Singapore’s regulatory environment is tightening, especially with the Corporate Service Providers (CSP) Act coming into force in 2025. CSPs, law and accounting firms, and financial institutions are now under increasing pressure to implement robust Anti-Money Laundering (AML) and Customer Due Diligence (CDD) frameworks.
Software platforms play a central role in ensuring compliance while improving efficiency. This review examines five key AML/CDD providers in Singapore — AlgoCandy, AML Square, Ingenique (SentroWeb), Cynopsis Solutions, and AML Singapore — highlighting their positioning, strengths, limitations, and best-fit use cases.
Evaluation Criteria
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Regulatory Coverage: KYC/CDD/KYB, PEP/sanctions/adverse media screening, risk assessment, monitoring, reporting.
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Data & Functionality: Source quality, entity/UBO verification, risk scoring, audit trails.
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Workflow Efficiency: End-to-end integration vs. point solutions.
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Localisation: Adaptation to Singapore MAS/ACRA/CSP Act requirements.
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Fit: CSPs, professional services, financial institutions, or SMEs.
1. AlgoCandy — End-to-End Compliance for CSPs
Positioning: Built specifically for CSPs and RFAs, AlgoCandy delivers a paperless four-step workflow: client onboarding, form collection, identity verification, risk assessment, and periodic review.
Strengths
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Fully integrated workflow covering onboarding to review
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Designed with CSP Act and ACRA requirements in mind
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Paperless archive for regulatory checks
Limitations
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Optimised for CSPs; large financial institutions still need separate transaction monitoring systems
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Expansion to complex cross-border cases may require integrations
Best Fit
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CSPs, law, and accounting firms seeking one platform for all compliance steps.
2. AML Square — Comprehensive Compliance Suite
Positioning: A full-stack compliance solution providing KYC, CDD, EDD, sanctions/PEP/media screening, transaction monitoring, risk scoring, and MAS-compliant reporting (STR/CTR).
Strengths
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Wide module coverage: from policies to reporting
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Emphasises MAS-aligned risk-based approach (RBA)
Limitations
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Marketing-heavy material; real-world accuracy and false-positive reduction must be tested
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Implementation and licensing costs can be high, especially for smaller firms
Best Fit
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Financial institutions, payment providers, and enterprises requiring end-to-end compliance coverage.
3. Ingenique Solutions (SentroWeb) — Local Screening & Monitoring
Positioning: SentroWeb is a well-established AML/KYC solution in Singapore, specialising in screening and CDD checks. It leverages international data providers and supports ongoing monitoring. It is also eligible for Productivity Solutions Grant (PSG) funding.
Strengths
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Access to global datasets such as Dow Jones and Acuris
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PSG funding lowers cost barriers
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Trusted by many CSPs, law firms, and accounting practices
Limitations
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Focused on screening; lacks built-in onboarding and full workflow automation
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Requires integration for case management and recordkeeping
Best Fit
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SMEs, CSPs, and professional firms prioritising accurate, affordable screening and monitoring.
4. Cynopsis Solutions — Modular RegTech Platform
Positioning: A Singapore-headquartered RegTech provider offering e-KYC, KYB, UBO tracing, sanctions/PEP/media screening, dynamic risk scoring, and transaction monitoring.
Strengths
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Broad feature set covering CDD and monitoring
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Modular deployment adaptable to multiple industries
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Strong local presence and enterprise adoption
Limitations
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Enterprise-grade complexity means longer implementation cycles
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Costs and resources may exceed the budgets of smaller firms
Best Fit
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Banks, financial institutions, and cross-border enterprises needing multi-jurisdictional compliance coverage.
5. AML Singapore — Compliance Advisory & Outsourcing
Positioning: Unlike pure software vendors, AML Singapore focuses on consulting and managed compliance services. It helps firms design AML policies, conduct risk assessments, select appropriate software, provide training, and even outsource KYC/CDD operations.
Strengths
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One-stop advisory and outsourced CDD support
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Fast setup for firms lacking internal compliance capacity
Limitations
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Not a software platform; limited for firms seeking internal data and system ownership
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Outsourcing may reduce flexibility and increase long-term costs
Best Fit
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Startups and SMEs needing interim AML support or outsourced compliance functions.
Comparison Table
| Provider | Workflow Coverage | KYB/UBO | Ongoing Monitoring | Transaction Monitoring | Localisation | PSG Support | Best For |
|---|---|---|---|---|---|---|---|
| AlgoCandy | Strong (end-to-end) | Yes | Yes | Integration required | High (CSP-specific) | No | CSPs, law/accounting firms |
| AML Square | Strong (end-to-end) | Yes | Yes | Yes | Medium | No | Financial & payment institutions |
| SentroWeb | Medium (screening focus) | No | Yes | No | Medium | Yes | SMEs, CSPs, professional firms |
| Cynopsis | Strong (multi-module) | Yes | Yes | Yes | High | No | Banks & cross-border enterprises |
| AML Singapore | Advisory focus | Indirect | Managed service | Managed service | High | No | Startups/SMEs needing outsourcing |
Recommendations
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CSPs & Professional Services: AlgoCandy for integrated workflows, or SentroWeb for screening with PSG support.
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Financial & Payment Institutions: Cynopsis for comprehensive modules, or AML Square for all-in-one coverage.
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SMEs & Startups: AML Singapore for advisory and outsourced CDD when internal resources are limited.
Conclusion
Singapore’s AML software and compliance ecosystem reflects two clear directions:
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Integrated platforms like AlgoCandy, Cynopsis, and AML Square, which streamline compliance workflows.
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Specialist/consulting models like SentroWeb and AML Singapore, focusing on accurate screening or managed services.
The right solution depends on your industry, compliance maturity, and budget. A proof-of-concept trial and clear implementation roadmap are essential before adoption.
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