Switching AML software for accounting
Should I switch?
The right time to switch is when your platform doesn't adapt to how your firm works.
Good reasons to switch
- Platform can't handle complex entity verifications (trusts, SMSFs)
- No visibility across a client group with multiple related entities
- Platform doesn't allow for different approaches across offices or service lines
- Platform doesn't match what you saw in the demo
- Existing verifications can't be reused for returning clients year after year
- One configuration for the whole firm
- Platform assumes every client journey looks the same
- Lack of nuanced access control and role-specific functionality
Not-so-good reasons to switch
If your reason sits in this list, it's worth troubleshooting with your current provider first (switching won't fix a process or training gap).
- Verification is taking too long
- A one-off difficult case, not a pattern
-
Not knowing how to verify a particular entity structure
- Compliance takes more effort than expected
-
A staff member made a mistake
-
A cheaper option exists elsewhere
Millions of clients are verified faster through thousands of companies with First AML
What to look for when comparing AML software
AML software varies most on compliance depth, automation, and how well it adapts to your firm's structure and workflow. Here's the full comparison.
First AML
Others
AML compliance
Built-in guardrails and rules
Built-in and configurable risk assessment, scoring and guidance
Manual, other system or spredsheet-based
All-in-one AML: IDV, UBOs, PEPs/sanctions, risk scoring, monitoring, case management, global and local data
Multiple point solutions and manual processes
Client groups
Manage and verify related entities under a single client structure
Scalable across offices and networks
One central licence, configurable workflows per office or service line
Team dashboards, user roles and central oversight across every office and team
Meets TPB requirements
Configurable customer due diligence (CDD) workflows
Fixed workflows
Automated and fully configurable enhanced due diligence (ECDD)
Manual processes or outsource
Automated ongoing monitoring across individuals and entities
Reliant on manual reviews, calendar reminders or spreadsheet tracking
Automated in-platform record-keeping and audit trail
Manual collation and scattered storage across corporate drives or email
Automated, branded, customisable client communication and tracking
Limited communication options
Global data: 300+ registries, 180+ ID databases
Limited to AU/NZ or requires manual document upload
Experts on-call
ACAMS-qualified consultants available
Qualified consultants available
User-friendly
Intuitive and mobile-friendly for staff and clients
Requires an app or original documents scanned and emailed
No surprise costs
One platform fee and transparent data usage rates
Outsourcing charges and / or third-party add-ons
Handles complex cases in-platform: auto share classes, structure mapping, UBO thresholds, global data
Manual processes or outsource
AI-powered intel, automation and support
Why First AML?
Here's why leading accounting firms choose First AML.
Firm-wide governance.
First AML ensures your AML program runs exactly as your firm intends with controlled variation across service lines, offices and risk profiles.
Best experience for you and your client.
Our Customer Success team is based in-market and works alongside you to help turn your policies into day-to-day workflows.
The same AML standard, on every case.
First AML applies your AML program the same way, every time, while allowing controlled and approved variation by service line and risk profile.
Secure and compliant by default.
ISO27001 certified and privacy-first, so your client data and verification records are protected at every step.
What happens when I switch?
Once you've decided to switch, here's what happens next.
Step 1
Onboarding
We work with your team to set up platform workflows that match your firm's compliance program, including how rules and automations are configured, and train your team on how the system works day to day.
Step 2
Data migration
When you switch, your existing client records transfer across from your current provider, keeping all evidence of your client identity checks in one place.
Step 3
Platform access and training
Your team gets First AML access plus a range of training. Training covers accounting-specific scenarios and obligations, and is regularly updated based on client feedback and regulatory changes.
Step 4
Ongoing support
After go-live, you have ongoing access to First AML's support team, whether there's a question about a specific verification or how to use a feature.
Ready to make the switch?
Here's how! Get in touch today by completing the form below - we'll get back to you as soon as possible.