London, UK; 22 August 2023: First AML, the global scale up which streamlines the entire anti-money laundering (AML) onboarding and compliance process, has announced a partnership with the Royal Institute of Chartered Surveyors (RICS), to provide chartered surveyors with a tailored AML solution across the United Kingdom, Australia (pending Tranche 2) and New Zealand.
With the partnership, First AML will reduce the burden of AML compliance while simultaneously strengthening AML safeguards. It will enable RICS's 134,000+ professionals to navigate AML compliance processes with efficiency and security, enhancing the integrity of their operations.
"This partnership with First AML provides an option based on a wealth of industry knowledge to help our members address their concerns."
- Lorella Paterson, International Markets Director - Professional Products at RICS
Conventional AML processes can be complex, time-consuming, and detract from revenue-generating activities. First AML aim to alleviate these burdens through this solution, which saves time while ensuring robust compliance. With First AML's platform, verification, record-keeping and complex ownership structures can be promptly addressed, ensuring high verification rates and a streamlined process. This collaboration provides a comprehensive AML verification and workflow management platform that consolidates all compliance needs for customer identification, auditing and data storage.
For example, Flude Property Consultants (a member of RICS) selected First AML to support its AML efforts in 2022. As a result, Flude witnessed a reduction in time spent on administrative tasks and a reassured sense of compliance. The positive impacts of this collaboration bear significant relevance for all RICS members with AML obligations, pointing towards a broader applicability and benefit of the partnership.
First AML's commitment to its clients is mirrored by RICS' dedication to support and advise firms in the industry. RICS' global recognition as an influential policy and standards advisor will ensure the positive impact of the work in this space is amplified.
Lorella Paterson, International Markets Director - Professional Products at RICS, commented, “AML compliance is important for us as a regulator and an area of concern for many of our firms. This partnership with First AML provides an option based on a wealth of industry knowledge to help our members address their concerns.”
Simon Luke, UK Country Manager at First AML, added, "We are proud to be partnering with RICS to provide direct support to its members, helping them to navigate the complexities of AML compliance. Our objective is not only to safeguard their operations, but also to significantly reduce the AML burden, allowing RICS firms to focus on their core professional services. We are here to add value to their work, enhancing their service delivery to consumers and businesses alike."
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.