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First AML launches in the UK

First AML launches in the UK

New Zealand-based anti-money laundering technology scaleup First AML has launched in the UK as it seeks to take advantage of a 'perfect storm' of events boosting interest in its platform.

First AML's cloud-based platform, team of local compliance analysts and global pre-verified entity ecosystem, promises to automate the traditional AML compliance process.

The firm says that increased sanctions, record fines for money laundering violations, and a rise in tax evasion has created a rush of business enquiries in the UK.

Having recently raised NZ$30 million in funding, the company has opened a London office with a 25-strong headcount that is expected to hit 100 by the end of the year.

Co-founder Bion Behdin, who is relocating to the UK, says: "Regtech is usually aimed at the major banks. However, if we want our economy to grow, we have to help the next layer of financiers become more efficient, and to combat money laundering through law, accounting and real estate firms.

"And of course with the current focus on London as a Russian money-laundering hub, small to medium sized businesses need solutions to automate compliance with increasing regulation and threats."

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