The second tranche of AML legislation is expected to hit Australia within the next two years. Under the current Tranche 1, in Australia there are 15,000 reporting entities. According to Business Wire, this number will exceed 100,000 under Tranche 2 when AML compliance becomes mandatory for lawyers, accountants, and real estate agents. First AML is gearing up for growth in the market by offering a regtech solution for these reporting entities.
First AML’s regulatory technology (regtech) platform streamlines AML compliance for the likes of financial service providers, law companies, real estate agencies, and accountants. The company’s end-to-end Customer Due Diligence platform automates the identity verification of customers, giving companies visibility and management oversight of the process, minimising money laundering risk. The platform also includes improved biometric identification for remote verification and new visual tools to help users understand the ownership of company structures.
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