In Singapore, the demand for AML screening software continues to grow. Whether you are a financial institution or a corporate service provider (CSP), having a reliable screening tool is essential for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance.
There are many AML screening software options available on the market, but AlgoCandy not only provides robust AML screening capabilities, it also offers a complete compliance workflow designed for Singapore’s regulatory environment.
AML Screening Features in AlgoCandy
AlgoCandy’s AML screening software is integrated with authoritative global databases and supports comprehensive checks, including:
- PEP Screening – Politically Exposed Persons and their close associates
- Sanctions Screening – United Nations, OFAC, EU, and other major sanction lists
- Adverse Media Screening – Negative news from trusted media sources
These checks can be performed instantly for both new and existing clients, making it easier for compliance teams to identify risks quickly and accurately.
Key Considerations When Choosing AML Screening Software
When selecting AML screening software, it is important to look beyond database quality and search speed. You also need to consider your industry and your compliance objectives.
For example, if you are a CSP in Singapore, AML screening is only one part of the Customer Due Diligence (CDD) process. Relying solely on screening will not meet ACRA and MAS compliance requirements. According to ACRA guidelines, if you cannot meet a client face-to-face, you must also conduct a video interview and complete:
- KYC Questionnaire – Understand the client’s business background, source of funds, and ownership structure.
- Identity Verification – Verify the authenticity of identification documents.
- Internal Policies, Procedures, and Controls (IPPC) – Clearly define your CDD, Enhanced Due Diligence (ECDD), and Suspicious Transaction Report (STR) procedures. The IPPC must be updated at least once a year.
- Strict CDD Execution – Maintain proper records and ensure traceability.
- Ongoing CDD Updates – Remind clients when IDs expire, and update CDD periodically according to the client’s risk level.
If you only perform AML screening without KYC, identity verification, and ongoing monitoring, you will not meet Singapore’s legal compliance standards.
AlgoCandy – A Complete AML CDD Compliance Solution
AlgoCandy goes beyond AML screening software and provides a full CDD compliance process tailored for Singapore’s AML/CFT regulations.
Step 1: Client Onboarding
- Send Onboarding Invitation – Instantly send an email with a secure onboarding link.
- Online Information Submission – The client submits company details, shareholder, and director information.
- Information Confirmation – Review and confirm the information for accuracy.
Step 2: Conduct CDD
- One-Click Case Creation – Automatically generate CDD cases for all shareholders and directors.
- Automated Checks – Perform AML screening, identity verification, and KYC form completion online.
Step 3: Complete CDD
- Risk Assessment – Evaluate all CDD information and determine the client’s risk level.
- Report Generation – Export a standardized CDD report and store it for compliance records.
Step 4: Ongoing Monitoring
- Automated Monitoring – Continuously track client cases for potential risks.
- Risk Alerts – Receive instant notifications when risks are detected.
- Periodic Review Reminders – Automatically schedule CDD updates based on risk level.
Learn More and Get Free Training
In addition to AML screening software, AlgoCandy offers free compliance training for CSPs and regulated entities in Singapore. Our experts can help you understand the full CDD process, regulatory requirements, and how to implement them effectively.
If you are looking for powerful AML screening software that also supports the entire AML/CFT compliance workflow, AlgoCandy is your trusted choice.
