36. First AML

first aml

Company: First AML

Founders: Milan Cooper (CEO), Bion Behdin (CRO), Chris Caigou (CCO)

Website: https://www.firstaml.com/




About First AML


First AML is an all-in-one anti-money laundering (AML) platform. It streamlines complex AML compliance for thousands of compliance experts around the globe.

Money laundering facilitates the flow of money from criminal activities like human trafficking and the drug trade, while depleting tax revenues, and ultimately undermining public confidence. First AML’s solution prevents financial exploitation, helping companies to thwart money laundering and be on the right side of history.

First AML’s latest offering, Source, is a solution for organisations with complex or international onboarding needs that provides streamlined collaboration and uniformity in AML practices.

Designed for compliance teams, the platform enables organisations to save valuable time, reduce expenses, and alleviate frustrations linked to AML compliance. Whether dealing with straightforward Electronic Identification Verification (EIV) checks or complex, high-risk corporate entities, Source equips organisations with the necessary tools and capabilities to manage everything efficiently from a single platform.

Coupled with its innovative workflows and entity-specific smart task lists – which dictate the necessary information for CDD/KYC based on local legislation – the platform markedly reduces the time and cost for reporting entities. It improves their cost-to-service by being faster and simpler, while also enhancing the customer experience.

Businesses can depend on First AML with confidence to navigate the complex maze of AML regulations and prerequisites. Its SaaS platform comes with a degree of integration and user-friendliness that not only assures compliance but also markedly accelerates business operations, rendering it an ideal tool for digital transformation for companies eager to simplify their regulatory compliance endeavours in an increasingly digitalised world.

Adopting a new technological solution can sometimes present challenges and take time. However, with First AML, the transition is made smoother and more straightforward with training provided. The solution is designed for scalability and user-friendliness, facilitating easy implementation from the start. Once users become acquainted with the platform, continuous support is available to offer assistance and answer any enquiries promptly, ensuring a seamless integration process.

First AML’s solution caters to the wider market as it can be configured to meet centralised and decentralised compliance models. Its configurations allow companies to mimic control rights that compliance teams want in place, ensuring business-wide compliance adherence which reduces business risk. Multiple language support in the platform also allows First AML to spread into other countries.

For example, Meysan Partners, an international law firm, has accelerated its onboarding process eightfold and unified the process across all its jurisdictions through its adoption of First AML.

To get ahead of competitors, First AML is continuously improving, with 34 new features in the last six months (and more to come!). This includes extreme configuration, where customers make the tech fit for their company and unique risk appetite, not the other way around.

First AML is leading in the use of AI to address the hardest parts of AML, including document reading, interpretation and decisioning, while we are also democratising features that are usually only available for enterprise clients. This means it’s easier for everyone to play their part in stopping bad actors.



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