GRC Viewpoint

Top 10 Anti Money Laundering (AML) Solution Providers 2023

The year 2023 was an eventful one from an Anti Money Laundering standpoint. New trends have emerged, while some long-standing trends have become less popular. The AML industry cannot expect a sudden and complete shift toward new practices as reliance on traditional methods is quite strong.

Yet, new developments continue to happen, and we may have a totally different AML industry in the future. Some trends are likely to remain at the forefront of these changes.

Real estate is still the most lucrative option for people involved in money laundering. The pricing is still subjective, and cash deals still dominate the sector.

The AML laws were not quite robust with respect to the real estate sector. Recently, there has been a worldwide trend oriented toward tightening AML rules in real estate.

AML has shot to the top of the priority list for corporate executives since the commencement of the crisis in Ukraine. The war between Russia and Ukraine has been the cause of many of the new sanctions applicable to the AML industry.

The requirement to comply with new rules and regulations also allows enterprises to take AML more seriously than ever.

This issue provides all the latest developments relevant to the AML landscape.

Matrix-IFS is a financial crime and compliance expert that offers a variety of services to financial institutions, including advisory services, implementation services, modeling and analytics, data services, automation (RPA), quality assurance, and managed services.

CAD IT is a company that develops software solutions for the financial services industry. They offer a variety of products, including software for asset management, corporate actions, wealth management, position keeping, property REPOS, settlement, trading, and more. They also offer software for tax institutions and other industries. CAD IT is a subsidiary of Cedacri, the main Italian market provider of IT services outsourcing for banks and financial institutions.

Cipher, as the Cybersecurity Division of Prosegur. The amalgamation of Cipher with Prosegur Cybersecurity, along with previous acquisitions of Dognaedis and Innevis, results in a formidable entity that represents the perfect fusion of innovation and unwavering reliability. This newly formed Cipher entity continues to be at the forefront of the cybersecurity industry, with a strong focus on cutting-edge solutions and an unshakable commitment to excellence.

FullCircl is a Customer Lifecycle Intelligence (CLI) platform that helps B2B companies in financially regulated industries do better business, faster. It helps its customers win the right customers, accelerate onboarding, and keep them for life. FullCircl does this by providing its customers with data and insights on companies and the people behind them. This data and insights helps FullCircl’s customers make better decisions about which customers to target, how to onboard them, and how to keep them happy.

Lightico is a company that provides a Digital Completion Platform that includes features such as eSignatures, ID verification, document collection, and workflow automation. This platform is designed to help businesses streamline their customer-facing journeys, from beginning to end. Lightico’s platform is built for any business, including banking, healthcare, telecom, credit unions, legal teams, BPO, auto finance, and insurance.

Encompass is a company that provides Know Your Customer (KYC) solutions. They offer a platform that automates the KYC process, verifies UBOs (Ultimate Beneficial Owners), and creates real-time digital KYC profiles. Encompass’s goal is to help businesses fight financial crime and comply with regulations.

Dow Jones provides data, media, membership and intelligence solutions to professionals. They have offerings in Factiva & Curation Services, Risk & Compliance, Dow Jones Newswires, Developer Platform, OPIS.

LSEG is a financial data and analytics company. They provide data, analytics, and workflow solutions to customers in the financial industry. Their products are used by over 40,000 customers and 400,000 end users across 190 markets. Some of the specific products and services they offer include market data, analytics, feeds, and workflow solutions.

Trulioo is a company that provides identity verification services. They help businesses verify the identities of their customers around the world. Trulioo’s platform can be used to verify individuals and businesses. They also offer document verification and watchlist screening services.

Unit21 is a company that provides a no-code platform for risk and compliance operations. Their platform helps businesses to detect, investigate, and report financial crime. Unit21’s solutions include transaction monitoring, case management, real-time monitoring, and a fraud DAO.