Setting a New Standard in AML Compliance
London, UK; 24th July 2023: Global scale up First AML, which streamlines the entire anti-money laundering (AML) onboarding and compliance process, has today announced its partnership with Actionstep, the cloud-based legal practice management software for law firms, to provide law firms with an AML tool that can cater to complex requirements across the UK, Australia, New Zealand, and globally.
First AML powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international customer due diligence. Its partnership with Actionstep, which was built for growing mid-size law firms, saves firms both time and money, while delivering best-in-class security standards to give them peace of mind that their processes are compliant and secure.
First AML and Actionstep have partnered to provide law firms with an AML tool that can cater to complex requirements across the UK, Australia, New Zealand, and globally.
Law firms conducting AML processes internally can be a costly process. Customer due diligence may take many hours, which in-turn affects the end client as lawyers typically have high hourly billable rates. It can also be a mundane task for law teams, with staff having to put other responsibilities on hold to assist with AML processes. On top of this, for firms without established AML processes, storing and managing data is a time consuming – and often manual – process.
To combat this, First AML and Actionstep will use First AML’s platform to drive individuals through the verification process, collecting information quickly, breaking down ownership structures, and achieving high verification rates instantly. Law firms will have a holistic AML Verification and Workflow Management Platform that integrates all compliance needs for customer identification and verification, auditing and data storage.
About Actionstep – Where Law Works
Actionstep is a fast-growing, dynamic SaaS (Software as a Service) business with a global customer base, including 22,000+ users globally. Actionstep delivers a comprehensive legal practice management cloud platform to midsize law firms looking for a flexible all-in-one solution.
Combining all the work of law firms in one platform, including Matter Management, CRM, Document Assembly and Management, Time and Billing, Payments, Trust and Office Accounting, Reporting, and more, Actionstep is where law works.
www.actionstep.com
Media contact
Leah Jones
07584769496
ljones@thecommsco.com
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.
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