4 Leading AML Software Solutions in Singapore (2025 Review)

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With the CSP Act coming into full effect in 2025, Singapore-based Corporate Service Providers (CSPs), law firms, accounting practices, and financial institutions are under increasing regulatory pressure to strengthen their Anti-Money Laundering (AML) and Customer Due Diligence (CDD) processes. Choosing the right AML platform is no longer optional — it is a compliance necessity.

This article reviews four of the most prominent AML/CDD software providers in Singapore: AlgoCandy, AML Square, Ingenique (SentroWeb), and Cynopsis Solutions. We compare their capabilities, strengths, limitations, and best-fit scenarios.

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Evaluation Criteria

• Regulatory Coverage – KYC/CDD/KYB, PEP, sanctions, adverse media screening, risk assessment, ongoing monitoring, reporting.
• Data & Functionality – Data sources, identity & entity verification, UBO tracing, risk scoring, audit trails.
• Workflow Efficiency – End-to-end integration vs. point solutions.
• Localisation – Adaptation to Singapore’s regulatory context (MAS, ACRA, CSP Act).
• Best Fit – CSPs, law/accounting firms, financial institutions, cross-border entities.
  
  

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1. AlgoCandy — CSP-Focused End-to-End Workflow

Positioning: AlgoCandy is designed specifically for Corporate Service Providers (CSPs) and RFAs. It delivers a four-step, fully paperless workflow: client onboarding, form collection, identity verification, risk assessment, and review reminders — all within one system.

Strengths

• End-to-end workflow integration, minimal cross-platform switching
• Tailored for CSPs and aligned with Singapore’s ACRA and CSP Act requirements
• Paperless process with built-in recordkeeping
  
  

Limitations

• More suitable for CSPs; large-scale financial institutions may still require dedicated transaction monitoring tools
• Expansion into highly complex, cross-border scenarios may require integration
  
  

Best Fit

• CSPs, law firms, and accounting firms seeking compliance and operational efficiency in one platform.
  
  

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2. AML Square — Comprehensive Compliance Suite

Positioning: AML Square offers a full-stack AML solution including KYC, CDD, EDD, sanctions/PEP/adverse media screening, transaction monitoring, risk scoring, and MAS-compliant reporting (e.g., STR/CTR).

Strengths

• Wide module coverage: from policy implementation to ongoing monitoring and reporting
• Emphasises MAS-compliant risk-based approach (RBA)
  
  

Limitations

• Marketing-heavy documentation — actual data quality, false positive handling, and audit trail features require proof-of-concept testing
• Implementation and licensing costs may be high for smaller firms
  
  

Best Fit

• Financial institutions, payment companies, or enterprises looking for end-to-end compliance coverage.
  
  

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3. Ingenique Solutions (SentroWeb) — Local Screening Specialist

Positioning: SentroWeb, developed by Ingenique, is one of Singapore’s longest-standing AML/KYC solutions. It focuses on screening and CDD checks, supports ongoing monitoring, and leverages trusted global data providers. It is also eligible for the Singapore PSG (Productivity Solutions Grant), making it cost-effective for SMEs.

Strengths

• Strong data quality, with access to sources like Dow Jones and Acuris
• PSG grant eligibility reduces implementation costs
• Widely adopted among CSPs, law firms, and accounting practices
  
  

Limitations

• Screening-focused: lacks built-in onboarding forms, case management, and workflow automation
• Integration required for full end-to-end compliance workflows
  
  

Best Fit

• SMEs, CSPs, law and accounting firms focused on cost-effective and accurate screening with ongoing monitoring.
  
  

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4. Cynopsis Solutions — Modular RegTech Platform

Positioning: Headquartered in Singapore, Cynopsis Solutions provides a broad RegTech suite covering e-KYC, KYB, UBO discovery, sanctions/PEP/adverse media checks, dynamic risk assessment, and transaction monitoring.

Strengths

• Comprehensive feature set for both CDD and ongoing monitoring
• Strong local presence with proven enterprise deployments
• Modular design allows tailored deployment across industries
  
  

Limitations

• Enterprise-grade complexity: longer implementation timelines and higher operational costs
• May be excessive for smaller firms with limited compliance needs
  
  

Best Fit

• Banks, financial institutions, payment firms, and large cross-border enterprises requiring multi-jurisdictional compliance capabilities.
  
  

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Comparison SnapshotProviderWorkflow CoverageKYB/UBOOngoing MonitoringTransaction MonitoringLocalisationPSG SupportBest For
AlgoCandyStrong (end-to-end)YesYesIntegration neededHigh (CSP-specific)NoCSPs, law/accounting firms
AML SquareStrong (end-to-end)YesYesYesMediumNoFinancial & payment institutions
SentroWebMedium (screening focus)NoYesNoMediumYesSMEs, CSPs, law/accounting firms
CynopsisStrong (multi-module)YesYesYesHighNoBanks, financial & cross-border enterprises

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Final Recommendations

• For CSPs and professional services: Choose AlgoCandy for end-to-end workflows, or SentroWeb for affordable, accurate screening (with PSG support).
• For financial institutions and payments: Opt for Cynopsis Solutions for comprehensive multi-module compliance, or AML Square for an all-in-one suite.
• For SMEs: SentroWeb is the most cost-effective entry point, while AlgoCandy provides workflow efficiency if client onboarding is critical.
  
  

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Conclusion
Singapore’s AML software market is split between industry-specific integrated workflows (e.g., AlgoCandy for CSPs) and enterprise-grade compliance platforms (e.g., Cynopsis, AML Square). SentroWeb fills the middle ground with trusted screening and government grant support.

The right choice depends on your business type, compliance budget, and the level of automation required. A proof-of-concept trial is highly recommended before committing to any vendor.