Founded in 2004, Cleaver Partners have established themselves as a leader in accounting and financial planning services. Their ethos is grounded in providing outstanding service based on wide experience, knowledge, focus, integrity and both forward & innovative-thinking.
The situation
With this ethos in mind, Cleaver Partners turned their focus to improving their KYC / CDD process. Their objective was to 'streamline our tedious manual process.' as Cleaver Partner's Administrative Manager, Rebecca Black explained. They chose First AML's Source.
"We had a 6 page PDF document to complete for each risk assessment.' Noted Rebecca. These types of manual inefficiencies needed to go.
The solution and results
The Cleaver Partners team required a solution that would not create more work for themselves. They set a maximum limit of 2 hours per day to spend on KYC / CDD as a measure of success.
After a quick set up and onboarding the team were into it. In particular, Source's Manifest feature with its intelligent prompts, automated workflows, triggered activities and at-a-glance actions was a game changer.
"We love it! We love that we have so much control; that we can tailor it to exactly what we need for each client."
"We were hesitant at first about creating more work for ourselves. But now we have the hang of it we love that they can go in and see exactly where each case is at and what is still required for follow up."
Cleaver Partners also wanted more control to manage the nuance associated with a risk based approach and the unique situation presented by every client and each transaction. Source's configurability proved the answer to this need.
"We love it! We love that we have so much control; that we can tailor it to exactly what we need for each client." explains Rebecca.
In addition to the day-to-day improvements, Source is proving to be a winner when it comes to reporting. "Being able to go to Source and get all the data for our annual report has been fantastic."
When asked what she'd tell prospective users, Rebecca replied, "I’d recommend anyone wanting to streamline their KYC / CDD processes to utilise First AML Source."
About First AML
This article is not only written from the perspective of a technology provider, but also from the lens of compliance professionals. Prior to releasing Source, First AML’s orchestration platform, we processed over 2,000,000 AML cases ourselves. Understanding the acute problem that faces firms these days as they try to scale their own AML, is in our DNA.
That's why Source now powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Source stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.
Keen to find out more? Book a demo today!