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.
With Actionstep, midsize law firms get total control over their future success. Actionstep's comprehensive legal business management platform is built to adapt to a firm’s unique strengths and goals, empowering firms to modernise and build a firm advantage in the legal marketplace.
Actionstep's connected features like client intake, matter management, document management, time tracking, billing, accounting, and business reporting, equips over 38,000 users globally to delight clients, work more profitably, and confidently embrace the future.
Build your firm advantage with Actionstep.
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.
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