespia. Schedule a DEMO call.

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