We recently interviewed Amy Bell, the AML juggernaut behind consulting firm Teal Compliance, Chair of the UK Law Society's Money Laundering Task Force, author of 'Solicitors and Money Laundering' and 'Compliance That Works' and the mind behind the UK Law Society's Anti-Bribery Toolkit and AML Training Courses.
With this impressive pedigree, and two decades working in the legal world as both a solicitor and compliance consultant, she's well placed to help law firms adapt to evolving legal landscapes.
Below is an extract from the interview. It's been edited for clarity and brevity.
First AML: What's so hard about AML for law firms?
Amy: Firms often struggle to get the AML discipline balance right - CDD can be under or overdone which can in some cases create additional unnecessary work for the firm and customer.
First AML: Why do you think this occurs?
Amy: A typical law firm has a centralised team with one inbox into which all CDD documents are dumped and then filed away. Centralised teams often struggle with this workload.
There may also be differing levels of AML experience levels or confidence within the firm.
First AML: Why do you like the First AML offering?
Amy: I see a lot of value for mid- to large-sized firms to have something to guide them with requirements, particularly firms looking along the lines of or asking themselves if they should invest in a centralised team.
The [First AML] Manifest feature is an excellent addition for many firms as it guides users [on what to collect] and helps the team understand what documents are required for each client and if there’s anything else they need to ask for.
We like working with First AML because they’re transparent on what the product does. It's important to show the regulator you understand what your AML tooling is doing for you and the source of where the data is coming from.
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!