First AML partners with Armalytix to bolster its Source of Funds and Source of Wealth capabilities

London, UK; 30 May 2024: First AML, the anti-money laundering scaleup, today announced its integration partnership with Armalytix, the Open Banking technology platform which streamlines the collection of data for the professional and financial services industries, to bolster its Source of Funds and Source of Wealth capabilities.

As a data intelligence firm, Armalytix helps firms to conduct simple, fast and effective financial crime and social responsibility checks, seamlessly integrated into existing workflows. First AML streamlines the anti-money laundering onboarding and compliance process, empowering organisations to conduct their AML, KYC and KYB processes on one platform.

Thanks to the Armalytix integration, large conveyancing firms will have access to Open Banking, intuitive questionnaires, fact finds and risk insights with a market-leading user experience, as well as an enhanced SOF feature now built into Source. It marks First AML’s next expansion of Source, which launched in 2023.

Simon Luke, UK Country Manager at First AML, commented: “First AML’s partnership with Armalytix elevates our anti-money laundering offering for conveyancers, particularly when it comes to Source of Funds and Source of Wealth. Anti-money laundering is becoming increasingly complex as the macroeconomic landscape changes, and this integration helps organisations to streamline and protect their AML processes.”

Tom Lyes, Head of Legal & Property at Armalytix, added: “With the anti-money laundering landscape continuing to become more and more intricate, it’s essential we offer organisations simple, effective and manageable tools. Our integration with First AML’s Source does just that, and we’re delighted to unveil this important partnership.”