Addressing non standard KYC/B cases.
International client? Tax haven domicile? Trust, company, not-for-profit? You need Source by First AML.
Complex cases or international UBOs?
You need Source by First AML.
Anyone can do AML for individuals. Some can even do AML for complex entities. But only First AML can do KYB accurately and fast.
Tax havens
For maximum tax efficiency, complex or opaque structures with multiple layers of ownership and shareholdings, are commonly domiciled in tax havens.
Source by First AML has embedded intelligence, expertise and processes to cut through densely or opaquely written documents often associated to complex or international cases in a single click. Keeping your company safe and in line with regulatory requirements.
Achieve real-time KYB and address the unusual cases without compromising your risk position or speed to revenue. Source by First AML supports the identification of UBOs through a unique combination of:
- Entity structure visualisations
- International data sources
- Optimised AML workflows and waterfall triggers
- AI-driven biometric EIV
As a compliance officer, you’re up against family offices - specialist teams with deep experience in tax haven legislation, complex structure creation and ultimate beneficial ownership protection.
First AML puts you at an even footing, helping you address:
- cross border transactions
- multi-jurisdictional laws
- UBOs hidden behind numerous structures and business ventures
High Net Worths
High and Ultra High Net Worth Individuals pose some of the most challenging compliance cases. Onboard these clients quickly and efficiently with key platform features:
- Manifest, a smart task list that ensures a client's AML pack is interrogated properly and only relevant, additional information if requested.
- Technology embedded expertise for both old and new forms of wealth and their wider ecosystems.
- Bank-level security ensuring privacy and discretion.
New wealth types, such as NFTs or crypto favour anonymity. This is a problem for compliance officers trying to verify a source of wealth, or even a simple identity.
Asset type and ecosystem context is accounted for with Source by First AML. This is then provided in a simple-to-understand report for you to make a risk-based call on the individual.
Publications on complex and international KYC/B.
70% of accountants and lawyers have money laundering fears over Russian dark funds
70% of accountants and lawyers are more concerned about money laundering since Russian events and sanctions began, with 75% moving anti-money laundering (AML) up the company agenda in the past year.
Check out why.
4 ways to meet AML requirements without the pain
AML pain usually falls into two camps - cost and clarity. We’ve collated some of our best local advice to help you have a less painful compliance journey.
See more
Your Complete Guide to Setting Up a Successful AML Compliance Programme
This guide breaks down the steps your business needs to take when setting up a successful compliance programme. Here’s what you need to get in place for upcoming AML changes.
Read the guide.
Tax Havens: the wealthy, the bad and the ugly
What's an MLRO to do when a client has a complex or opaque structure, with multiple layers of ownership and shareholdings in a tax haven country?
Read the guide.
8 Common Struggles with Source of Funds & Source of Wealth
We’ve put together a list of common issues that compliance teams often have with SoF and SoW, and how you can avoid or resolve them.
Check it out.