at Financial Technnology Year
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Features in Anti-Money Laundering Systems
for Compliance
Solutions for detecting, preventing, and reporting potential money laundering activities and suspicious transactions.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Case Management & Investigation Tools
Supports efficient investigation, workflow, documentation, and resolution of flagged cases.
- Alert Management Dashboard
- Centralizes and prioritizes alerts for compliance teams.
- Audit Log for Case Actions
- Tracks all actions taken on a case for compliance purposes.
- Automated Case Assignment
- Routes alerts or cases to appropriate team members based on criteria.
- Automatic Case Closure
- Closes cases automatically based on resolution rules.
- Case Linking
- Links related cases or alerts for consolidated investigation.
- Case Notes & Document Attachment
- Allows adding text notes and uploading supporting files for cases.
- Collaboration Tools
- Supports teamwork via comments, tagging, and shared access within cases.
- Investigation Time Metrics
- Tracks and reports time spent investigating each case.
- Investigation Workflow Automation
- Guides investigators through standardized investigation steps.
- Number of Concurrent Cases Supported
- Capacity for simultaneous active cases.
Compliance & Audit Support
Ensures all processes are auditable and compliant with external regulations and internal policies.
- Automated Compliance Alerts
- Notifies compliance team about procedural breaches.
- Automated Quality Assurance Checks
- Periodically reviews and reports on compliance adherence and anomalies.
- Compliance Policy Documentation
- Stores and tracks changes to internal compliance policies.
- Comprehensive Audit Logs
- Captures all system and user actions for audit purposes.
- Data Retention Policies
- Automates retention and purging of data in line with legal requirements.
- No. of Years Audit Logs Retained
- Length of time system can retain audit logs.
- Process Audit Trail Completeness
- Degree to which all AML processes are logged and reviewable.
- Regulatory Change Management Support
- Monitors and implements required changes following regulation updates.
- Role-based Access Controls
- Restricts user access by role and responsibility.
- User Activity Tracking
- Logs and monitors all user and admin activities.
Customer Due Diligence (CDD) & Know Your Customer (KYC)
Ensures accurate identity verification and ongoing monitoring of customers at onboarding and throughout the customer lifecycle.
- Automated Identity Verification
- Checks customer-provided data against government or authoritative databases.
- Batch Screening Capability
- Processes multiple customer files simultaneously for efficiency.
- Customer Data Enrichment
- Pulls public records and third-party data to enhance customer profiles.
- Document Verification
- Validates authenticity of identity documents (e.g., passports, IDs).
- Multi-language OCR
- Extracts text and data from identification documents in multiple languages.
- Ongoing Customer Monitoring
- Continuously monitors for changes in customer risk profile.
- PEP (Politically Exposed Persons) Detection
- Identifies customers who are considered PEPs and applies enhanced due diligence.
- Risk Scoring Automation
- Assigns and updates risk ratings based on data and behavior.
- Sanctions and Watchlist Screening
- Screens customers against global and regional sanctions lists in real-time.
- Ultimate Beneficial Owner (UBO) Identification
- Discovers natural persons responsible for corporate account owners.
Integration & Interoperability
Seamlessly integrates with internal and external banking systems to enable data sharing and automate compliance.
- Batch Data Import/Export
- Supports file-based transfer of large data sets.
- Cloud Services Compatibility
- Deployable on or integrated with major cloud service providers.
- Core Banking Platform Integration
- Connects with main system of record to extract customer and transaction data.
- Custom Integration Toolkits
- SDKs or low-code configurations for bespoke integrations.
- ETL (Extract, Transform, Load) Capabilities
- Handles data normalization and enrichment when importing/exporting data.
- Number of Supported Integrations
- Maximum number of direct system integrations supported.
- Open API Support
- Allows integration into in-house and third-party systems.
- Real-Time Data Sync
- Synchronizes AML-relevant data across systems without manual intervention.
- Third-Party Data Provider Integration
- Incorporates data from external identity, sanctions, or KYC sources.
- Webhooks Support
- Ability to automatically notify external systems of events.
Regulatory Reporting
Facilitates timely, structured, and compliant reporting of suspicious activities to regulators.
- Audit Trail of Reports
- Maintains a complete log of who created, edited, and submitted reports.
- Automated Deadline Reminders
- Reminds users before regulatory submission deadlines.
- Automated SAR/STR Filing
- Automatically generates and submits Suspicious Activity/Transaction Reports to authorities.
- Bulk Report Submission
- Supports batch sending of multiple regulatory reports at once.
- Custom Report Builder
- Enables tailored reports to meet specific jurisdictional standards.
- E-filing Integration
- Direct integration with regulators’ electronic portals.
- Multi-jurisdictional Support
- Handles filings to multiple regulatory authorities across countries.
- Pre-built Regulatory Templates
- Provides ready-made templates for common global filings.
- Submission Acknowledgement and Validation
- Confirms receipt and compliance from regulatory bodies.
- Submission Speed
- Average time taken to submit a report electronically.
Risk Management & Analytics
Provides banks with comprehensive analytics for understanding and reporting AML risk.
- Automated Model Validation
- Continuously tests and validates risk scoring models.
- Custom Analytics Module
- User-defined analytics and dashboards.
- Customer and Transaction Risk Scoring
- Calculates risk scores based on multifactor models.
- Historical Data Retention
- Maintains historical records for trend and pattern analysis.
- Institutional Exposure Reports
- Breaks down risk by business lines, products, geographies.
- Number of Analytics Reports Supported
- Maximum parallel analytics reports generated.
- Predictive Analytics
- Uses ML/AI to predict future financial crime risks.
- Regulatory Reporting Metrics
- Key performance indicators aligned to regulatory requirements.
- Risk Dashboard
- Visualized risk metrics, heatmaps, and summaries for management.
- Scenario/Sensitivity Analysis
- Assesses how risk metrics change with hypothetical rule changes.
Sanctions Screening
Detects attempts to deal with sanctioned individuals/legal entities and blocks such transactions.
- Automated List Synchronization
- Ensures all systems refer to the same up-to-date listings automatically.
- Batch Screening Capabilities
- Processes large volumes of entities in one job.
- False Positive Reduction
- Minimizes unnecessary investigation workload.
- Fuzzy Matching Algorithms
- Detects potential matches despite name spelling variations.
- Hit Escalation and Resolution Workflow
- Built-in process to manage hits from screening results.
- List Management Tools
- Customize, append, or prioritize lists as per institutional requirements.
- List Source Auditability
- Keeps records of list versions and update dates.
- Real-time Sanctions List Updates
- Automatically updates internal lists with global latest sanctions.
- Screening Throughput
- Maximum entities screened per minute.
- Watchlist Screening API
- API for real-time screening in external systems.
Security & Data Protection
Protects sensitive financial and personal data against breaches and misuse.
- Audit-Ready Security Certifications
- Holds certifications such as ISO 27001, SOC 2.
- Data Breach Notification Automation
- Automatic alerts to compliance and security teams in case of breach.
- End-to-End Encryption
- All data in transit and at rest is encrypted.
- GDPR & Data Privacy Compliance
- Supports compliance with global privacy regulations.
- Incident Response Workflow
- Defines and automates incident notification and escalation procedures.
- Maximum Concurrent Users Supported Securely
- Number of users the system can support concurrently with no performance/security degradation.
- Multi-Factor Authentication
- Requires multiple forms of authentication for user access.
- Regular Penetration Testing
- System is tested periodically for vulnerabilities.
- Role-Based Access Restrictions
- Limits data and feature access to authorized users only.
- Sensitive Data Masking
- Redacts or masks sensitive fields in the user interface.
Transaction Monitoring & Detection
Detects and analyzes suspicious transactions and patterns indicative of money laundering.
- Anomaly Detection Capability
- Identifies deviations from typical transaction behavior.
- Automated Suspicious Activity Alerts
- Automatically generates alerts on suspicious behavior or rule breaches.
- Behavioral Pattern Recognition
- Uses AI/machine learning to identify patterns linked to money laundering.
- Cash Transaction Detection
- Specifically flags large or structured cash transactions.
- Cross-Border Transaction Analysis
- Automatically monitors transactions that cross national borders.
- Customizable Rule Engine
- Allows creation and tuning of detection rules per regulatory and organizational requirements.
- Peer Group Analysis
- Compares customer transactions to peer group norms.
- Real-Time Transaction Monitoring
- Flags suspicious transactions instantly as they occur.
- Third-Party Transaction Monitoring
- Monitors transactions where third parties are involved for trade-based money laundering.
- Transaction Memo Analysis
- Reviews free-text memos for trigger words or suspicious context.
- Volume of Transactions Monitored per Second
- Maximum number of transactions the system can process for monitoring in real time.
Usability & Operations
Ensures the system is easy to use, configure, and maintain to maximize efficiency.
- Bulk Operations Support
- Ability to perform actions (e.g. closing alerts) on many cases/records at once.
- Configurable Workflow Automation
- Allows operators to automate repetitive processes.
- Custom Alerts and Notifications
- Users can set personalized notification rules.
- Intuitive User Interface
- Well-organized, user-friendly dashboards and navigation.
- Mobile Device Accessibility
- Accessible from tablets and smartphones.
- Multilingual Support
- System available in multiple user languages.
- Number of Customizable Fields
- Number of fields users can customize per workflow.
- Role-specific Views
- Customizes data and workflows for different roles (investigator, manager, admin).
- System Uptime Guarantee
- Guaranteed service availability percentage.
- User Training and Tutorials
- Offers onboarding and contextual help to new users.