ComplyAdvantage, an anti-money laundering (AML) and know-your-customer (KYC) software provider, offers a wide range of compliance solutions, with a focus on AI-driven fraud and AML risk detection. The company caught our eye because it integrates perpetual KYC (pKYC) with real-time transaction monitoring, offering a comprehensive approach to combating financial crime and maintaining regulatory compliance.

ComplyAdvantage stands out in their field, but there are some noteworthy alternatives, and we are going to cover them in this blog. But first, let’s take a closer look at ComplyAdvantage and what they do so well.

Disclaimer: Data and information presented in this article was gathered from online sources during November 2023. If you want to learn more about how this article was written, or about the providers and services we discuss, get in touch.

Logos of ComplyAdvantage competitors: Salv

What does ComplyAdvantage offer?

Founded in 2014, ComplyAdvantage provides financial institutions with software designed to identify and manage AML and fraud-related risks, with the help of artificial intelligence (AI) and machine learning (ML) technology.

Their wide-ranging compliance solutions cover screening-powered customer onboarding, which includes both screening and monitoring customers against sanctions, watchlists, and PEPs. ComplyAdvantage uses AI/ML algorithms to monitor transactions and events in real time and detect patterns of suspicious behaviour and fraud.

As of now, ComplyAdvantage is used by over 1,000 financial institutions and banks globally, with notable customers such as Allianz, OakNorth Bank, and Santander, among others.

How does ComplyAdvantage connect perpetual KYC with real-time transaction monitoring to create a robust compliance framework for its customers? Let’s examine this in detail.

Perpetual KYC

ComplyAdvantage is a well-suited tool for financial institutions looking to adopt and utilise perpetual KYC, a process tailored to meet the increasingly complex requirements of AML compliance and regulations.

Perpetual KYC differs from traditional KYC checks in the way that it uses a continuous process of updating and verifying customer data in real time. This enables firms to detect financial crime early on, therefore increasing efficiency and reducing silos and overheads as well as reducing the risk of incurring fines. Another important possible benefit is the resulting improvement of customer experience, which can enhance retention as well as brand reputation.

As mentioned earlier, ComplyAdvantage offers real-time sanctions and watchlist screening using global lists from OFAC, EU, UN and other governmental, law enforcement, and regulatory databases, also covering politically exposed person’s (PEPs) and adverse media. Their real-time risk screening collects data for AML and CFT in minutes through the use of AI.

Real-time transaction monitoring

Real-time transaction monitoring allows firms to check transactions as they occur, ensuring that any suspicious transactions are detected and investigated before being processed.

ComplyAdvantage utilises AI to monitor all transactions in a single easy-to-understand user interface that does not require coding. Users can customise their transaction monitoring based on a predefined set of scenarios, while also feeding their own data into the system, thus effectively reducing false positives.

While ComplyAdvantage offers extensive benefits, it’s good to be aware of potential limitations, such as over-reliance on AI. It’s important to carefully weigh possible drawbacks and benefits, as well as compare different providers, before making a final decision.

Why look for a ComplyAdvantage alternative?

ComplyAdvantage employs the latest technology for perpetual KYC and real-time AML risk and fraud detection. However, it’s important to note that their solution, while comprehensive, may not always cater to unique business needs due to its broad approach.

For those seeking tailored options, specialised providers are available that can offer customised solutions based on specific business requirements and needs.

Next, we will explore potential alternatives to ComplyAdvantage – providers who specialise in perpetual KYC or real-time transaction monitoring.

List of ComplyAdvantage alternatives

  1. Salv – customer and transaction monitoring, real time and post-event
  2. Fenergo – real-time transaction monitoring, perpetual KYC
  3. Moody’s Analytics – automated KYC/KYB, perpetual KYC
  4. smartKYC – perpetual KYC
  5. Flagright – real-time & risk-based transaction monitoring
  6. AMLYZE – real-time transaction monitoring
  7. HAWK:AI – AI-powered transaction monitoring

7 ComplyAdvantage alternatives


Great for: customer and transaction monitoring, both real time and post-event

Salv is an AML/KYC software provider that helps firms with customer and transaction screening and monitoring, both in real time and post-event. Real-time customer and transaction monitoring with Salv allows firms to add as many data fields as needed, create and test monitoring rules in the sandbox environment, and use extensive built-in configuration tools.

Salv Bridge is a collaboration platform that enables real-time detection of fraud. Within the platform, fincrime teams across multiple institutions initiate collaborative investigations based on a high level of suspicion, which allows them to join forces and work as a single team.

Salv Bridge goes beyond fraud detection, bridging the gap between risk-based prevention and recall for confirmed fraud. Financial institutions, including large banking groups, fintechs, and virtual asset service providers (VASPs) report increasing the success of recovery of funds up to 80%.

Fund recovery is enabled on the basis of a high level of suspicion and ahead of the victim report, cutting out the extensive time delay caused by waiting for confirmation (i.e. a victim report), which usually makes the funds unrecoverable.

Investigate and solve fraud, and increase recovery rates up to 80% with Salv Bridge

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Great for: real-time transaction monitoring, perpetual KYC

Fenergo is an AML/KYC platform that offers a range of solutions for financial institutions, from client lifecycle management to transaction monitoring. It stands out with its approach to perpetual KYC through automation of the continuous monitoring of customer profiles.

Their API-first, SaaS-based solution offers a risk-based approach to KYC compliance. By integrating with data and screening providers, Fenergo KYC enables real-time updates to client profiles. It identifies changes and assesses their impact, allowing financial institutions to detect and address potential KYC risks well before scheduled reviews, enhancing overall efficiency and maintaining regulatory compliance.

Fenergo KYC’s Risk Engine dynamically responds to inputs to a client’s KYC profile and automatically calculates client risk assessment. Multiple risk models are supported.

Fenergo’s Related Party Manager enables businesses to identify, create and visualise entity relationships and structures in full complexity.

Moody’s Analytics

Great for: automation of KYC/KYB activity, perpetual KYC

Moody’s Analytics offers financial intelligence and analytical tools for financial institutions, ranging from perpetual KYC and third-party risk management to fraud prevention.

As an industry thought leader, Moody’s Analytics has a good grasp on the complexities of KYC and AML compliance, enabling them to provide real value to their customers. Their extensive solutions include intelligent screening, entity and ownership, sanctions compliance, perpetual KYC, third-party risk management, ultimate beneficial owners and fraud prevention. Businesses can expect a tailored solution, customised for them and their clients.

PKYC processes are set up based on businesses’ risk policy through Passfort Lyfecycle that automates compliance checks and flags any changes to a counterparty’s risk profile.

Integration of data sources for ownership, PEPs, sanctions, adverse media and pKYC checks allows for accurate detection of risks and reduction in false positives.

KYC processes can be changed quickly and with ease in collaboration with Moody’s Analytics.

For further listening: In July 2023 Taavi Tamkivi, the founder and CEO of Salv, joined Moody’s KYC Decoded podcast for a thought-provoking conversation about risks and benefits of data sharing and its transformative impact on AML/KYC.


Great for: perpetual KYC

SmartKYC is an enterprise solution for KYC due diligence automation. They use AI automation as the core of their KYC screening processes, allowing for extensive automation. SmartKYC emphasises the necessity to augment periodic KYC refresh with continuous risk monitoring through perpetual KYC.

They offer adverse media screening, suspicious transaction monitoring systems in real-time, network mapping and relationship risk management, list screening and entity resolution, ESG risk intelligence, periodic KYC refresh, perpetual KYC, and more.

SmartKYC tackles pKYC by not just looking at specific event types in structured sources (such as registry filings) but by also discriminating between types of adverse media hits that might indicate involvement in financial crime. Using facts extracted from media content, an intelligence baseline for customers is created at the onboarding stage, allowing for ‘new facts’ to arise in risk monitoring alerts, instead of recycling old information.


Great for: real-time, risk-based transaction monitoring

Flagright offers a centralised no-code platform for real-time transaction monitoring for financial institutions, including fintechs – Nextpay, Banked, and Kevin, among others.

Their library of pre-configured, customisable monitoring rules comes with the ability to create complex rules using advanced filters, including geographical, device-related, behavioural, KYC-related, financial, and transactional filters. The platform also provides rule recommendations and insights, making it easy to detect misconfigured rules and select those with a track record of success.

New monitoring rules can be tested in a risk-free environment, enabling the creation of optimal rule configurations. Multiple rule versions can be run at once, and the effects of the changes to the database can be seen in real-time.

Dynamic risk-based transaction monitoring allows businesses to define risk-based thresholds and actions for each rule within seconds. Automating behavioural risk analysis and the ability to build custom scenarios helps to mitigate exposure across AML compliance & fraud risks.


Great for: real-time transaction monitoring

AMLYZE offers solutions for regulatory compliance, covering transaction monitoring and screening, risk scoring, and AML investigation tools. Their real-time transaction monitoring can be customised using a comprehensive library of monitoring rules.

Suspicious behaviour is detected in real-time through continuous transaction monitoring, enabling businesses to proactively respond to potential issues and ensure compliance with regulatory requirements.

AMLYZE users can customise monitoring rules based on their specific business needs as well as regulatory requirements. The user-friendly interface makes adds simplicity to transaction monitoring processes, allowing rules to be configured with minimal technical skills.


Great for: monitoring fraud and AML transaction behaviour (FRAML).

HAWK:AI is an AML compliance platform that complements rules-based approach with AI for transaction monitoring, screening, and customer risk rating.

Their real-time transaction monitoring allows for monitoring of any transaction for red flags and suspicious activity scenarios using a comprehensive set of rules in combination with Behavioural Analytics. Financial institutions can apply thresholds based on risk, e.g., by customer group or segment to create their own transaction monitoring. The software then applies rules and AI-based alerts in real-time.

HAWK:AI utilises behavioural analysis to surface unknown crime patterns. Their machine intelligence analyses customer behaviour such as the frequency of transaction or time between transactions to find cases where the customer behaviour deviates from the expected.

All of the necessary data is available in a single interface that combines customer screening, customer risk rating, AML transaction monitoring, fraud detection and payment screening. Thin in turn facilitates better fraud and AML detection and reduces time spent per case.

Another great feature is joint monitoring and confidential information sharing between subsidiaries and institutions.

How to choose the right ComplyAdvantage alternative

It can be tempting to rush into a decision, but when it comes to something as complex as compliance, there is no one-size-fits-all solution. Choosing the right AML/KYC service provider will always heavily depend on the particular needs of a business and whether the chosen software can meet them.

ComplyAdvantage alternatives FAQ

1. Which of the ComplyAdvantage alternatives is easiest to implement?

There are many factors to consider, including regulatory compliance requirements, system compatibility, vendor support and collaboration, company size and structure, training and user adoption.

To establish a realistic timeframe for implementation, the best solution is to contact the providers for further information. Ultimately, the timeframe and complexity of integration will depend on specific profile of your business and the solution you have chosen.

2. How user-friendly are the ComplyAdvantage alternatives for non-technical users?

Many of the providers mentioned in this post offer no-code platforms.

Salv, for example, does not require any technical skills at all for users to be able to create and test monitoring rules all on their own.

Some other no code platforms to consider are: HAWK:AI, AMLYZE and Flagright.

In summary, ComplyAdvantage presents compelling solutions tailored for financial institutions who seek a streamlined KYC approach while aiming to minimise fraud through advanced AI-driven fraud detection.

Nonetheless, it’s worth noting that alternative solutions may offer greater flexibility and customisation. The final choice should of course align with the specific requirements and nuances of the business.

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