Factors to Consider When Choosing AML Software

Anti-Money Laundering (AML) software are Regtech solutions that help organizations meet their AML obligations. Technological developments over time have enabled companies to use AML software instead of manual methods in AML compliance processes. AML solutions have many advantages over manual methods. Therefore, in today's technology world, AML software has become essential for companies.


Why AML Software is Required?


With the growth of the financial services industry, the AML software market has grown and developed over time. The success of the financial services industry largely depends on customer satisfaction. Therefore, financial institutions focus on developing and providing solutions that will bring the customer experience to the top. Financial institutions have to provide these services by meeting their AML obligations. Financial institutions can provide solutions and services under AML obligations with the AML solutions they use.


Financial crimes, particularly money laundering and terrorist financing, continue to pose a major threat worldwide. Accordingly, the regulations and audits of AML regulators have increased greatly in recent years. Companies that fail to meet their AML obligations as a result of audits faced severe fines. That's why AML compliance has become important for companies. AML solutions play a big role in ensuring companies' AML compliance.


Advantages of AML Software


In the past, manual controls were implemented for AML controls. In the past, companies used manual control processes for AML controls. But with the development of technology, crime techniques have changed and manual methods have become an insecure method of control. Also, although manual methods were unreliable, they created an unnecessary time cost for companies. The developed AML solutions have made all manual control processes automatic, faster and safer.


Data is Very Important for AML Solutions


One of the obligations of companies in customer onboarding processes is to implement risk assessment. AML Name Screening Software helps companies implement risk assessment to their customers. This solution is actually called by different names. Some of these are "sanction, PEP and adverse media screening service", "customer screening service", "AML screening service". The main function of these solutions is to provide companies to scan their customers in sanction, PEP and adverse media data published by countries.


Data is very important in sanction, PEP and adverse media screening solutions. Therefore, AML vendors such as Sanction Scanner, which provides global comprehensive and real-time data, should be preferred. Because sanction lists, PEP lists and negative media data are dynamic and constantly changing. Therefore, companies need to control their customers in real-time data in order to achieve the purpose of the control process. Also, with the development of financial technologies, most financial institutions started to provide international services. Therefore, these organizations should apply spherical risk assessment in global comprehensive data to protect themselves from risks.


"AML Name Screening Software" by Sanction Scanner always provides real-time and global comprehensive data. Companies using Sanction Scanner can easily and quickly perform AML, KYC and CDD procedures in the customer onboarding process.


Advanced Search Algorithms


Advanced search algorithms are needed to reduce false positives and false negatives in customer screening and customer monitoring processes. During the customer account opening processes, some errors occur in the customer name and surname information. Incorrect information or missing information can cause some failures in the "know your customer" and "customer due diligence" processes.


Therefore, you should pay attention to whether there is an advanced search algorithm in the "sanction, PEP and adverse media screening" solutions you choose. "Match rate determination" and "fuzzy search" features are indispensable for this software.


API Integration


We said that AML solutions automate companies' AML compliance processes. The biggest feature that provides this is API integration. By integrating their project and AML software with the API, companies can ensure that all scanning processes take place automatically without any workforce in the background. For example, you are a financial institution that gets an average of 10,000 new customers every day. It takes serious labor to manually query all your new customers. The API eliminates this problem and all control processes take place automatically and faster in the background.


Costs of AML Software


Costs are very important for businesses of all sizes. Who wants to choose the more expensive of the two products that will benefit the same? In the past, small and medium businesses could not use AML software because of the high costs. Small and medium-sized businesses remained vulnerable to financial crime due to costs such as per-user pricing, fixed fees, and set-up fees.


Since the day we were established as Sanction Scanner, our mission has been to provide cost-efficient AML solutions for every size of business. Therefore, we do not charge fixed costs to organizations that want to use our solutions.


Sanction Scanner provides “AML Name Screening Software”, “AML Transaction Monitoring Software”, “AML Transaction Screening Software” and “Adverse Media Screening Software”. Contact us for detailed information about our AML solutions.

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