First AML Company Profile

Background

First AML is a regulatory technology company founded in 2017 and headquartered in Auckland, New Zealand. The company specializes in anti-money laundering (AML) compliance solutions, aiming to streamline the complex processes associated with AML regulations.

Key Strategic Focus

First AML focuses on providing comprehensive AML, Know Your Customer (KYC), and Know Your Business (KYB) solutions through its platform, Source. This platform integrates multiple AML tools, including company structure visualization, ultimate beneficial owner (UBO) verification, risk assessments, and worldwide registry integration. By leveraging artificial intelligence and global data sources across 180+ countries, First AML targets financial institutions, legal firms, real estate agencies, and other sectors requiring robust compliance measures.

Financials and Funding

Since its inception, First AML has secured significant funding to support its growth and expansion:

Seed Round (September 2018): Raised NZD 200,000.

Series A (September 2020): Secured NZD 8 million, facilitating expansion into Australia and further platform development.

Series B (November 2021): Obtained NZD 30 million, enabling global expansion, including entry into the UK market.

Notable investors include Blackbird Ventures, Headline, and Bedrock.

Pipeline Development

In September 2023, First AML launched "Source," a self-service solution that consolidates their AML expertise into a single platform. This development reflects the company's commitment to continuous innovation and addressing the evolving needs of compliance professionals.

Technological Platform and Innovation

First AML's platform, Source, distinguishes itself through several proprietary technologies and methodologies:

Company Structure Visualization: Simplifies complex entity structures for better understanding and compliance.

UBO Verification: Ensures accurate identification of ultimate beneficial owners.

Risk Assessments and Scoring: Provides dynamic risk evaluations based on real-time data.

Worldwide Registry Integration: Automates data collection from over 300 corporate registries and data sources.

Biometric Verification: Utilizes advanced algorithms to verify individuals with over 96% accuracy.

Anti-Fraud and Tampering Detection: Employs device intelligence and geolocation to identify fraudulent activities.

Leadership Team

First AML's leadership comprises experienced professionals dedicated to advancing the company's mission:

Milan Cooper: CEO

Bion Behdin: Chief Revenue Officer

Chris Caigou: Chief Customer Officer

Louise Hunter: VP Marketing

Lydia Zulkifli: VP Product

Hannah Sellars: Head of People and Culture

Simon Luke: UK Country Manager

Andrew Batey: VP of Customer Success & Delivery

Samantha Wong: Board Member

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within First AML's leadership team.

Competitor Profile

Market Insights and Dynamics

The global anti-money laundering software market is experiencing substantial growth, driven by increasing regulatory requirements and the need for efficient compliance solutions. The market is projected to reach USD 4.21 billion by 2028, with a compound annual growth rate (CAGR) of 14.8%.

Competitor Analysis

Key competitors in the AML software market include:

ComplyAdvantage: A London-based RegTech company founded in 2014, offering AI-driven financial crime data and screening technology.

SumSub: A global verification platform established in 2015, providing identity verification and AML compliance solutions, particularly popular in fintech and crypto sectors.

ThetaRay: An Israeli fintech company founded in 2013, specializing in AI-powered AML transaction monitoring and sanctions screening software.

Strategic Collaborations and Partnerships

First AML has not publicly disclosed specific strategic collaborations or partnerships. However, the company's successful funding rounds and expansion into international markets suggest strong relationships with investors and stakeholders.

Operational Insights

First AML differentiates itself through its comprehensive, AI-powered platform that integrates multiple AML tools into a single solution. This approach enhances efficiency and accuracy in compliance processes, providing a competitive edge in the rapidly evolving RegTech landscape.

Strategic Opportunities and Future Directions

Looking ahead, First AML is well-positioned to capitalize on the growing demand for AML compliance solutions. Potential strategic opportunities include: