According to the press release, the funding round is the first APAC investment for Bedrock Capital. First AML’s regulatory technology platform streamlines anti-money laundering (AML) compliance for the likes of financial service providers, law firms, real estate agencies, and accountants. The company’s end-to-end Customer Due Diligence platform automates the identity verification of customers, giving companies complete visibility and management oversight of the process, minimising money laundering risk.
Moreover, due to the Patriot Act, US-based financial institutions and other entities are obliged to implement AML/KYC processes. As in other jurisdictions this creates a significant compliance cost for financial institutions and results in a poor onboarding experience for their customers. Therefore, Australia-based venture capital company Blackbird is using First AML to comply to these regulations.
Furthermore, a new release of First AML’s platform is scheduled for late September 2020, which will include improved biometric identification for remote verification and new visual tools to help users understand the ownership of complex company structures.
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