First AML services thousands of compliance experts around the globe, helping reduce the time and cost of international customer due diligence. Actionstep's legal practice management software, meanwhile, was built to help growing mid-size law firms save both time and money while ensuring processes were both compliant and secure.
Conducting AML processes can take many hours and become costly because lawyers typically have high hourly billable rates. It can also be a mundane task for law teams, forcing staff having to put other responsibilities on hold. Storing and managing AML data is also a time consuming and often manual process.
To combat this, First AML and Actionstep are partnering to ease the verification process by delivering a holistic AML verification and workflow management platform integrating compliance requirements for customer identification, verification, auditing, and data storage.
The integration will speed information collection, breaking down ownership structures and achieving high verification rates instantly, the partners said.
Officials from a law firm Sheat Lawers said AML was taking a ‘horrific’ amount of time. They told their staff to record their time and pass it on to clients but this wasn’t always happening which led to significant revenue leakage. Therefore, they embarked on a search for a solution that would ensure a consistent process across its offices and deliver a central storage space.
The law firm’s officials added that they didn’t just want an ID check solution. They do source of wealth and funds checks, entity structures, etc. They wanted something that would reduce the burden on staff, has an upfront cost that can be recovered, and wanted to make it easier for clients to do it when it suits.
Commenting on this partnership, Actionstep’s representatives said the partnership with First AML marks a new milestone in streamlining compliance processes. This integration fosters a safer, more efficient environment, blending advanced technology with robust security to enable their users to focus on what truly matters – serving their clients with confidence and integrity.
First AML’s executives noted that the integration would support law firms in the UK, New Zealand, Australia, and globally looking for a tightly integrated, trusted PMS and AML partnership. Ensuring AML processes are compliant, secure, and fast is paramount, and they’re pleased to be working with Actionstep on this journey.
The integration will be supported by Brisbane-based Verlata Consulting, which specialises in the implementation, delivery, and training of legal software solutions for private practice law firms and in-house legal departments.
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