back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

First AML launched in the UK after experiencing increased demand

By Joy Dumasia

April 27, 2022

  • AML
  • Anti - Money Laundering
  • CDD
Share

First AML has launched in the UK after experiencing increased demand for solutions that help businesses manage compliance requirements and the heightened risk of regulatory fines in today’s climate. First AML recently announced its NZ$30 million Series B funding round, which included Headline Ventures’ European arm, Australia-based VC firm Blackbird Ventures, and existing investors, Pushpay founder Eliot Crowther, Bedrock Capital, and Icehouse Ventures. 

First AML’s co-founder Bion Behdin is relocating to the company’s new London office, launching with 25 staff locally, including UK Country Manager Simon Luke. It has 100 employees in Auckland, New Zealand, and 20 staff in Sydney, Australia. The company plans to recruit 100 UK staff by the end of 2022. 

First AML CEO, Milan Cooper, said: “The market for AML has grown nearly 20% in the past year to US$214 billion there is a massive global market opportunity for us right now. First AML’s customers love our solution, and it’s proving to be the best approach to streamlining customer due diligence. With ground-breaking investigations around tax havens and money laundering across multiple countries, the AML compliance regime is a key priority for accounting, law and real estate.” 

Commenting on the UK expansion, Behdin said: “We’re excited to offer regulatory technology built for reporting entities, removing the manual burden, and making compliance faster and more accurate. Regtech is usually aimed at the major banks. However, if we want our economy to grow, we have to help the next layer of financiers become more efficient, and to combat money laundering through law, accounting and real estate firms. And of course, with the current focus on London as a Russian money-laundering hub, small to medium-sized businesses need solutions to automate compliance with increasing regulation and threats.” 

First AML automates the manual Anti-Money Laundering (AML) Customer Due Diligence/Know Your Customer (CDD/KYC) process. Its cloud-based platform, a team of local compliance analysts and a global pre-verified entity ecosystem automates the traditional AML compliance process by taking it completely off the user’s hands. Data is also stored in a global, complex entity database, allowing instant retrievals that are updated upon each request, delivering efficiency improvements and cost savings and a smoother customer experience for end-users.  

Australian venture capital firm Blackbird is using First AML, and business operations manager, Dan Danilov, said: “It’s reduced our AML case bottleneck, completely removing the burden of collecting and verifying AML documents, with an easy-to-use dashboard that tracks the status of all our cases. Many of our investors have reached out to let us know how much better the experience is.”  

Previous Article

April 27, 2022

Estateguru finances €16.7m of loans in March 2022

Read More
Next Article

April 27, 2022

authID announces appointment of Annie Pham as its new CFO

Read More










IBSi Daily News Analysis

wealth management

August 16, 2022

AML

Self-employed struggle to access financial services. What can FinTech do?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 11, 2022

Bloom Money selects OCR Labs Global for digital ID verification

Read More

August 11, 2022

epay selects Fraugster to pilot fraud prevention services for its payment processing

Read More

August 11, 2022

Saudi EXIM Bank chooses SAS technology for model risk management

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022