AML technology provider Ondato has launched AML Ranger, an artificial intelligence-based tool designed to automate key AML compliance processes. The new platform, available at no cost, offers three main assistants: sanctions, politically exposed persons (PEP), and adverse media, which perform real-time screening and monitoring.
According to Ondato representatives, AML Ranger was developed as an independent solution that builds upon the company’s existing compliance technology. It is aimed at financial and professional services companies looking to improve monitoring accuracy and efficiency without expanding compliance teams. The system uses advanced AI models trained to interpret contextual information from diverse sources, including local-language media, international sanctions lists, and PEP databases.
A shift toward automation in AML oversight
The launch of AML Ranger coincides with a recent move toward automation in financial crime prevention. A recent report from KPMG found that financial institutions still rely heavily on manual compliance checks, resulting in higher costs and greater risk of human error. Automation, the report noted, can reduce operational costs by up to 25% and enhance the consistency of AML reviews. Ondato’s new tool aims to address these challenges by reducing the number of manual reviews and accelerating decision-making.
Company officials explained that AML Ranger mimics the workflow of a human analyst by scanning multiple data sources and summarising key findings in seconds, a process that typically takes hours. The system’s design aims to limit false positives and provide users with transparent, evidence-based alerts.
The timing of the launch reflects increasing regulatory pressure across jurisdictions. The European Union’s new Anti-Money Laundering Authority (AMLA), set to begin operations in 2025, will enforce uniform compliance standards across member states. Meanwhile, the Financial Action Task Force (FATF) updated its Recommendations earlier this year, emphasising stronger due diligence and real-time monitoring obligations.
