First AML & Armalytix join forces to elevate AML processes

First AML, an anti-money laundering (AML) scaleup, has unveiled a new integration partnership with Armalytix, an Open Banking technology platform. This collaboration aims to enhance the Source of Funds (SOF) and Source of Wealth (SOW) capabilities for large conveyancing firms, equipping them with sophisticated tools to streamline and secure their AML processes.

Armalytix provides data intelligence that assists firms in conducting efficient financial crime and social responsibility checks. These checks are seamlessly integrated into existing workflows, making the process straightforward and effective. First AML complements this with its platform, simplifying AML onboarding and compliance procedures. This platform enables organisations to conduct their AML, Know Your Customer (KYC), and Know Your Business (KYB) processes in a unified environment.

The integration between First AML and Armalytix will offer large conveyancing firms access to a suite of tools, including Open Banking, intuitive questionnaires, fact-finding measures, and risk insights, all within an enhanced user interface. This partnership represents a significant enhancement to First AML’s Source product, initially launched in 2023. The updated SOF feature is now comprehensively built into the Source platform.

Simon Luke, the UK Country Manager at First AML, expressed enthusiasm about the partnership, stating, "First AML’s partnership with Armalytix elevates our anti-money laundering offering for conveyancers, particularly when it comes to Source of Funds and Source of Wealth. Anti-money laundering is becoming increasingly complex as the macroeconomic landscape changes, and this integration helps organisations to streamline and protect their AML processes."

Tom Lyes, Head of Legal & Property at Armalytix, echoed these sentiments, noting, "With the anti-money laundering landscape continuing to become more and more intricate, it’s essential we offer organisations simple, effective and manageable tools. Our integration with First AML’s Source does just that, and we’re delighted to unveil this important partnership."

Both companies aim to address the growing complexity in the AML sector, driven by evolving regulations and heightened scrutiny. The collaboration is poised to provide a more streamlined and user-friendly experience for professionals in the conveyancing and financial services industries. The enhanced SOF and SOW capabilities will enable organisations to conduct thorough financial crime checks, ensuring compliance and mitigating potential risks.

First AML has been at the forefront of revolutionising the AML process, offering a platform that reduces the time and cost associated with complex and international entity KYC procedures. By simplifying traditionally manual onboarding processes, First AML provides businesses with efficient and compliant solutions that protect reputations and security.

Armalytix, known for its expertise in Open Banking and data intelligence, prides itself on delivering actionable financial insights that aid in faster and more effective AML, fraud, and financial risk checks. The integration with First AML underscores its commitment to offering robust and user-friendly tools to the professional and financial services sectors.