First AML & Know Your Customer Unite to Revolutionize Global KYB Compliance
First AML has recently announced a strategic partnership with Know Your Customer, aimed at enhancing anti-money laundering (AML) processes for financial institutions around the globe. This collaboration merges advanced technologies to improve compliance frameworks, including Know Your Business (KYB) and Know Your Customer (KYC) protocols.
Enhancing Compliance with Innovative Technology
The partnership focuses on simplifying and fortifying cross-border compliance procedures. By integrating Know Your Customer’s registry capabilities into First AML’s platform, Source, it provides regulated firms with a comprehensive suite of tools for onboarding, business verification, and risk management—all within a single interface.
Key Features of the Partnership
- Real-Time Data Access: First AML’s Source platform now offers users seamless access to real-time company registry data from over 140 jurisdictions.
- Automatic Ownership Structure Unwrapping: The integration enables quick and automatic unwrapping of complex beneficial ownership structures.
- Instant Document Retrieval: Users can instantly retrieve official company documents, enhancing verification processes.
- Streamlined Verification: Corporate structure verification is simplified, allowing users to operate without needing additional tools.
About First AML and Know Your Customer
First AML, based in New Zealand, specializes in offering an end-to-end AML compliance platform that streamlines customer due diligence for various sectors, including financial services and legal firms. The company emphasizes the automation and efficiency of onboarding processes, enabling businesses to meet regulatory requirements effectively.
On the other hand, Know Your Customer, headquartered in Hong Kong and Dublin, provides modular compliance solutions that facilitate global business verification. Their technology grants instant access to official company registries worldwide, thus enhancing compliance teams’ ability to verify entities and monitor corporate changes.
Why This Partnership Matters
This collaboration comes at a critical time when global financial crime is escalating in complexity and regulations are tightening. The integrated solution empowers compliance teams to:
- Verify international entities more swiftly.
- Maintain consistent due diligence standards.
- Reduce time spent on manual corporate data sourcing.
Statements from Leadership
Bion Behdin, Chief Revenue Officer and co-founder of First AML, expressed, “This partnership enhances what our customers already experience through Source. By embedding Know Your Customer’s registry technology, we’ve strengthened our ability to automate KYB at scale, without adding complexity.”
Claus Christensen, CEO and co-founder of Know Your Customer, stated, “We are excited to collaborate with First AML to provide financial and regulated businesses with a comprehensive business verification solution. Our extensive access to global company registries, combined with First AML’s innovative technology, will empower financial organizations to customize their compliance frameworks.”
For more information on AML solutions, visit First AML and Know Your Customer.
