Partner Spotlight: First AML

Armalytix doesn’t just work directly with law firms. We have partnered with a selection of best-in-class legal platform providers so you can still get all the advantages and quality of Armalytix, but through a wider service for your firm.

“First AML has partnered with Armalytix to give conveyancers and their clients a faster, simpler way to handle Source of Funds and Source of Wealth checks. With Armalytix’s technology, firms can collect and assess financial data more efficiently while ensuring AML compliance. It’s win-win for everyone, as it’s the same quality and expertise from both firms but now with an even smoother experience for everyone involved.”

Simon Luke – UK Country Manager First AML

 About First AML

 First AML is the name behind Source, an all-in-one AML platform. Their experience is not just as a technology provider, but also as compliance professionals.

Prior to releasing Source, they processed over 2,000,000 AML cases themselves so understanding the acute problems that firms face these days is in their DNA.

First AML powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Their enterprise-wide, long term approach to the CDD data lifecycle addresses time and cost challenges while improving the customer experience and minimising reputational and security risks.

The aims of the partnership

Reviewing Source of Funds information from bank statements and multiple documents is a tiresome and time consuming-process. But conveyancers can now order the market-leading Armalytix Source of Funds reports directly from Source – giving them detailed and simple to understand reports in order to make more accurate risk-based decisions faster.

Source helps conveyancers by reducing client friction, eliminating manual work and ensuring compliance with AML regulations. Through a secure digital portal, clients can easily submit financial data, with automated reminders and guided forms minimising delays and pushback. Source also automates document collection and verification, cutting down on time-consuming reviews and inconsistent risk assessments.

Standardised reports and automated risk scoring provide clear, auditable decision-making while its embedded case management system reduces inefficiencies and encrypted data storage ensures GDPR compliance. Partnering with Armalytix enhances these capabilities, giving conveyancers faster, more accurate financial insights while reducing the burden of compliance and regulatory risk.

This is important work.

Focusing on the money

 The SRA and legal professionals are doing crucial work in preventing dirty money from tainting the property industry. They are a leading example of where UK industries can get it right.

The work is ongoing, but has made significant advances already – stricter client due diligence, identity verification, source of funds checks and beneficial ownership identification. Staff training on detecting suspicious transactions has improved with a greater focus placed on high-value property deals and complex ownership structures.

Technology is at the heart of these advancements and the partnership between Armalytix & First AML is a part of that.

What have we achieved so far?

 Since the partnership began, First AML have successfully implemented the new solution with clients. Some have moved from a manual process and some from other Source of Funds offerings. Matthew Coutinho Finance & Compliance Executive at Adams Kaye is one of those:

“The integration with Source and Armalytix has streamlined our KYC and Source of Funds processes, making compliance quicker and more efficient. It’s reduced the manual work involved in gathering financial data, creating a smoother experience for both our team and clients. As a result, we’ve been able to cut onboarding times, helping us speed up transactions while maintaining full compliance.”

What does the future of the partnership look like?

 As open banking evolves into open finance, covering a broader range of financial products such as investments, insurance and pensions, partnerships like Armalytix and First AML will play a crucial role in tackling financial crime. With the ever-present threat of dirty money, ensuring robust and efficient compliance processes is more important than ever.

By working together, this partnership will continue to help lawyers stop wasting time on data collection, allowing them to focus on the real job at hand, make better decisions and defend against financial crime.