First AML, a technology developer specializing in anti-money laundering solutions based in New Zealand, has entered into a partnership with Actionstep to facilitate international AML compliance.
First AML, which LawFuel reported about some years ago when it received funding for its aml service solutions, serves thousands of compliance experts worldwide, helping to streamline the process of international customer due diligence, reducing both time and costs. On the other hand, Actionstep’s legal practice management software is designed to assist mid-size law firms in saving time and money while ensuring compliance and security in their processes.
AML procedures often consume numerous hours and can become expensive, particularly due to lawyers’ high hourly billable rates. Additionally, these tasks can be monotonous for law teams, causing them to set aside other responsibilities. Furthermore, managing and storing AML data is often a manual and time-consuming process.
To address these challenges, First AML and Actionstep have joined forces to simplify the verification process by offering a comprehensive AML verification and workflow management platform. This platform integrates compliance requirements for customer identification, verification, auditing, and data storage.
The integration will accelerate information collection, break down ownership structures, and achieve high verification rates instantly, as stated by the partners.
Officials from the law firm Sheat Lawers expressed that AML procedures were taking an excessive amount of time. Although they instructed their staff to record their time and share it with clients, this process was not always followed, resulting in significant revenue loss. As a solution, they sought a platform that could establish a consistent process across their offices and provide a centralized storage space.
The law firm emphasized that they needed more than just an ID check solution; they required source of wealth and funds checks, entity structures, and more. Their goal was to reduce the burden on staff, have an upfront cost that could be recovered, and make it easier for clients to engage with the process at their convenience.
Actionstep’s representatives commented on this partnership, stating that the collaboration with First AML represents a significant step in streamlining compliance processes. The integration combines advanced technology with robust security, creating a safer and more efficient environment that allows users to focus on serving their clients with confidence and integrity.
First AML’s executives mentioned that the integration will benefit law firms in the UK, New Zealand, Australia, and globally, seeking a tightly integrated and trusted PMS (Practice Management System) and AML partnership. Ensuring that AML processes are compliant, secure, and efficient is of utmost importance, and they are delighted to work with Actionstep on this journey.
The integration will be supported by Verlata Consulting, based in Brisbane, which specializes in implementing, delivering, and providing training for legal software solutions for private practice law firms and in-house legal departments.