We recently interviewed Amy Bell, the AML juggernaut behind consulting firm Teal Compliance, Chair of the UK Law Society's Money Laundering Task Force, author of 'Solicitors and Money Laundering' and 'Compliance That Works' and the mind behind the UK Law Society's Anti-Bribery Toolkit and AML Training Courses.
With this impressive pedigree, and two decades working in the legal world as both a solicitor and compliance consultant, she's well placed to help law firms adapt to evolving legal landscapes.
Below is an extract from the interview. It's been edited for clarity and brevity.
First AML: What's so hard about AML for law firms?
Amy: Firms often struggle to get the AML discipline balance right - CDD can be under or overdone which can in some cases create additional unnecessary work for the firm and customer.
First AML: Why do you think this occurs?
Amy: A typical law firm has a centralised team with one inbox into which all CDD documents are dumped and then filed away. Centralised teams often struggle with this workload.
There may also be differing levels of AML experience levels or confidence within the firm.
First AML: Why do you like the First AML offering?
Amy: I see a lot of value for mid- to large-sized firms to have something to guide them with requirements, particularly firms looking along the lines of or asking themselves if they should invest in a centralised team.
The [First AML] Manifest feature is an excellent addition for many firms as it guides users [on what to collect] and helps the team understand what documents are required for each client and if there’s anything else they need to ask for.
We like working with First AML because they’re transparent on what the product does. It's important to show the regulator you understand what your AML tooling is doing for you and the source of where the data is coming from.
About First AML
First AML simplifies the entire anti-money laundering onboarding and compliance process. Its SaaS platform, Source, stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.
First AML transforms an otherwise complex and manual process into one that is simple, cost-effective, and compliant for businesses. By delivering efficiency and time savings, it protects reputations and enables companies to stay on the right side of history in the face of global threats.
Keen to find out more? Book a demo today! No time for a long demo? No problem. See what Source by First AML can do for your business in 2 minutes – watch the short demo here.