Global scale up First AML, which streamlines the entire anti-money laundering (AML) onboarding and compliance process, has today announced its partnership with Actionstep, the cloud-based legal practice management software for law firms, to provide law firms with an AML tool that can cater to complex requirements across the UK, Australia, New Zealand, and globally.
First AML powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international customer due diligence. Its partnership with Actionstep, which was built for growing mid-size law firms, saves firms both time and money, while delivering best-in-class security standards to give them peace of mind that their processes are compliant and secure.
Law firms conducting AML processes internally can be a costly process. Customer due diligence may take many hours, which in-turn affects the end client as lawyers typically have high hourly billable rates. It can also be a mundane task for law teams, with staff having to put other responsibilities on hold to assist with AML processes. On top of this, for firms without established AML processes, storing and managing data is a time consuming – and often manual – process.
To combat this, First AML and Actionstep will use First AML’s platform to drive individuals through the verification process, collecting information quickly, breaking down ownership structures, and achieving high verification rates instantly. Law firms will have a holistic AML Verification and Workflow Management Platform that integrates all compliance needs for customer identification and verification, auditing and data storage.
Inside the Gibson Sheat Journey
“AML was taking a horrific amount of time. We told our staff to record their time and pass it on to our clients but this wasn’t always happening which led to significant revenue leakage.” Melissa Pauling, Business Improvements and Innovation Manager, Gibson Sheat Lawyers.
This realisation, combined with the need to reduce the time it was taking staff to complete CDD, ensure a consistent process across offices as well as have one central storage space, led to the search for a better solution.
“We didn’t just want an ID check solution,” Notes Melissa. “We do source of wealth and funds checks, entity structures, etc. We wanted something that would reduce the burden on staff, has an upfront cost that can be recovered and we wanted to make it easier for our clients to do it when it suits.”
“For the year ended 2022, we recovered 89% of the cost of First AML – it’s a huge recovery from before. The 11% we didn’t recover was by choice due to matters that didn’t proceed and the like.”
Christian McLaughlin, VP of Global Partnerships at Actionstep, commented: “Our partnership with First AML marks a new milestone in streamlining compliance processes. This integration fosters a safer, more efficient environment, blending advanced technology with robust security to enable our users to focus on what truly matters – serving their clients with confidence and integrity.”
Milan Cooper, CEO at First AML, commented: “The First AML and Actionstep integration will support law firms in the UK, New Zealand and Australia – and globally – who are looking for a tightly integrated, trusted PMS and AML partnership. Ensuring AML processes are compliant, secure and fast is paramount, and we’re pleased to be working with Actionstep on this journey.”
The integration will be supported by Verlata Consulting, which specialises in the implementation, delivery and training of legal software solutions for private practice law firms and in-house legal departments.