First AML
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Find Thoughts, stories, and ideas on First AML Blog. First AML is a specialized outsourced AML/CDD/KYC software and service solution that helps you with anti-money laundering, AML, KYC, CDD, customer due diligence, SAAS, EIV, regtech, and AML compliance processes.
First AML
2y ago
“Really?” He said. “You need to do this again? Just use the pack I gave you last year, it’s all in there.” With that, one of our most valuable clients stood up and left.
This is madness. I’ve known this man and his business interests for years, he’s been with us since he did his first property development project. And yet, here I am, having to go through the motions of completing CDD on him and all his trusts and business entities every single time we transact. This is infuriating. And such a waste of my time.
The pain is real
We work with the biggest and smallest of law firms around the ..read more
First AML
2y ago
Law firms are often targeted by money launderers because of the position of trust they hold in society. Solicitors often handle large amounts of money confidentially for their clients such as escrow on sale transactions or access to their trust accounts. Because of this, a solicitor’s client account can be a convenient way to add a layer of legitimacy to transactions.
For law firms in NZ, the relevant anti-money laundering legislation found in the AML/CFT Act 2009.
In this guide we’ll be looking at the most common red flags that law firms should be aware of when on the lookout for suspicious ..read more
First AML
2y ago
A deep dive into competitive compliance.
It’s no secret that customer onboarding can be a painful experience for all involved; for non-bank lenders it’s time consuming and costly. While for customers it’s intrusive and repetitive. You just want to close the deal, and they just want their money. But the law is the law and we all have to comply.
So how is it that some non-bank lenders seem to be thriving in a highly regulated environment while others are struggling? We took a deep dive into a number of leading lenders, compared them to industry trends and peeked at some of the most compell ..read more
First AML
2y ago
For battle hardened business leaders, an economic downturn is unwelcome. But it’s also familiar. From the Great Depression to the 2008 Great Recession (Global Financial Crisis), this has been seen before. But this time the market conditions are different.
It’s the end of a 13-year bull market. We’ve seen the fastest stock drop in history with a significant decline across all indices. Every asset class has been bubbled or affected by financial contagion. The potential of unexpected failings is profound.
Current market 101
What makes this latest (expected) crash so unusual is the potential for s ..read more
First AML
2y ago
It takes a long-term strategy, the right people, and efficient and accurate processes to get compliance right. Here are 3 things leading accountants are doing consistently to win in the long run.
1. Avoid the talent war
Successful accountants understand the cost of hiring, which goes beyond salary or hourly wages.
The less obvious costs in taking on a new employee include recruitment fees, pay bonuses and rises, equipment, tools and office space, training and development costs, and ACC levies, KiwiSaver contributions and Fringe Benefit Tax. All that in addition to possible salary wars ..read more
First AML
2y ago
From July 2021, the AML/CFT Act requires all reporting entities to complete an independent audit every three years – where previously it was every two years. The audit obligation is a systematic check of a reporting entity’s AML/CFT programme. It will assess whether the AML/CFT programme is functioning in practice and that the policies, procedures and controls in place are based on the money laundering and financing terrorism risks identified by that business.
Even though there are many firms that are AML compliant, companies still end up paying huge penalties to the authorities due to violat ..read more
First AML
2y ago
This week marks Te Wiki o Te Reo Māori (Māori Language Week), a time to celebrate and support the resurgence of te reo in Aotearoa. Being a Kiwi founded company, this is a week that is close to our hearts.
It’s important to highlight that this year’s Te Wiki o Te Reo Māori marks 50 years since the Māori Language Petition was presented to parliament. Māori Language Commissioner Rawinia Higgins states that 14 September is a day to honour those who demanded change, after a century of suppression where children were punished for speaking te reo.
Te Wiki o Te Reo Māori originated when on the ..read more
First AML
2y ago
Large sums of money, complex transactions, little oversight – it makes the perfect conditions for money laundering. Here are 5 common ways criminals use real estate to launder money.
Money laundering is the concealment of illegally obtained money, typically through legitimate transactions, and one of the most common ways of doing this is via, what can appear to be, legitimate real estate transactions.
Property purchases can be an attractive and effective way for criminals to hide dirty money as this allows its source to be disguised and prevent detection by authorities.
Why real e ..read more
First AML
2y ago
Global KYC regtech company, First AML and Convera, the largest non-bank B2B cross-border payments company in the world, have announced a strategic alliance.
Convera and First AML announced the alliance this week in light of the evolving regulatory landscape and mounting pressure this is placing on financial institutions both internally, on resource, and externally from compliance risks.
First AML is an AML regtech company founded in Auckland, New Zealand. The business offers customers a global pre-verified complex entity ecosystem accessed using proprietary, cloud-based technology to streamlin ..read more
First AML
2y ago
Anti-money laundering (AML) software solution company First AML has appointed Sam Halse as its new Chief Operating Officer (COO).
Halse joins First AML’s Senior Leadership Team and will lead the company’s next phase of global growth operations, including go to market, product development and risk management. He will work closely with First AML CEO and Co-Founder Milan Cooper on the scaling of the business.
Halse joins First AML after previously helping build the global Fintech business Adyen, where he held multiple roles and spent the last five years as the global COO. Halse played ..read more