First AML, an anti-money laundry regtech startup, announced on Tuesday it has launched its operations in Australia. Founded in 2017, First AML streamlines anti-money laundering compliance through its online identity verification system that may be used by individuals anywhere in the globe through a smartphone. The company noted its end-to-end Customer Due Diligence platform is used by financial service providers, lawyers, accountants and real-estate agents, providing them complete visibility and management oversight.
“First AML is a specialized outsourced Customer Due Diligence (CDD) service provider operating in accordance with AML/CFT Act 2009. We can fulfil your AML compliance obligations on your behalf, taking the complexity and administrative burden off your hands.”
While sharing more details about the expansion, Bio Behdin, Co-Founder of First AML, stated the company is now offering 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. Interest from customers in countries like Australia and the U.S. 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.”
The launch in Australia comes after First AML raised AU$7.3 million in through its Series A funding round, whcih was led by US-based Bedrock Capital, with participation from existing investors Pushpay founder Chris Heaslip and Icehouse Ventures.