PVW Partners and First AML

PVW Partners has been helping regional Australians build their businesses and manage their financial affairs for more than a century. Founded in 1918, it is Northern Australia’s largest locally owned accounting and advisory firm, with over 80 people supporting more than 1,800 family and individual client groups. Its commitment to “Regional Australians Growing Regional Australia” combines local knowledge with expertise in complex tax, accounting and business matters.

As Australia’s AML requirements expanded, the firm set out to make them work for its people and clients. For Fiona McGill, PVW’s COO and the team, that meant choosing technology that could handle complex client structures, accommodate the firm’s way of working and keep information requests straightforward for clients.

The situation

PVW wanted a flexible platform that suited the firm’s workload, AML approach and with an established track record and a clear commitment to ongoing development. 

First AML was on the initial review list and made a positive impression, although Fiona wondered whether its capabilities were more suited to a larger firm.

“It was a little bit like Goldilocks. Initially we wondered whether First AML might be more than we needed, while some of the other options appeared too small and simple or not yet sufficiently developed.” 

The team also wanted training, policies and procedures to work together with the technology, giving staff a clear and consistent approach to managing AML work.

The solution

For the training, policies & procedures Fiona chose to work with First AML’s sister companies; Alpha AML Training and One AML. 

On the software side, they reviewed a “a range of other products” but several were still in development. First AML’s established platform stood out.

“First AML wasn’t a product that was still in development. So that was a huge drawcard for us.”

As well as being a fully formed solution, First AML’s proven experience in New Zealand and the UK gave the team confidence in its capabilities. Just as valuable was knowing the platform would continue to develop, with ongoing product improvements.

First AML also ticked the box for a number of PVW’s other requirements. It was important that clients had flexible verifications options. Most could complete their identity checks independently, while those needing assistance could visit one of the PVW offices and complete the process with support from a team member. That ability was an important part of the selection decision.

First AML’s configurability was another drawcard.

“First AML gives us the flexibility to configure the platform around the way we work, rather than having to change the processes to fit the technology. It also allows us to centralise the work or distribute it more broadly across the firm as our needs evolve.” 

With much of their wish list filled, they chose First AML. 

The results

The volume of PVW’s AML work turned out to be far greater than anticipated. Combined with the complexity of its client structures, that workload made First AML’s capacity an immediate advantage.

“Honestly, within the first three days, I realised the volume of AML work was going to be far greater than we had anticipated. We were extremely pleased that we had chosen a platform capable of handling that volume.” 

“We’re processing far more than we thought and very glad that we’ve got a product [First AML] that matches the volume we’re pushing through.”

Fiona continued, “Looking back at some of the other options that we did look at, we could have made them work, but it would have required significantly more staff time to process the same volume. Whereas I think First AML is very much geared to manage that higher volume in a very simple, easy way.”

Managing the volume of AML work also means handling the complexity within it. Many of PVW’s clients have complex entity structures, which staff previously mapped manually in a separate programme. With First AML, the team can unwrap entities and download the resulting diagram, making that work quicker and giving colleagues new to a client group a clear view of how it fits together.

“I can see that eventually replacing a process that has traditionally performed manually within the firm. It produces a much clearer and more professional visual representation,“ Fiona says. 

"First AML is very much geared to manage that higher volume in a very simple, easy way"

The time savings extend to checking the people and entities within those structures. Fiona describes the AI-assisted screening review functionality as “fantastic and a real game changer in terms of helping speed up the compliance and checking process”.

As the team uses the First AML platform more they are finding additional ways to simplify onboarding. They now use the First AML requirements request list to also gather other documents alongside the information needed for AML, bringing it all together for the client.

“We can request all the required information in one place, rather than going and forth with clients through multiple emails or other channels.”

For Fiona, that made the experience more professional and reduced repeated requests.

The platform PVW initially thought was built for much larger firms turned out to be the right fit for its own workload. Fiona’s advice to firms choosing an AML software provider follows directly from that experience:

“Don’t underestimate the volume or complexity of the AML work your firm may need to manage. Choose a platform that can handle that workload efficiently, support the way your team works and make the process as straightforward as possible for clients.”