Tech startup First AML has launched in Australia to help financial services companies complete and onboard customers as part of their Know Your Customer (KYC) processes.
The company, which first launched in New Zealand in 2017, has 65 employees based in Auckland, New Zealand. It has now opened an office in Sydney as it looks to expand its presence in the Australian market.
Co-founded by former corporate bankers Bion Behdin, Milan Cooper and Chris Caigou, the regtech platform provides outsourced customer due diligence services in a bid to streamline anti-money laundering (AML) compliance for financial service providers, law firms, real estate agencies and accountants.
By automating the identity verification of customers via smart devices, providing biometric identification for remote verification, and managing the onboarding process, the platform aims to minimise money laundering risk.
Commenting on the Australian expansion, Mr Behdin said: “We’re excited to offer regulation technology built for investment firms and lenders to help them manage compliance faster and more accurately.
“Regtech is usually aimed at the big four banks – but if we want our economy to grow, we have to help the next layer of financiers become more efficient.”
He continued: “Interest from customers in countries like Australia and the US is heating up as businesses look to prepare for the new regulatory requirements, and we are now well placed to capture these opportunities and offer the world’s best AML compliance platform.
“This is a $184 billion global market – there’s massive opportunity out there.”
The regtech platform has launched as government reportedly considers implementing long-awaited “Tranche 2” reforms, which could expand Australia’s AML laws to regulate lawyers, accountants and real estate professionals.
It is believed that this would expand the number of companies regulated under AML laws from 15,000 to approximately 100,000.