Money laundering is a serious crime all around the world, and Austria is the country where financial regulators implement stringent regulations for companies and organisations to combat it. With financial crime on the rise, it is significant to have a robust AML solution to authenticate identities and conduct background checks. A thorough background verification ensures that clients are genuine or not. AML companies provide AML Software or AML API to identify and verify identities quickly and deliver the identity verification result. But for business owners, it is always challenging to choose between AML software and AML API.
The Rising Threat of Financial Crime in Austria
- According to the Austrian Federal Criminal Police Office (Bundeskriminalamt) 2023 report, the agency recorded over 2,500 cases of suspected money laundering, which was more than 17% compared to the previous year.
- Another study by PwC Austria in 2024 revealed that 48% of Austrian companies experienced economic crime, with fraud and money laundering topping the list of threats.
These rising threats highlight a harsh truth and tell why AML solutions are imperative for financial and non-financial companies in Austria.
Understanding AML Software and AML API:
What Is AML Software?
AML Software refers to a programming-based platforms that offer comprehensive compliance capabilities and often includes:
- Customer due diligence (CDD)
- Enhanced due diligence (EDD)
- Transaction monitoring
- Suspicious activity reporting (SAR)
- Risk scoring
- Watchlist screening
Benefits of AML Software for Austrian Businesses:
Plug-and-Play Setup:
Ideal for SMEs and mid-sized companies that need fast implementation.
End-to-End Compliance:
From KYC onboarding to SAR filing, it handles all workflows in one place.
Local Regulatory Adaptation:
Most AML software is pre-configured for Austria’s Financial Market Authority (FMA) compliance standards.
Automated Risk Scoring:
Flags high-risk customers or transactions with machine learning capabilities.
Reporting Features:
Easily generate audit trails and compliance reports for FMA inspections.
Limitations:
- Less flexible when it comes to integration with custom applications.
- Licensing costs can be high for large enterprises.
- Some vendors may offer limited scalability for multinational operations.
What Is an AML API?
An AML API (Application Programming Interface) is a modular tool that allows users to integrate specific AML functions into their business systems, such as CRMs, trading platforms, or mobile apps.
APIs deliver custom features like:
- Identity verification
- Sanction list screening
- PEP detection
- Transaction behavior analytics
Benefits of AML API for Austrian Businesses
Flexibility & Scalability:
Ideal for large companies or fintechs who want to build tailor-made compliance systems.
Seamless Integration:
APIs can be plugged directly into your business’s internal software, ensuring a smooth user experience.
Faster Updates:
API providers often roll out real-time updates in response to regulation changes, like EU AMLD directives.
Pay-as-You-Go Models:
Only pay for what you use, a perfect fit for startups or companies with variable usage.
Developer Friendly:
Gives tech teams complete control over UI/UX, backend logic, and customer experience.
Limitations:
- Requires in-house or outsourced development resources.
- Takes longer to deploy compared to turnkey AML software.
- May require multiple APIs for a full compliance suite.
Whether you choose AML software or AML API, it is significant to have an AML solution to combat money laundering, terrorist financing, tax evasion, financial scams, and other illicit financing. AML Software suits small to medium enterprises and AML API suits large client-based companies in Australia. AML Solution isn’t just for banks, financial institutions, crypto platforms, insurance companies, forex trading, and fintech companies; it is also used for e-commerce, real estate, and gaming.
Stay Compliant, Stay Competitive with AML Solution:
In 2025, companies and organisations that are operating digital businesses across borders need to implement an advanced AML solution to combat money laundering and other financial crimes. It is a business need to stay compliant and keep ahead in the competitive market for a long time. It helps in a quick onboarding process, builds trust for new investors, vendors, and business clients, ensures regulatory compliance, and prevents financial crimes. AML Austria is a trusted AML solution provider that assists in thorough background checks and ensures legitimate business identities. They provide a comprehensive identity verification solution for financial and non-financial businesses in Austria. They are well-versed in Austrian AML and KYC compliance, authenticate identities as per the Austrian regulatory and GDPR standards. Therefore, choose a trusted AML partner like AML Austria and secure your business transactions today by implementing a robust AML software or AMP API.