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June Monthly Special 2024

First AML – Transforming AML Operations for Financial Institutions and Revolutionizing Financial Crime Prevention

First AML – Transforming AML Operations for Financial Institutions and Revolutionizing Financial Crime Prevention

When it comes to Anti-Money Laundering (AML) solutions, there's a newcomer on the scene shaking up the status quo. Meet First AML, a revolutionary platform that's redefining what it means to combat financial crime. Unveiling a paradigm shift in AML software, First AML isn't your run-of-the-mill solution. Instead, it emerges as an all-encompassing self-service platform designed to streamline Know Your Customer (KYC) processes both locally and globally.

Crafted to cater to AML teams of all sizes, Source by First AML is a game-changer, addressing every facet of the AML journey. This comprehensive platform seamlessly integrates data sources, risk assessments, onboarding procedures, case management, verifications, entity structure builds, and even the meticulous screening of Politically Exposed Persons (PEPs) and sanctions.

With Source, First AML has brought together a suite of essential AML functions into one intuitive interface, revolutionizing the way financial institutions navigate regulatory compliance. It's a bold step towards a more efficient and effective approach to combating financial crime.

AML Reporting Made Simple

Real-Time Insights: Access comprehensive, real-time reports tailored to your needs. Whether it's customer profiles, PEP and sanctions statuses, exceptions, or case details, First AML provides up-to-date information at your fingertips.

Comprehensive Compliance and Audit Reporting: Rest assured with complete audit trails, documenting every change made to customer records, risk assessments, and outcomes. First AML ensures that all necessary data for local compliance reporting is readily available, easing the burden of regulatory requirements.

Transparent Risk Decisions: Empower your team with the knowledge needed to make informed risk decisions. First AML enables the sharing and storage of assessment data, ensuring transparency and accountability for all risk-related choices.

Comprehensive Client Profiles: Gain a deep understanding of your clients' compliance standing with First AML. By centralizing all relevant customer information, you can easily navigate through their compliance history, making it simpler to manage risk and maintain regulatory compliance.

One-Stop Compliance Hub: With First AML, all critical customer information is consolidated in one easy-to-navigate platform. From risk assessments to compliance status, everything you need is conveniently accessible, allowing you to focus on making informed decisions and staying ahead of regulatory requirements.

Efficient Risk Assessment Integration

First AML offers a hassle-free transition from cumbersome spreadsheets to a tailored risk assessment solution seamlessly integrated into your compliance program. Customize risk assessments to address various risk areas such as geography, client profiles, transaction types, and more. Establish a flexible framework aligned with your compliance policies, allowing you to prioritize criteria based on your risk tolerance.

Insightful Risk Analysis: With First AML, gain instant insights into client risk profiles. Embed risk analysis directly into your client onboarding workflow, enabling automatic scoring of risk levels based on weighted criteria. This allows your compliance team to quickly assess the level of caution required, streamlining the decision-making process.

Audit Preparedness Simplified: Stay audit-ready with ease by logging risk assessment answers, notes, and changes within First AML. Retain full version histories of your evolving risk framework, ensuring compliance with regulatory standards. Impress auditors with comprehensive audit logs trusted by regulatory bodies like HMRC, SRA, and ICAEW.

Tailored Risk Models: Configure custom risk models within First AML, setting criteria, weights, and thresholds for beneficial ownership. Trigger specific actions, such as enhanced customer due diligence, based on predetermined risk levels. This level of customization ensures that your risk management strategy is precise and adaptive to evolving compliance needs.

Elevate Your AML Operations with First AML

Transform any team member into an AML expert with the First AML command center. Intelligent prompts and automated workflows streamline processes, ensuring compliance with regulatory standards. With built-in best practice recommendations, users are guided through each step, empowering them to act confidently while adhering to guidelines.

Comprehensive Case Management: Experience the convenience of managing all your cases from a single, centralized source of truth with Source by First AML. Easily track the status of each case, including CDD data, requirements, actions, and progress. Identify outstanding needs and bottlenecks at a glance, enabling prompt resolution and efficient case management.

Automated CDD Compliance: Set up automated reminders and triggers within First AML to fulfill your CDD requirements seamlessly. Whether it's uploading documentation, sending EIV requests via email or SMS, running individual verifications, or collecting additional information from clients, the platform automates these actions, reducing manual effort and ensuring timely compliance.

Comprehensive Audit Trails: Capture a complete audit trail within First AML, providing a comprehensive record of requirements, actions, and approvals. This detailed documentation serves as valuable evidence during audits, demonstrating adherence to regulatory standards and best practices. With easy access to audit trails, you can review and validate compliance processes efficiently.

Revolutionizing Your Compliance Strategy

Say goodbye to cumbersome spreadsheets and disparate point solutions. Source by First AML digitizes and centralizes your risk-based approach, eliminating inconsistencies and inefficiencies. Embrace a new era of compliance where everything you need is seamlessly integrated into one platform.

Beyond Checkbox Compliance: Experience more than just box ticking with Source by First AML. Gain advanced risk posture insights by building risk assessments directly in the platform. Utilize a flexible framework aligned with your compliance policies and risk appetite, incorporating weighed criteria and automatic scoring. Automate ongoing CDD and monitoring for PEPs, sanctions, and adverse media, ensuring continuous compliance.

Efficient Compliance Management: Effortlessly manage your compliance obligations with Source's intelligent features. Benefit from centralized case management, automated compliance workflows, purpose-built regulatory and management reporting, and robust data management and analysis capabilities. These features not only reduce risk but also enhance your team's efficiency, allowing them to focus on strategic initiatives.

Enhanced Security and Reporting: Source by First AML provides bank-grade security to safeguard your data and ensure compliance with regulatory requirements. Additionally, the platform offers comprehensive audit trails and documentation, enabling thorough review and validation of compliance processes. With powerful reporting capabilities, you can generate insights that drive informed decision-making and demonstrate regulatory adherence.

Milan Cooper | CEO

“We exist to help businesses of every size limit criminal exploitation, but also to make it quicker and easier for everyday people to access the financial system.”


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