Before using First AML
Carter Bond is a commercial law firm of eighteen lawyers based in London with a strong legal history in healthcare, property, and M&A work.
Before using First AML, the firm had been using multiple tools to meet their AML obligations.
"In my role, I'm always looking for the best tools to support our firm”, says Surbhi Kansara, Operations Manager at Carter Bond.
“With our previous platforms, we struggled when we were uncertain about results - we couldn't easily approach our providers for guidance on how to proceed. What’s more, under our old system we would get a 99% pass rate, but further checks often revealed more things we needed to investigate.”
The firm was reviewing four other platforms before they decided to go ahead with First AML.
“Other tools would simply show the results with minimal context. With First AML, we get clear ‘pass’ or ‘refer’ designations, plus guidance on next steps if needed - like clarifying any ambiguity with requests for additional information.”
"What impressed us about First AML was the end-to-end process, clear results, and breadth of capabilities through a single platform. Biometrics are common across platforms, but it was the additional search capabilities and guidance that set the First AML platform apart”, says Surbhi.
Key evaluation criteria
When it came to reviewing a new platform, the main criteria Carter Bond were looking at was ease of use and an all in one platform so the admin team could consolidate the onboarding process into one tool and save time.
“Having source of funds and source of wealth integrated into the platform was crucial for us - other tools required a separate word doc or process. With First AML, we get all the necessary information in one streamlined workflow."
Surbhi also wanted to redirect her and her team’s time to value-add activities rather than spending time on administrative tasks and dip in and out of several different solutions in order to onboard a client.
"Our admin team was spending too much time opening files and manually doing the checks. With First AML, the client is responsible for providing the information to do checks, not our team - they receive the completed case report which our team can review. This is saving us time while still remaining compliant."
Working with First AML
With the First AML platform, Carter Bond has reduced internal admin on both the support staff and the fee-earner and optimised their client onboarding process by streamlining their tools down to just one tool. Understanding the First AML platform was a speedy process, and now the firm’s legal admin team submit CDD requests on their new clients through the platform, with senior management approving them and dealing with any unusual results or escalations.
“With the First AML platform, we no longer have trouble trying to interpret the results of our AML and EIV tools. The results we receive are clear and easy to understand. Compared to previous tools, First AML has helped fill in the gaps when it comes to CDD.”
“We at Carter Bond would recommend the First AML platform to any firm that feels like their team is taking too long to conduct CDD”, says Surbhi. “Overall, First AML gives us the direction and expertise we were missing to truly understand search results and feel confident that we are compliant."
About First AML
First AML is an AML technology provider, and the maker of Source, an all-in-one AML platform. Source powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Its enterprise-wide, long term approach to the KYC / CDD data lifecycle addresses time and cost challenges while minimising compliance, reputational and security risks.
25 November, 2023
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