Use a structured process. Score vendors on capabilities, integration, accuracy, human oversight, transparency, security, pricing, and proof-of-concept results.
1) Build a shortlist by vendor type
- All-in-one AML. End-to-end KYC, KYB, sanctions, PEP, UBO, adverse media, ongoing monitoring, alert handling, reporting.
- API-first onboarding. Policy logic, document and registry checks, reusable identity tokens, low drop-off.
- Workflow builder. No-code orchestration across data sources, routing, escalation.
- AI alert triage. Auto-clear low-risk hits, risk narratives, escalation for true risk.
2) Feature checklist for your RFP
- Continuous monitoring. Event-driven rescoring and alerts by default, not batch only.
- False positive reduction. AI ranking, configurable thresholds, metadata filters, network risk scoring, explainable outcomes.
- Rules and workflows. Configurable risk matrices, auto-approval rules. Version every change.
- Integration. APIs, webhooks, and connectors for case management, CRM, core banking, and ticketing.
- Data coverage. Live registries, sanctions and PEP lists, adverse media, ownership filings, open sources, for onboarding and ongoing due diligence.
- User experience. Clear queues, strong case pages, bulk actions, useful exports. Works for large teams and lean teams.
- Security, transparency, oversight. Human-in-the-loop, clear “AI in use” indicators, user override, immutable audit logs.
- Platform and reliability. Modern cloud, browser support, status page, job queueing, performance at scale.
- Model limits and bias controls. Documented accuracy ranges, bias mitigation, live monitoring, and review.
- Change management and support. Versioned release notes, in-app notices, help centre, training, named contacts.
3) Pricing and trials
What pricing models exist for AML and KYB/C software?
- Per-check or usage-based for screenings and verifications.
- Per-seat for analysts and administrators.
- Tiered bundles that mix volumes, features, and environments.
- Enterprise agreements for regulated groups and multiple regions.
Are there free trials or sandboxes for AML tools?
- Ask for a sandbox or time-boxed POC with your data. Run sample screenings, push alerts to your case system, and export an audit pack.
4) Proof-of-concept plan, 2 to 4 weeks
- Scope and data. Use your customer and alert samples. Include onboarding and ongoing monitoring.
- Integration. Connect case management or CRM. Prove alert push and status sync. Check API docs and SDKs.
- Accuracy and speed. Measure false positives and mean time to decision vs today.
- Flexibility. Change thresholds and rules, add a list, re-run. Confirm overrides are logged.
- Usability. Create, review, and close a case end to end. Export an audit pack with rule versions and evidence.
- Security and compliance. Validate SSO, RBAC, logging, data residency.
- Support. Name the contacts, set SLAs, agree a success plan with target metrics.
5) Questions to ask every vendor
- What false positive rate do customers like us achieve after tuning?
- How often do you refresh lists, models, and risk rules, and how do you communicate changes?
- Can we override AI and see those overrides in the audit log?
- What is the typical time to go live for a team our size? Do you support phased rollouts?
- What pricing options exist for small teams and for scale, and do you provide a sandbox POC?
6) Decision scorecard
Score each vendor 1 to 5 for:
- Time to decision and analyst hours saved
- Coverage and ownership depth
- Integration effort and UX fit
- Security and compliance evidence
- Pricing flexibility and total cost
- Transparency, human-in-the-loop, auditability
Best practice
Run a short POC with your data. Measure false positives, speed, and integration effort. Choose the platform that reduces false positives, shortens time to decision, fits your workflows, proves oversight and auditability.
