Compare the UK's Best AML Systems

Help with the right system?

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Software guide

What should I consider regarding AML systems?

Is it time to invest in an anti-money laundering system (AML system)? At BusinessWith, we have mapped out 14 different AML systems available in the UK market, so you can get help combating potential financial crime by first comparing which system suits you best. The systems protect you against various financial frauds and many are cloud-based and scalable. Today's services are often very user-friendly and provide you with robust protection, allowing you to gain good customer knowledge and counteract money laundering and fraud through smart algorithms. Many systems can also be integrated with other systems and services you use. The anti-money laundering regulations help both banks and various financial companies automate the processes and controls that aim to prevent money laundering. The Financial Conduct Authority is responsible for ensuring that the regulations are followed.

How should I choose an AML system?

Manage watchlists, monitor transactions and background information, and indicate when something seems amiss. Today's AML systems are very smart and are often fully customizable to meet your specific needs. Why not tailor a system that fits your business perfectly? Many systems today are also scalable, which is good to consider if your company or organization is growing. However, always ensure that, regardless of the system, it feels user-friendly and that those who will be using the system daily truly appreciate the available features. Integrating the system with your own business processes is also a plus. At BusinessWith, we have mapped out the most popular and best AML systems in the UK today. Use our comparison guide to compare systems – and eventually find the anti-money laundering system that suits your business best. We are here to support you if you have any questions.

What should I know about the money laundering law?

Quick Guide

Quick Guide

What should I know about the money laundering law?

In the UK, it is a legal requirement for all banks, insurance companies, and others to comply with the money laundering law and the financing of terrorism. This means that they must take action if they suspect that money is being used improperly, as well as establish procedures and processes to monitor that no fraud is committed from the outset. The UK must comply with the EU's money laundering directive, but regulations to combat money laundering can be found worldwide. A fundamental measure in combating money laundering is simply to ask customers where the money comes from and to ensure they can provide documentation that verifies the source of the funds.

But how should one work with this in a smart way? What you need is an AML system, that is, an anti-money laundering system, which helps you and your organization ensure that no money laundering or fraud occurs. BusinessWith helps you find the right system on the market today. With us, you can easily compare different AML systems to find the best AML system for you. Do not hesitate to contact us if you need more advice and guidance. We have many years of experience guiding our clients through the system jungle – welcome to us with your questions.

Description of product features

AI implementations

AI - Implementation acts as a digital assistant that helps the user to automate repetitive processes that can be resource and time consuming. The feature can also improve customer awareness and assist with various customer processes, enabling these to be carried out both faster and with more precision. AI functionality can be integrated into many different processes within the system.

Due diligence

The feature allows an organization to develop and solid knowledge of its customers and their affairs which should make it more difficult for potential customers to use the business for money laundering or terrorist financing. In practice, this means that the system has support for securely providing the customer's personal data and copies of official ID documents.

Dynamic customer risk assessment and scorecard

Dynamic customer risk assessment is a smart feature that applies AI and machine learning. By assigning specific activities special risk points, the user can follow up and via risk analyzes make safe and quick decisions about customers' activities and reduce the control load.

Identity Verification

Identity verification allows the user to easily verify different people based on a variety of data points. The function allows the user to, among other things, keep different registers and categorize these depending on the level of risk and monitor these based on different criteria. The feature can also automatically collect technical information about these users that can be logged and stored in various records.

Investigation Tools

Investigation tools allow the user to efficiently investigate various specific events. Smart reporting in the form of insightful data can link together and present different events to give the user an overall picture of a specific customer, and also gives the user the opportunity to investigate specific data points on a deeper level.

Regulatory reporting

The function allows the user to automatically generate reports that meet the authorities' requirements and that can be submitted when reporting special incidents or events. As a consequence of this, the function reduces the cost and time it takes to exchange data to the authorities' various portals.

Sanctions Screening

Sanctions monitoring is a tool that helps the user to actively discourage trade with individuals, groups, organizations or countries that are restricted. The feature provides valuable insights and operates in the background.

Transactions Screening

Transaction monitoring is a function that continuously observes the customer's transactions both in real time and retroactively to detect trends and flag abnormal activity. Transaction control is an important step for organizations to expand their general customer knowledge.

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