subscribe to our newsletter

Anti-money laundering regtech launches in Australia

An anti-money laundering tech company has launched in Australia to help lenders and financial service providers complete their Know Your Customer processes.

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.

[Related: Court approves largest civil penalty in history]

Anti-money laundering regtech launches in Australia
Anti-money laundering regtech launches in Australia

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!


If you have any news, ideas or enquiries for Mortgage Business - please contact This email address is being protected from spambots. You need JavaScript enabled to view it.


Latest News

Home ownership costs jumped by 130 per cent over two generations, with Gen X spending a quarter of their income servicing their loan, accord...

Fintech lender Tic:Toc has secured $25 billion of additional funding for the next seven years, after extending a partnership with Bendigo an...

The non-bank lender has closed its first RMBS deal under the Bluestone Prime program, worth $700 million. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.