First AML partners with Know Your Customer to tackle KYB compliance challenges

Following this announcement, the collaboration will bring together two sets of technologies in order to further optimise Know Your Business (KYB), KYC, and AML processes for financial institutions and other regulated businesses around the world. 

First AML is set to embed Know Your Customer’s capabilities directly into its Source platform, aiming to provide customers with the possibility to access real-time company registry data from over 140 jurisdictions. In addition, this process will offer secure and efficient corporate structure verification, instant access to official company documents, as well as automatic unwrapping of complex beneficial ownership information. These benefits will be available without users having to leave Source or adopt other additional tools. 

More information on the First AML x Know Your Customer partnership

According to the official press release, the collaboration will focus on optimising the customer experience regarding Source. Through the process of embedding Know Your Customer’s registry technology, First AML aims to strengthen its ability to automate KYB at scale, without adding complexity or compromising security. At the same time, it will also remove manual, fragmented steps from business verification in order to make the onboarding procedure faster, with deeper insights and improved compliance. 

The integration also supports businesses that are facing the increasing demands for cross-border compliance and regulatory scrutiny. Through the incorporation of this capability into the platform, compliance teams will have the possibility to manage international entity verification more easily, apply consistent standards, as well as spend less time manually sourcing corporate data. Know Your Customer’s expertise and access to company registries across the globe will be coupled with First AML’s technology in order to optimise the manner in which financial organisations establish tailored business compliance rules that also align with their risk and operational requirements. 

Furthermore, the combined solution was particularly developed for financial tools, as well as legal and professional service firms operating across several jurisdictions. By streamlining onboarding and monitoring workflows, the integration will also help companies to move faster while maintaining full compliance with the worldwide evolving regulatory standards.