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
First AML streamlines the entire anti-money laundering onboarding and compliance process. Backed by real expertise, its cloud-based KYC Passport allows complex entities to share their verification across multiple companies and geographies, at their discretion.
Making an otherwise complex and manual onboarding process simple for clients and cost effective and compliant for businesses, First AML delivers efficiency and time savings, protecting reputations, and enabling companies to be on the right side of history in the face of global threats.
Keen to find out more? Book a demo today! No time for a long demo? No problem. See what First AML can do for your business in 2 minutes – watch the short demo here.