AML/CTF Tranche 2 is coming.
Let's make it easy.
It can be both on-chargeable and easy.
Remove the burden and uncertainty while achieving just the right level of compliance for when Trance 2 hits. Without impacting customer experience through:
- a pre-verified, international KYC / KYB ecosystem for accurate and quick retrievals
- source of wealth (SoW) and source of funds (SoF) auto collection
- auto alerts for PEPs, sanctions and adverse media
- perpetual document, decision and risk assessment storage making your audit-ready from the outset.
Enhanced Due Diligence
Cross-checking clients against quickly-changing PEP and sanctions lists is good business as well as a key task for Tranche 2 of the AML / CTF act. First AML provides automatic client cross-checks conducted daily against the latest and cleanest global lists.
If a new match is found, a notification is delivered to your inbox, in an at-a-glance format, for your immediate action.
Under Tranche 2 complex entities, located across diverse geographies with overseas UBOs are the most difficult and time consuming to onboard. The First AML platform is designed specifically to address these entity types and in a way you can easily on-charge the cost of their verification and associated due diligence. In particular, the First AML platform significantly decreases the load associated with identifying:
- source of funds and source of wealth
- beneficial ownership chains
- organisational structures.
Security and privacy
First AML meets global-standard, multi-layered security protocols ensuring you and your clients are protected from:
- Reputational risks related to catastrophic ‘black swan’ breaches
- Financial risks caused by non-compliance or data breaches.
The introduction of AML / CFT Tranche 2 will likely provide law and conveyancing firms a grace period to identify and correct any issues in your KYC data to ensure compliance. But this onerous work still needs to be completed.
The First AML platform helps reduce risk by making sure that legacy KYC data is up-to-date, maintained and monitored continuously while new data is compliant from the start.
Trusted by local and global companies
Integrity and excellence in your AML.
You've spent years building your firm's excellent reputation and understand that it's built on more than just legal work. First AML is the compliance partner you need to support your firm's desire to always do the right thing while delivering exceptional service.
First AML provides an exceptionally easy way to complete your KYC / KYB requirements. For your team it offers intuitive, easy to use request and approval functionality. While for your clients it provides a superior customer experience, leaving them feeling positive about your firm and the process.
Learn more about the First AML platform
Reduce risk exposure from quickly-changing PEP and sanctions list inclusions with First AML's ongoing monitoring.
Automatic client cross-checks are conducted daily against the latest and cleanest global lists.
If a new match is found a notification is delivered to your inbox, in an at-a-glance format, for immediate and proactive action.
Made for humans.
Unlike other KYC / KYB solutions, First AML was designed, from the outset, for easy compliance. Our founders worked in the compliance world and that deep understanding drives our platform today. First AML:
- Solve for the complex
We've solved the pain of international, complex entities.
- Fail-safe escalation
Your team isn't left to clean up the mess of failed EIVs or missing source documents. Instead, single-click escalation ensures everything's delivered as needed.
- User experience first
Quick, simple and easy. First AML removes KYC friction and delivers exceptional experiences for clients and staff alike.
KYC and KYB guidance for Australian law and conveyancing firms.
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4 Ways to Make AML Easier for Small & Medium Sized Law Firms
Tailored for small and medium law firms, our Chief Revenue Officer discusses compliance and technology nd shares practical advice on how law firms can meet their AML obligations. Watch here.
8 common struggles with Source of Funds and Source of Wealth
Source of Wealth and Source of Funds are often used interchangeably but they don't mean the same thing. Find out the key differences and impacts.
Here’s why our customers love First AML.
We have found First AML extremely easy to use for us all. Great support from the team too!Nicole Brooke-Cowden Pattersen Hopkins
I really appreciate how efficient and easy-to-use the First AML platform is.Kirsten Foote WRMK Lawyers
We're loving it because it has provided the discipline that we needed to get our policies and procedures for AML in place.Martin Fine Martin Fine Business Law Limited