First AML has announced that BHP, a firm of accountants with 400 staff working out of five offices across Yorkshire and Derbyshire, has selected First AML’s solution to streamline its compliance and onboarding processes.
The process at the top 35 accounting firms to onboard customers before deploying FirstAML was cumbersome. It needed several people within the organisation to complete the process leading to delays and frustration. Importantly it also took up time from senior staff members, which would have reduced the number of billable hours available. Senior staff member often has to request identification documents and/or advise on identification checks.
A familiar compliance challenge
The firm has also grown quickly over the last ten years. This meant that, like other growing firms, they found that their processes, suitable when they were small and working from a single office, were not scaleable. They needed a solution that would increase efficiency and quickly perform compliance tasks such as AML and KYC.
After a market search, BHP selected First AML, one of the most popular solutions in the UK. The AML Portal provides a single location for all compliance requests within the organisation. Users can set up case requests, entity builds, store documents, create reports, conduct audits and more. The solution leverages a global pre-verified KYC and KYB database. Its workflow solution enables users to review findings quickly and process the relevant steps without manual handling.
Howard Ringrose, Partner and MLRO at BHP, commented: “First AML was different. It offered a better solution because it expedites the checks through a proven methodology, saving us time. That was more than a subtle difference – that was a big difference. And because we’re growing and needing to do more and more checks, it was worth investing in a solution like this. We now have a real sense of security when it comes to compliance, but we also have a lot more time to focus on enhancing other parts of the business. This is crucial as we continue on our growth trajectory.”
Simon Luke, UK Country Manager at First AML, added: “The accounting industry remains an attractive target for money launderers, who are looking to find ways of making their funds legitimate. However, being compliant shouldn’t come at the expense of drained resources, especially time. With our support, BHP is able to focus on supporting its clients while removing any grey areas when it comes to anti-money laundering checks.”
Enterprise Times: What does this mean?
For First AML, this is another significant win in the UK market. Its solutions are used across several well-known brands across the countries it operates in, including CBW, KPMG, Blackbird, Kemps Wier, Minter Ellison, Grant Thornton, Lowndes and D’Arcy Thomson Law.
First AML is another New Zealand tech firm that has delivered impressive growth over the last few years. It launched in the UK in 2022 and quickly grew a significant customer base. The company has more than 500 customers globally and over 160 employees across New Zealand, Australia and the UK. One question is whether it will look to launch in the US and follow the success of Xero.
