First AML - FinTecBuzz

First AML unveils AI Assist to bolster time-saving compliance

First AML — Fri, 10 May 2024 13:40:36 +0000

First AML, the anti-money laundering scaleup, has today revealed its new AI Assist tool to reduce the extraction of key details from trust deeds to 60 seconds or less, simplifying KYC and AML processes.Extracting essential data from trust deeds by hand is a time-consuming and sometimes error-strewn process which requires specialist AML knowledge. To combat this, AI Assist gathers key details and automatically identifies controllers and beneficial owners, including trustees, settlers and appointors. Trust deed tasks can now be completed in 60 seconds or less, which provides 90% faster data capture and beneficial owner identification.
As a result, compliance professionals are freed up from manual data entry and can devote more time towards core tasks. The fear of manual errors is eliminated and workflows are simplified through the process of automation. With increased visibility of ownership structures and no need for laborious manual tasks, organisations can achieve greater and faster compliance.
Simon Luke, UK Country Manager at First AML, commented, “At First AML, removing the challenges of compliance is essential. Our new AI Assist tool is another important addition to the toolkit for compliance professionals, which can bring peace of mind and valuable time back into their hands. Without the usual manual data entry, compliance professionals can be more agile in stopping bad actors.”

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49% of C-suite not confident about AML: First AML

First AML — Tue, 23 Apr 2024 15:00:18 +0000

Half (49%) of c-suite executives only feel somewhat confident about their company’s anti-money laundering processes. That’s according to a new survey by First AML, the anti-money laundering (AML) scaleup.

The company surveyed 250 c-suite executives to determine the way anti-money laundering is prioritised and executed in UK businesses. It found that almost all (99%) of those surveyed are worried about their company’s ability to be compliant with new and upcoming anti-money laundering regulations. Seventy nine percent are concerned about the financial consequences of non-compliance for their organisation, with 28% extremely concerned.

Although there’s a clear apprehension surrounding non-compliance, it’s worrying that 39% have gone on to decrease their anti-money laundering budgets in 2024 in comparison to 2023.

The survey also found that 75% of respondents feel that c-suite executives should be held personally accountable for ensuring compliance. Thirty two percent strongly agree.

Bion Behdin, co-founder and CRO at First AML, commented: “The c-suite is worried about compliance, so it’s time to put their money where their mouth is. In fact, when asked whether a strong commitment to compliance impacts the company or firm’s reputation in the market, 67% feel it brings a positive impact, and 22% feel it brings a significant positive impact. Given they can see the benefits of compliance, 2024 should be the year that the c-suite prioritises anti-money laundering in their organisations.”

The time for compliance

Looking to 2024, almost all (99%) of those surveyed have plans to change anti-money laundering processes in 2024. This includes more investment in tech (47%), more investment in people (44%) and more investment in training (42%). However, with budgets tightening, organisations will need to do more with less.

When comparing these stats with a survey First AML conducted back in September 2022, 73% of financial services companies were moving anti-money laundering up the company agenda. Yet, 23% of those surveyed were also considering cutting budgets. With both AML confidence and budgets shrinking, there seems to be a similar outlook in 2024.

Bringing AML to the boardroom

When it comes to discussing AML in their organisation, the majority of c-suite currently discuss anti-money laundering strategies, risks, and processes during board or senior level meetings quarterly (44%), with 31% discussing it bi-annually or less frequently.

On top of this, the majority (49%) receive reports, or have meetings, with their MLRO or compliance officers about compliance quarterly, with 23% only receiving them bi-annually.

“Although it’s positive that AML is being discussed at board level, it’s crucial that these touchpoints are as detailed and frequent as possible,” Behdin continued. “C-suite executives are spinning a lot of plates, and having a clear overview of their company’s AML landscape and response is integral to avoiding fines and reputational damage.”

About First AML

First AML is an all-in-one AML platform. It powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Our enterprise-wide, long term approach to the CDD data lifecycle addresses time and cost challenges while improving the customer experience and minimising reputational and security risks.

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Inspire Legal selects First AML to increase AML confidence

First AML — Fri, 12 Jan 2024 12:45:57 +0000

Yorkshire based law firm Inspire Legal has increased its confidence in its anti-money laundering compliance operations by adopting First AML.

Inspire Legal was launched in 2020 and is at the forefront of legal tech. The firm found that due to specific Source of Wealth (SOW) and Source of Funds (SOF) compliance knowledge being limited to only one subject-matter expert, there were operational inefficiencies that slowed client onboarding. The firm needed a solution that offers support, is trackable, and could be accessed by lawyers remotely.

By leveraging First AML’s solution, Inspire Legal gains an efficient way to monitor their commercial work for potential money laundering activity. The system automatically flags suspicious activities to Inspire Legal’s MLRO, such as an unusual source of funds in property deals. This simplifies compliance by consolidating AML checks in one place, giving Inspire Legal improved oversight and freeing up resources to focus on client needs. This has instilled confidence in lawyers and reduces the burden placed on senior leaders to complete these AML and KYC tasks.

Natalie Foster, Chief Executive Officer at Inspire Legal, commented: “At Inspire Legal we are committed to innovation, but our commitment to compliance always comes first. It’s the foundation of the legal industry. Our role is about instilling confidence in our clients and to do this effectively we need to be using the best tools. With First AML, we have just that, and we are able to foster confidence across the board: for our organisation, for lawyers, and for clients.”

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First AML joins The NayaOne Marketplace

First AML — Wed, 13 Dec 2023 12:15:20 +0000

First AML, the global scaleup which streamlines the entire anti-money laundering (AML) onboarding and compliance process, has joined the NayaOne Tech Marketplace. First AML’s leading AML platform, Source, is an all-in-one self-service for local and global KYC, designed to suit all AML teams and built for every step of the AML process.

Additionally, Source by First AML combines data sources, risk assessment, onboarding, case management, verifications, entity structure builds, PEPs and sanctions, workflow management and more in one easy-to-use place. It’s now set to become even more accessible due to NayaOne’s Sandbox-as-a-Service, which will make it available to a range of financial institutions. NayaOne provides access to synthetic datasets, tech marketplace and a digital sandbox to discover, allowing firms to evaluate and scale third party technologies to production to build proofs of concepts in 4-6 weeks.

Source by First AML is designed to empower financial institutions to save valuable time, reduce costs, and eliminate frustrations associated with AML/KYC compliance. Whether it’s simple EIV checks or tackling the most challenging and high-risk compliance areas, the platform equips organisations with the tools and capabilities to handle it all seamlessly from one platform.

It makes business sense, too; thanks to Source’s smoother onboarding procedure, it means there is a quicker time to revenue. It is designed for organisations to scale without excess, with more convenient onboarding processes that lower customer drop-off numbers and allow firms to use compliance as a competitive edge. With Source, there is less risk to a business in both monetary and reputational terms.

From legacy systems to leading innovation

Stride.VC, a London-based early-stage tech investor, struggled with painful, manual AML processes. A slick customer experience is expected, although not always delivered due to archaic processes, and First AML offered the opportunity for more effective work in that area. In 2021, Stride.VC implemented First AML to streamline workflows and screening checks to onboard limited partners and investments.

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