Company: First AML
Founders: Milan Cooper (CEO), Bion Behdin (CRO), Chris Caigou (CCO)
Website: https://www.firstaml.com/
About First AML
Established in 2018, First AML was founded to reform the laborious process of anti-money laundering (AML) onboarding, which was often seen as mere “box-ticking” to meet regulatory requirements. The founders recognised the broader impact of money laundering, which facilitates the flow of illicit funds from activities like human trafficking and the drug trade. It depletes tax revenues, undermines public confidence, and hinders GDP growth. First AML set out with a firm commitment to tackle this persistent issue by enhancing onboarding experiences across sectors such as legal, property, and accounting, safeguarding reputations while simplifying compliance.
Recent exposés have highlighted that money laundering is a global issue with significant social and economic repercussions. Legislation is becoming more restrictive and covers more industries, while the rise of AI, state-sponsored cybercrime, and ongoing conflicts have made money laundering more sophisticated. Outdated AML processes are no longer fit for purpose, prompting First AML to offer a comprehensive solution that not only ensures compliance but also frees up valuable time for organisations.
In response to these growing threats, the founders saw a need to design Source, a self-service platform encompassing every AML tool and drawing on the company’s deep expertise. Launched in 2023, Source streamlines complex AML compliance for thousands of experts worldwide. Its intuitive interface and comprehensive features stand out as a leading solution for organisations with intricate or international onboarding needs, transforming what was once a manual process into one that is simple, cost-effective, and compliant.
Source’s five-step process revolutionises AML compliance:
Create: Users initiate a case directly or via a public API, offering flexibility in KYC verification.
Assess: An embedded risk assessment questionnaire provides a consistent risk-based approach where the data and scoring directly determines the level of due diligence.
Collect: The platform streamlines document collection according to regulatory standards, including Source of Funds and Source of Wealth details, creating a consistent approach across a business.
Verify: With access to over 100 global data sources – and the ability to scan 1100+ screening lists daily – Source efficiently filters false positives linked to Politically Exposed Persons (PEPs), sanctions, and negative media.
Review & Maintain: Clients access, review, and export securely stored cases, with alerts for changes in PEP status or adverse media.
First AML’s innovation fills a market gap in AML solutions for complex entities like trusts, partnerships, and corporations—a critical need given that up to £88-100bn is laundered annually in the UK. The platform’s capabilities extend across financial services, law firms, accounting firms, and real estate, offering enhanced compliance workflows and reducing the risks of data breaches.
The founders’ commitment to transparency and regulatory alignment is demonstrated through features like direct regulator access to AML checks, reducing administrative burdens and enhancing efficiency.
Driven by a culture of resilience and adaptability, First AML embraces calculated risks, pushing boundaries to solve customer problems and build an iconic company. By owning the onboarding infrastructure across key sectors, First AML is leading the way in combating financial exploitation and creating a safer global economy.
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