Recent Anti-Money Laundering (AML) requirements are placing a burden on accountants, adding more admin and paperwork to their workload. Reg-tech start-up, First AML have come up with an innovative solution that uses technology to streamline AML processes.
They’ve built an end-to-end platform that streamlines customer due diligence and identity verification. It stores this information so whoever needs it can quickly and securely access it.
Although they are time-consuming, AML laws are crucial because they help detect and prevent money laundering and financing terrorism through New Zealand businesses.
The law change in July last year saw the Government extend the requirements to accountants and bookkeepers, lawyers, and real estate agents. Processes including customer due diligence and identity verification are very paper heavy, causing frustration to time-crunched accountants.
Verifying the identities of many different people such as company directors, shareholders and trustees can be particularly challenging. Often they are not directly involved with the transaction so have little desire to comply with the requirements.
First AML’s software makes the experience quick and easy for end-users and AML reporting entities.
First AML’s Managing Director, Milan Cooper says, “The key is to remove the friction for the customer being verified. We live in a digital age, and people want quick and easy digital solutions. We’re focusing on developing tools to streamline the process for everyone involved.”
What does this mean for accountants?
Accounting firms completing this process for clients will have experienced the pain of having to file this information several times, adding a heap of compliance to their workload.
Kiwi accounting firm Grant Thornton finds how much time First AML’s solution has saved them and their clients impressive.
“First AML have been supporting us with customer due diligence services since October 2018. Our customers appreciate how easy their solution is to use, providing a seamless integration with us as a trusted partner. Their hassle-free approach combined with their data management and security features, are delivering great benefits for us,” says Lisle Clements, AML Compliance Officer at Grant Thornton NZ.
First AML are participating in the Kiwi Fintech Accelerator programme and will be presenting their product at the Demo Day in Wellington next week.