Company: First AML
Founders: Milan Cooper, Bion Behdin, Chris Caigou
Website: https://www.firstaml.com
About First AML
First AML simplifies the entire anti-money laundering onboarding and compliance process. It transforms an otherwise complex and manual process into one that is simple, cost-effective, and compliant for businesses. By delivering efficiency and time savings, it protects reputations and enables companies to stay on the right side of history in the face of global threats.
First AML launched its new self-service platform, Source, in 2023. The company originally developed its platform in 2017 exclusively for their in-house team of AML specialists, who managed cases through a managed services model.
Refining the platform over five years, First AML overcame significant challenges, such as integrating complex AML requirements across multiple jurisdictions, working with live and fast-changing sanctions lists, accessing data from a diverse range of corporate registries, and automating traditionally manual document collection processes, all while maintaining a high standard of accuracy and meeting regulatory standards. After perfecting the solution with their specialists, First AML decided to expand their service offering and ‘hand over the keys’ to their customers, giving them the option to have more control of their AML processes.
Created for compliance teams in financial services, law firms, accounting firms and real estate agencies, the platform empowers businesses to save valuable time, reduce costs, and eliminate frustrations associated with AML compliance. Whether it’s simple ID checks or tackling the most challenging and high-risk complex or opaque entities in far-flung jurisdictions, Source equips organisations with the tools and capabilities to handle it all seamlessly from one platform.
Key features include access to over 300 global corporate registries covering more than 100 countries, AI-enabled identity verifications, compliance automations, data collection decisioning, real-time case visibility, and risk-tolerance flexibility, all from one platform. With this comprehensive suite of functionalities, organisations can increase onboarding efficiency, enhance compliance workflows, maintain consistent compliance processes, and reduce the risks of data security and privacy breaches.
Source comes at a crucial time when businesses face mounting regulatory challenges and rising costs, making the need for robust AML measures more critical than ever. First AML’s impact on the SaaS industry is demonstrated by its integration of traditionally separate compliance workflows (sanctions screening, adverse media checks, KYC checks, KYB / Ultimate Beneficial Ownership checks, and risk assessments – all processes that used to use separate tools) into a single, scalable AML platform. This innovation has enabled companies to consolidate their compliance tools, reduce double-handling, and adapt to evolving compliance landscapes.
Since its introduction, the reaction has been positive. “The manual process we had before was so tedious,” Rebecca Black, Administrative Manager, Cleaver Partners said. “I’d recommend anyone wanting to streamline their CDD / KYC processes to use First AML’s Source.”
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