| # | Name | Score | Description |
|---|---|---|---|
| 1 | iDenfy | 4.9 | All-in-one identity verification and business verification platform |
| 2 | Sumsub | 4.6 | Sumsub is a verification platform that aims to secure entire user journeys |
| 3 | ComplyAdvantage | 4.1 | ComplyAdvantage gives businesses the financial crime insight they need to take control. |
| 4 | Onfido | 4.1 | Create trust at onboarding and beyond with a complete, AI-powered digital identity solution built to help you know your customers |
| 5 | Veriff | 4.0 | AI-powered Identity Verification Software |
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Criteria for Comparing AML Service Providers
When we compare AML software providers, we take into account a few major aspects: compliance with up-to-date regulatory requirements and the correct software approach. Suppose an AML service does not provide up-to-date sanctions or PEP information whenever new subjects are included in the sanctions list. In that case, a company using such a service has a higher chance of receiving a penalty during auditing, especially if the company is subject to mandatory AML compliance.
Additionally, if the service does not provide the correct API or dashboard integration, then the company has to spend additional development resources to have the following functionality:
- On-demand AML/adverse media single checks for one or bulk users.
- Ongoing periodic checks for included subjects.
- Full history of AML hit changes.
In this coverage, we aim to verify whether software vendors actually cater to businesses’ needs and offer the necessary services.
We’ve chosen the following criteria and compared how each of the providers implements the following functionality:
- Sanctions & PEPs check
- AML ongoing monitoring
- Adverse media screening
- Integration with identity verification
- Company sanctions check and Know Your Business integration
Here is an example of sanctions and PEPs screening with ongoing monitoring.
We compare each vendor based on the required functionality and how accurately the provider solves the required task.
#1 iDenfy
4.9 Average Score · (4.8 Captera | 4.9 G2 | 5.0 TrustRadius)
With the iDenfy ID verification system, convert more users, scale faster, and tackle security challenges with the powerful, all-in-one identity verification, business verification, fraud prevention, and compliance platform.
Sanctions & PEPs check. iDenfy integrates with major sanctions lists and 4 levels of PEP status. The update frequency is daily for both PEPs and Sanctions. iDenfy offers data from all local and regional sanctions. They also return data on associated relatives for PEPs.
AML ongoing monitoring is implemented both in the dashboard and via API. Every day, software tracks whether new changes occur. If so, the monitoring subject emits an alert, which is then visible in the dashboard and received via webhook callback. Then, the compliance officers can tick the hits as true positives.
For adverse media screening, iDenfy uses its own search algorithm, indexing all relevant news sources. To optimize the search results, there is an option to search only by a particular language. There is support for typos in the names, company abbreviations, and fuzziness matching. An in-house algorithm understands the context of the articles. It excludes them if they don’t provide up-to-date information (for example, mentioning a person or company, being removed from charges).
Integration with identity verification. Since iDenfy has a pricing model that charges only per approved verifications, performed AML checks can save up to 75% of compliance costs.
Company sanctions check and Know Your Business integration. iDenfy offers Know Your Business verifications, where AML company checks can be automatically performed with defined custom rules.
#2 Sumsub
4.6 Average Score · (4.7 Captera | 4.5 G2 | No reviews TrustRadius)
Online ID verification service to help any business from any industry collect, verify, and manage user identities throughout a customer lifecycle.
Sanctions and PEPs check. Sumsub performs sanctions and PEPs checks. The company does not provide information on the data update frequency and coverage.
AML ongoing monitoring. Sumsub continuously screens customer lists with global sanctions lists. It also has a workflow builder that allows users to set up custom rules when a check needs to be performed.
Adverse media screening. Sumsub does not provide information on how it performs adverse media screening or how its crawler works. However, when evaluating their customers’ reviews, compliance officers do not express issues with their findings.
Integration with identity verification. Due to their custom workflow builder, there is an option to set custom rules, e.g., performing AML checks only for specific countries or if they answer questionnaire questions and hit a particular transaction threshold.
Company sanctions check and Know Your Business integration. Sumsub does offer business verifications, but company check information is not displayed on the website.
#3 ComplyAdvantage
4.2 Average Score · (4 Captera | 4.4 G2 | No reviews TrustRadius)
ComplyAdvantage gives businesses the financial crime insight they need to take control. Its data and technology help customers uncover the risk of who they are doing business with using a dynamic global risk database of people and companies.
Sanctions and PEPs check. ComplyAdvantage has a proprietary real-time risk database of global Watchlists, PEPs, and Adverse Media. They update the data every 15 minutes.
AML ongoing monitoring. ComplyAdvantage provides ongoing monitoring and has additional functionality: there is an option to filter findings based on PEPs levels or depending on the risk level and specific sanction type. It is not stated whether webhook integration provides these findings.
Adverse media screening. The company offers adverse media screening with the following functionality: flagging risks that are relevant to your business, allowing low-risk clients, or selecting specific categories of news to be screened against. The methodology of how their algorithm works is not explicitly told.
Integration with identity verification. Since ComplyAdvantage does not offer KYC checks, there is no out-of-the-box integration with AML checks or monitoring.
Company sanctions check and Know Your Business integration. ComplyAdvantage offers business verification, with UBOs identification and credit bureau reports. It also supports sanction checks for the companies, but there is no option to create custom automation rules and assign them to workflow.
#4 Onfido
4.1 Average Score · (4.8 Captera | 4.4 G2 | 3.0 TrustRadius)
Onfido is a leading global provider of digital identity verification solutions, helping businesses securely verify the identities of their customers online. Their platform combines advanced artificial intelligence (AI) with a comprehensive library of identity documents and biometric verification techniques to ensure that customers are who they say they are.
Sanctions and PEPs check. Onfido performs sanctions and PEPs checks. The data is of utmost 24 recency, and they provide global coverage.
AML ongoing monitoring. Onfido continuously screens customer lists with global sanctions lists. There is no information on how their alerts work and whether there is an option to see results both in the dashboard and via webhook response.
Adverse media screening. Onfido does offer access to global media sources, but the exact methodology is not explained.
Integration with identity verification. There is an option to integrate AML checks after KYC checks. It is not explicitly defined whether that works only for approved checks or if there are more configurations.
Company checks. Onfido does not perform sanction checks for the company and has yet to offer business verification solutions.
#5 Veriff
4.0 Average Score · (4.0 Captera | 4.1 G2 | -.- TrustRadius)
Veriff is a leading global provider of AI-powered identity verification solutions, helping businesses onboard and verify the identities of their customers securely and efficiently. Their platform combines advanced technology with human expertise to ensure that businesses can verify the identities of their customers accurately and consistently.
Sanctions and PEPs check. Veriff performs sanctions and PEPs checks. The data is real-time, and they provide global coverage.
AML ongoing monitoring. With real-time data, Veriff continuously screens customer lists with global sanctions lists. Automated screening notifies you if something changes with your existing or previously onboarded customers.
Adverse media screening. Veriff identifies adverse media across millions of articles using artificial intelligence. All profiles are accurately labeled with FATF-aligned categorization to reduce false positives.
Integration with identity verification. There is an option to integrate AML checks after KYC checks. It is not explicitly defined whether that works only for approved checks or if there are more configurations.
Company checks. Veriff does not perform sanction checks for the company and has yet to offer business verification solutions.
DISCLAIMER
This information is collected from public sources and vendor websites; it is not our final verdict or opinion. The information, in some cases, could be outdated. You should contact the vendor directly to get recent information. If there is missing information, please contact the website owner.
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