Sanction Scanner vs Trade iQ vs Amiqus - Which Tool Fits Your Business?

Pros and Cons of Sanction Scanner

• Sanction Scanner updates its database every 15 minutes from over 3,000 global sources, ensuring users have the most current risk intelligence at their fingertips.

• It enables automated checks for sanctions, PEPs, watchlists, and adverse media, offering a well-rounded risk assessment for both clients and transactions.

• Businesses can automate the verification of sender and receiver details in real time, helping reduce manual workload and boost compliance accuracy.

• Built with accessibility in mind, the solution caters to businesses of all sizes, including startups and SMEs, without requiring heavy technical resources.

• Unlike some competitors, Sanction Scanner doesn’t highlight the use of advanced AI or machine learning, which may limit its predictive capabilities.

• Larger enterprises may find a need for more tailored workflows and integrations depending on their existing compliance ecosystem.

Pros and Cons of Trade iQ

Pros and Cons of Amiqus

• Amiqus offers a full suite of AML and KYC checks, including biometric identity verification, sanctions screening, and source of funds analysis, all within a single platform, making it a one-stop solution for compliance needs.

• The platform reduces manual workloads, enabling businesses to complete compliance checks in minutes rather than hours. This time-saving capability is particularly beneficial for onboarding clients or candidates quickly.

• Amiqus adheres to UK Money Laundering Regulations 2017, ensuring businesses remain compliant with critical laws and guidelines such as JMLSG, LSAG, and HMRC-approved standards.

• The platform is backed by AML subject matter experts, providing users with reliable guidance and templates (e.g., LSS and SRA-approved risk assessments) to complete necessary checks accurately.

• Although workflows and alerts are supported, customization options might be limited for highly specialized or industry-specific compliance processes, requiring workarounds or external workflow tools.

• Some larger organizations with high-volume compliance operations may find limitations in handling bulk processes or demand more granular control over data segregation and access management.