Define: Money laundering?
Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the “clean” money to the launderer in an obscure and indirect way.
Top AML Companies and Solutions
This article showcases Threat.Technology’s top picks for the best AML solutions. We selected these companies for exceptional performance in one of these categories:
- Innovative ideas
- Innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- Societal impact
Fraudsters have no place in today’s digital economy. To protect against fraud and financial crime, businesses online needs to know that their customers are who they claim to be.
But Jumio believes good customers shouldn’t be bothered with identity verification solutions that slow them down. Jumio uses the power of informed AI, biometrics, machine learning, and certified liveness detection to help you rapidly convert more customers, stop fraudsters from infiltrating your online ecosystem.
Jumio also helps organizations meet regulatory compliance including KYC, AML and GDPR and has verified more than 225 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, digital currency, retail, travel and online gaming sectors..
Signicat is a digital identity service provider (DISP) and one of the leading providers of e-ID and e-signature solutions in Europe. The company delivers online trust based services to the public and private sector globally.
The solutions fulfill operational capabilities in line with international standards and requirements, such as Privacy, Anti-Money Laundering (AML) and Anti-Terrorist legislation and regulations, as well as Know Your Customer (KYC) requirements for onboarding of new users. Signicat offers some of the most advanced solutions for electronic identity and electronic signatures.
The goal is to enable customers to do business more effectively by delivering great user experiences for the end users and at the same time reduce the risk by using advanced security technology. The Signicat solutions are used by banks and financial institutions, insurance companies, government agencies and large corporations as well as small and medium sized businesses.
Customers trust Signicat with the responsibility of authenticating users, providing electronic signing, identity proofing and document preservation. Banking grade SLAs are offered, matching customers need for scalability and reliability.
Signicat was founded in 2006 as Kantega Secure Identity, a spin-off from Kantega (www.kantega.no). It is owned by Secure Identity Holding (SIH), Viking Venture and the employees.
Signicat has offices in UK (London), Germany (Frankfurt), Netherlands (Amsterdam), Portugal (Lisbon), Denmark (Copenhagen), Sweden (Stockholm), Finland (Helsinki) and Norway (Trondheim and Oslo).. .
Fraud.net is the leading fraud prevention platform for digital enterprises in the e-commerce, travel and financial services sectors. Its unified algorithmic architecture combines: ● AI & deep learning, ● Collective intelligence, ● Rules-based decision engines, and ● Streaming analytics to detect fraud in real-time, at scale.
Fraud.net is the only cloud-based “glass-box” system, offering a full and transparent presentation of the data, statistics and contextual variables to help organizations simultaneously reduce risk and optimize business processes. Enterprises can simplify their fraud management, defending against different types of fraud through one unified solution.
The solution covers many use cases, including: ● Account Takeover ● Application Fraud ● Call Center Fraud ● Chargeback Protection ● Collusion ● Gift Cards & Rewards ● “Friendly” Fraud ● Insider Threats ● KYC & AML ● Loan & Credit Fraud ● Mobile Fraud ● Omnichannel Fraud ● Payment Fraud ● Return Fraud ● Synthetic Identity and much more. Please call or visit us at fraud.net to arrange for a free consultation..
Alloy is a developer of an identity verification platform used to check frauds and make identity management effective and simple for banks and financial institutions. Alloy is an API for regulated companies to collect and manage customer data from many different sources.
It also engages in helping financial institutions and FinTech companies solve identity and compliance problems. The service allows banks and FinTechs to make better risk and identify decisions, using a single API and dashboard to manage AML, fraud, KYC, and more.
The company also offers an API to help financial services companies access various aggregated identity databases and a dashboard through which to organize and analyze customer onboarding data. It also helps to improve customer conversion through the compliance funnel, reduce risk and fraud, and speed up previously manual back-office processes.
Alloy was founded in 2015 and is headquartered in New York.. .
iSignthis LTD provides online businesses from around the globe, with transactional banking, IBAN account issue, money services and a complete customer onboarding solution from remote identity verification to payment processing and deposit taking services. ISX is a principal member of Visa, Mastercard, JCB, CUP/UPI, AMEX, Diners Club and Discover.
Its Probanx division provides other banks, credit unions, neobanks and money institutions with CORE Banking and CORE Networking software, and currently services over 25 banks in the EU, Switzerland, UK, Hong Kong and Australia. .
Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management, and Secure 314(b) Information Sharing. More than 2600 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations.
Leveraging its big data intelligence, visual storytelling, and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights, and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 47 U.S.
AimBrain uses anomaly detection, behavioural biometrics and three active biometric authentication modules to prevent fraudulent or abusive account creation, detect account takeover and provide the necessary step-up user authentication for liveliness detection to comply with KYC, AML, PSD2 and other regulatory requirements. In May 2018 it launched AimBrain On Demand, a free-for-life dashboard for developers and innovators, including 1,000 free facial, voice or video/audio API calls a month, making stronger authentication free for everyone.
It has a unique, 100% proprietary portfolio of passive and active modules, underpinned by patented processes and ensemble learning, which detect the fraud other solutions can’t. Clients include Tier 1, digital and P2P banks, wealth managers, cloud service providers and tech/fintech organisations..
NewBanking is a company founded in 2015 with the aim of providing a user identity platform that will allow end-users to verify their identity easily and securely across businesses while at the same having control and ownership of their own data and identity online. Their platform also solves the regulatory challenges that the financial institutions are facing, especially in regards to the 4th European Anti-Money Laundering (AML) directive and the General Data Protection Regulation (GDPR) among other relevant regulatory legislation.
NewBanking is a company founded in the regulatory space. We are therefore in close dialog with the regulators and are also involved directly via the European PSMEG (Payment Systems Market Expert Group) and the Blockchain standardization work (ISO TC 307 on Blockchain and Distributed Ledger Technologies)..
IDenfy is an online identity verification company, helping to reduce frauds and makes business smoother and more profitable. They created their product to help businesses comply with AntiMoney Laundering (AML), Know Your Customer (KYC) rules and support electronic identity verification requirements (eIDV).
IDenfy goal is to turn your customer’s smart-phone (iOS and Android) or computer into an ID scanning terminal that makes it fast and easy to capture and verify their ID and other credentials to meet KYC requirements. Real-time ID scanning and verification is applied on websites and mobile applications helping reduce risk and minimize fraud for online transactions..
Ensygnia’s solutions sit at the heart of shopper interaction. The Ensygnia platform delivers integration Platform as a Service for large payment companies and corporations who value speed and simplicity for customer journeys as much as regulatory compliance and security.
This provides the simplest, fastest and most secure omnichannel interaction and purchasing experience. The platform enables market leading companies to rapidly deliver Value Added Services for omnichannel.
This is a full-service, integrated suite of best of breed third-party services. It includes integration with over 350 different payment providers and methods global.
But capabilities extend well beyond payments into: identity validation, KYC, AML, Authentication, Biometrics, PSD2, SCA, GDPR, Data Validation, Data Enrichment, POS, PED, eCommerce and other systems. Ensygnia’s flagship product Onescan enables any call-to-action to become an instant action.
This delivers beautiful simplicity, allowing consumers to interact securely online, in-store, or on-the-go. Whatever you need to do, you can with Onescan.
All flows, automations and CX / UX are fully customisable and dynamically brandable in real-time. The company holds a globally granted patent portfolio forming the definitive standard for secure QR code payment & login.
Fortress Identity provides Authentication As A Service via an advanced Digital ID Verification and Biometric Authentication platform. The Digital ID Verification supports 195 countries and provides AML/KYC data from multiple providers and the Biometric Authentication provides advanced facial recognition (live/image/passive), voice recognition (phrase based and free speech).
The platform is low code, easy to implement, cost effective, unified, omni-channel, and can be delivered via SaaS, Managed Care, or On Premise.. .
Acuant provides Identity Verification to instantly reduce fraud and increase revenue while providing a seamless customer experience. Product offerings include data capture and auto-fill, document authentication, and facial recognition software.
Intelligent engineering covers regulations such as KYC, AML and PII. Acuant partners with start-ups, Fortune 500 and FTSE 350 organizations in all industries including Government, Financial, Healthcare, Hospitality and Security..
MyDocSafe is a secure client portal and compliance dashboard for a secure client and employee onboarding. They help professional services firms sign up their clients in a fast, secure and client-friendly way helping them cut cost and improve quality of service.
Their workflow orchestration engine combines electronic forms, electronic signature, KYC/AML checks, payment processing, and automated document distribution and archiving. MyDocSafe was founded in 2013 and is headquartered in Bedford, UK..
The current global infrastructure for identity (KYC, AML/FCT) checks is inefficient, repetitive and cumbersome. Ensuring compliance often means considerable delay, with significant costs for service providers and deep frustration for genuine would-be customers.
The issue is especially challenging for global firms that have to meet diverse compliance regulations in the various jurisdictions they operate in, where, in extreme cases, it can delay verification by up to 30 to 50 days. As a result, genuine clients experience frustration in securing the services they desire.
All too often KYC & AML requirements also serve to reinforce social exclusion of citizens and hinder integration efforts by reducing, or effectively even blocking, access to basic services such as the ownership of a bank account. It is calculated that up to 165 million people in Europe, including 40 million within the EU, still lack access to formal financial services, while the high cost of verification of Personally Identifiable Information (PII) for new migrants is prohibitive.
Many people are unable to receive benefits from the government digitally, including social security, basic health care, and even education. Lack of identification is particularly a hindrance to legal migration to other countries, and to receive remittances internationally through formal channels.
KnowMeNow is committed to addressing these problems, harnessing the power of the blockchain to deliver more efficient, more secure and more reliable ways of verifying and sharing data. Our solution has the ability to greatly reduce current delays, costs, and duplication of effort, that may be caused by clients having to repeatedly produce information for verification purposes, every time a user attempts to secure services with new providers across many different sectors..
Abrigo provides market-leading compliance, credit risk, and lending solutions to enable its customers to think bigger, allowing them to both manage risk and drive growth. Our mission to “Make Big Things Happen” underscores the company’s commitment to helping community financial institutions succeed against “the perfect storm” of ever-changing and increasing regulatory requirements, limited resources, increasing and new competition, evolving technologies, and changing customer expectations.
We provide product innovation, world-class support, and unparalleled expertise so that our customers can make big things happen.. .
Trunarrative is a global player in the risk & financial crime management space with Identity verification in 45 countries and Fraud Management and Compliance solutions deployed in many more. The spread of eCommerce and the rise of fintech require a fresh approach to fraud and money laundering detection and prevention.
Their approach harnesses artificial intelligence, in data-rich systems capable of learning. Legacy systems cannot evolve quickly enough to deliver.
The TruNarrative platform contains a powerful decision engine which combines Machine Learning with empirical best in class rules and scoring that is configurable in readable natural language. Unified journeys for; Identity Verification, Fraud Detection, eKYC, Risk Assessment, AML Compliance and Account & Transactional Monitoring in a single solution through one API..
ACA Compliance Group
ACA Compliance Group is a leading provider of risk management and technology solutions that focus on regulatory compliance, performance, financial crime, and cybersecurity. We partner with their clients to help them mitigate the regulatory, operational, and reputational risks inherent in their business functions.
Their clients include leading investment advisers, private fund managers, commodity trading advisors, investment companies, broker-dealers, and domestic and international banks.Their products include standard and customized compliance packages; cybersecurity, AML, and risk assessments; GIPS® verifications and other performance services; and a wide variety of business advisory and technology solutions for financial services firms.. .
Fractal is a KYC/AML platform delivering fast and accurate global verifications at a conversion rate 40% higher than the industry standard. It offers a fully compliant KYC/AML onboarding process with a focus on usability, enabling a wave of emerging global Fintechs in building a truly global userbase.
It was founded in 2017 and is headquartered in Berlin, Germany.. .
AML RightSource is a provider of anti-money laundering (AML) and financial crime compliance services. It also offers transaction monitoring, alert backlog management, due diligence reviewing, and financial crimes advisory services through its team of highly-trained professionals that enable financial institutions to maintain day-to-day compliance services.
It was founded in 2004 and is headquartered in Cleveland, Ohio.. .
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. The company provides annual research subscription services offering access to an extensive library of research reports and their underlying data sets and access to a team of seasoned industry analysts.
Its practices include retail banking & payments, wholesale banking & payments, institutional securities and investments, wealth management health insurance, life insurance, property and casualty insurance, fraud & AML, and cybersecurity. Its consulting services include new market entry studies, market sizing studies, competitive analyses, vendor evaluations, on-site strategy sessions, advisory calls, presentations, webinars, and white papers.
Aite Group was founded by Gwenn Bézard and Gerald Clemente, and is based in Boston, Massachusetts.. .
Chekk helps businesses by providing seamless on-boarding solutions, accurate verification services, and on-going interaction capabilities. Chekk is your one stop shop to manage your Digital Identity, AML (Anti Money Laundering) and KYC (Know Your Customer) journeys.
Their corporate clients receive validated and up-to-date Digital Identity and KYC information in a fully automated fashion, providing the right means to be fully compliant with internal policies and regulatory requirements. It is also a great tool for businesses to improve their customer experience for on boarding and data exchanges.
Chekk integrates social networks, bank systems, data verification and web services through its web portal and mobile app.. .
Positiverse focuses on blockchain solutions implementation, especially for identity management and privacy protection areas. We are helping our customers succeed by applying the blockchain technology to optimize their business operations.
• If you are FinTech building your future on PSD2 but having problem with KYC or thinking how to improve your customer onboarding process, • If you are a bank or other financial institution who wants to find the most appropriate way to use distributed ledger technology (DLT) for the AML compliance, transactions management, cards and mobile payments or daily operations; • If you are marketing company or mobile operator who would like to implement GDPR regulations, • If you are one of the government institutions who have to follow eIDAS rules or want to integrate blockchain with smart contracts into existing systems, we are the one you are looking for.. .
Safe Banking Systems
Safe Banking Systems (SBS) has been thinking ahead of the risks to combat financial crime and find the “bad guys.” SBS is a specialist provider of anti-money laundering and compliance solutions to the financial services and other industries. Their mission is to help clients identify and monitor risk across the enterprise to protect their financial assets and reputations while ensuring full compliance with the USA Patriot Act, OFAC and BSA.
SBS is a privately owned company with a dedicated staff of professionals who are committed to the success of every client they serve. SBS experts with extensive domain expertise and unique data mining techniques isolate anomalies in very large databases to arm institutions with actionable intelligence.
SBS provides clients with the software and human capital necessary for fail-safe AML and compliance solutions . Enhanced KYC and EDD ensure better governance, risk and compliance.
As seen in their Rogues Gallery , SBS’ solutions yield profound results.. .
Sphonic is a London based digital risk management business, which has developed a suite of products designed to address the on-going demands of the fast-moving digital environment. The solutions it provides are: • Workflow Manager (WFM) – an AML/KYC/KYB, risk management and Authentication platform with access to over 60 3rd party data sources through a single API.
• Metrics UI (MUI) – Sphonic’s Metrics User Interface takes a direct feed from the real time WFM in order to provide efficiency in DevOps and Fraud teams. It enables customisable views and reports to assess performance, risk management targeting and other reporting features.
• AML Manager – an Anti-Money Laundering transactional management tool that provides a case management solution to identify and review potential AML activity, as part of a single customer view. WFM is the core solution used by a number of Sphonic’s clients both in Europe and the United States.
Sphonic created WFM given the innovation around digital risk management is constantly evolving, making the role of the end-user/buyer of such services a challenging one. Navigating through the complex 3rd party vendor market can be a constant battle, which Sphonic helps to solve through its platform with its connections to numerous products across the globe.
This means that Sphonic can provide a ‘one stop shop’ for a range of KYC/KYB/AML, fraud prevention and authentication needs. Most importantly, WFM is configured as a bespoke solution for the end client – so the end solution is specific to their unique challenges rather than a ‘black box’ approach which the client can’t comprehend or control..
CyNation is a Platform as a Service for Enterprises to manage supply chain risk. We report, monitor and mitigate cyber security, compliance, KYB, AML and other business risks.
Our Platform, CyDesk, integrates with and complements existing enterprise solutions. It utilises machine learning and data analytics technologies to provide an ongoing, unified view across departments of an organisation’s security posture and threats.
The CyDesk Fusion Engine consolidates and automates the current fragmented and manual risk management process, and allows for the cross-verification of risk data, therefore creating one consolidated view of each supplier. By addressing these supply chain risks, the CyDesk solution improves the efficiency of onboarding and managing suppliers..
SmartSearch is an online provider of Anti-Money Laundering verification services. Its multi Award winning SmartSearch Anti Money Laundering (AML) verification service is the first system to bring together both Business and Individual AML verification on a single platform.
The SmartSearch process is fully compliant with all the Regulating Bodies in the UK and delivers Business checks in less than 3 minutes and Individual checks in circa 3 seconds; inclusive of all Sanction & PEP checking.. .
SwiftDil is a next-gen RegTech that offers a global AML & KYC SaaS solution that won’t break the bank. Whether you are a small or a large business, our services will help you comply with the most stringent AML requirements as recommended by bodies such as the Financial Action Task Force (FATF).
Our industry-leading API and simple-to-use Web Portal will empower you to build simple, yet comprehensive risk-based AML frameworks.. .
Covery is a global risk management platform helping online companies prevent fraud, mitigate risks, and grow revenue. Covery was created in 2016 by the team of talented risk managers and data scientists with 10+ years of experience of risk mitigation in low- and high-risk industries.
The main idea was to develop a simple tool that can cover all business needs from chargebacks prevention to AML / PEPs screening. With Covery, our customers can create a specific risk logic that analyzes the connections among locations, devices, identity, and behavioral patterns throughout the whole funnel from Registration and to the Transaction and Payout step.
We work with: Dating iGaming Payment Service Providers eCommerce and 19+ more industries Business issues that can be solved with Covery: regulatory compliance, responsible gaming, KYC&KYB procedure automation, transaction analysis, risk management, chargeback mitigation, payment fraud, account theft, device emulation, and many others.. .
C6 Intelligence Information Systems Limited (“C6”) is a leading provider of global intelligence information on both individuals and companies through the C6 Database and bespoke research projects. C6’s solutions are designed to enable clients to take a risk-based approach to managing fraud, money laundering and staff compliance risks.
By taking data direct from multiple sources, including financial, regulatory, governmental, and media – C6 is able to assess potential areas of risk to their clients, and monitor for new risks, to avert potential problems before they arise. The company was founded in 2004, by bringing together experts with first-hand experience of criminal and fraud investigation in both in the public and private sector, with a research team with strong AML credentials and in-depth country knowledge spread across the globe, and an IT team focussed on providing innovative solutions to the issues of processing, managing, and accessing data on individuals and businesses, and the inherent risks that may be associated with them..
Features Analytics has developed eyeDES® AI technology to deliver Surveillance Solutions for detecting Market Abuse in FX/Eq/FI and other instruments, and also to detect payment fraud and money laundering. Features Analytics’ eyeDES® Trading Surveillance Platform uses machine intelligence to detect market abuse at any level and in near real-time.
Delivering surveillance down to individual traders, Features Analytics’ proprietary algorithms are 100 times more accurate than existing solutions. Investment banks, market infrastructures and exchanges can defend against regulatory fines, confident that every trade is analysed..
With an increased need for contactless digital solutions, organisations are looking for optimum means to facilitate business growth through authenticated and verified identity management. uqudo offers next generation AI-powered trusted Identity as a Service.
We enable seamless incorporation of essential onboarding functions whilst aiming to eradicate identity fraud by providing the addition of a secure trusted identity layer. Understanding the need for change, we address evolving business requirements whilst adhering to country-specific rigorous KYC, AML and CDD specifications.
With a proven framework for organisations, uqudo has created an ecosystem to provide an agile environment for functional business processes. We are connecting millions of users, apps and devices with our award-winning platform providing passwordless strong authentication and verification solutions..
Mooti is the new standard for cryptographic identification and validation. Based on their identity chain technology, Mooti aims is to deliver a self-sovereign identity, which is privacy preserving and secured via advanced cryptography and blockchain, built for multiple industries.
Mooti strives to advance digital behaviors within market-based economies and achieve cross-border interactions for assets by helping organizations push identity to the edge, improve cyber security and compliance (e.g., GDPR, KYC/AML, OFAC, SCIF) and help organizations achieve a roadmap to blockchain deployment and utility. The company operates and provides plug-n-play identity including a self-sovereign solutions and blockchain architecture solutions across four primary market verticals: Financial Services, Healthcare Technology, Sports & Entertainment, and Industrial Manufacturing.
The company works with corporate enterprises, governments, non-profits, and other disruptive startup companies.. .
AMLBot helps small and medium businesses to combat fraud/financial crime. Reveal the connection of the cryptocurrency with illegal activities in accordance with the current legislation and AML/CTF requirements.
AMLBot is fast, convenient, pay-as-you-go service that makes your AML compliance easy.. .
ZeroTolerance is your remote AML and legal department. We give all technical tools, bulletproof AML framework and dedicated team of experts to cover ALL your AML requirements.
Such a comprehensive approach allows us to provide the ALL-IN-ONE solution that no company in the market can provide. We are a global consulting firm with a headquarters in London, providing clients with compliance advisory services from offices in the UK, Singapore and Estonia.
Our team includes experts certified by ACAMS and ICA, the gold standards of AML qualification. We work with leading financial and regulated companies across fintech, payments, crypto, gaming, trading and other AML-regulated sectors..
With esignatur’s digital signature solution companies can send all types of documents digitally to customers, partners and employees and obtain an valid digital signature. The solution is based on national eID‘s such as the Danish NemID and Norwegian and Swedish Bank ID.
The solution is built with a scalable and international outlook. esignatur digitize and optimize processes around: – Signatures – Anti Money Laundry (AML) – Know Your Customer (KYC) – Secure distribution of sensitive data.
Entify has been created by KYC and AML veterans with the goal to establish a new level of service to tackle the legal and fraud environments that the world is stacking up against. Entify is taking care of the authentification and identification needs of any organization.
It serves 26 various ways for an organization to control the trustworthiness of any of its business partner or a customer, from the simple ID checks down to the complicated data sets which by default are not accessible due to the confidentiality of the data.. .
Jasoon has access to the identity documents of 4.2 billions people, included passports, driver licenses and national ID from 182 countries and can check AML and KYC in seconds. The service not just checks and verifys identity, it uncover deep connections throughout this data by using advanced AI functions out of the box.
It has a cognitive search and content analytics engine to identify patterns, trends and actionable insights that drive better decision-making.. .
With their experience and knowledge of every major piece of legislation pertaining to AML and Know Your Customer (KYC), and the due diligence processes KYC Cube has trained and certified over 1000 employees around the world working for financial services institutions, government agencies, law enforcement and AML consultants. Combined with their proprietary intellectual property of KYC data and screening technology, makes KYC CUBE™ the ideal partner for small and midsize companies to turn to for AML compliance solutions.
Their head office is strategically located outside of London, one of the world’s largest financial services districts and home to many foreign banks. Therefore, KYC CUBE understands the importance of having services and solutions that conform to local and international anti-terrorism and money-laundering standards, including, but not limited, to the following: – UK Money Laundering Regulations – 3rd/4th EU Money Laundering Directives – National AML programs – FATF 40 recommendations – USA Patriot Act – US Bank Secrecy Act – Foreign Corrupt Practices Act (FCPA).
This article was written by Benjamin Skute from Threat.Technology. The editor for this article was Tess Page. If your company is featured in this article and you want to have amendments made please contact us on: [email protected].
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