Meysan Partners, an international law firm, brings together leading legal professionals from the Middle East and the United Kingdom with a core focus on delivering exceptional outcomes in deals and disputes. Founded in 2015, the firm has rapidly evolved, strategically establishing offices in Egypt, Kuwait, Lebanon, Saudi Arabia, the UAE, and the UK. 2023 marked a significant milestone with the launch of its London office, reflecting the firm's commitment to expanding its global reach.
The situation
In the evolving landscape of digital transformation within the legal industry, Meysan Partners has actively embraced change. Its forward-thinking approach stems from the rich experience of its partners, many of whom, like founding partner Bader El-Jeaan, have worked in Magic Circle firms.
Ghassan Badran, MLRO at Meysan Partners, says, “Our decision to engage with First AML was influenced by our founders' standard of meticulous customer due diligence and the inquiries from our international clientele regarding our compliance program's policies and procedures. They sought to collaborate with a reputable firm as they expanded their operations.”
The firm learned about First AML through integration partners Verlata. Verlata recommended First AML as a suitable integration partner for Actionstep, the practice management system used by Meysan Partners. Previously, the firm used WorldCheck to complete its screening checks but was looking for a more comprehensive solution that could be centralised and seamlessly integrated with its existing practice management platform.
Why First AML
Ghassan established specific criteria for an AML platform, including integration with Meysan’s practice management system, along with capabilities for information and document gathering, risk assessments, screening, ongoing monitoring, and record-keeping. The firm had previously operated with a fragmented system and manual workflows.
"From the very first email, I outlined my requirements clearly – give me this, and I’ll be highly satisfied.” Fortunately, First AML fulfilled these requirements.
"The software itself is very intuitive - it’s not complex, it has amazing features like the corporate structure visualisation tool where I am able to map out the whole client structure, the bespoke risk assessment of course, and the risk rating – everything is in one place."
The integration of First AML has proven to be a game-changer for Meysan Partners. Ghassan notes, “The software itself is very intuitive - it’s not complex, it has amazing features like the corporate structure visualisation tool where I am able to map out the whole client structure, the bespoke risk assessment of course, and the risk rating – everything is in one place.” Such features allow Ghassan to standardise how AML risk is approached throughout the firm.
KYC Challenges in the Gulf Region
Better education on CDD and KYC is vital in the region for both end-users and regulated entities. "I know exactly what I want”, notes Ghassan. “But although I have an understanding of what we need, a lot of law firms around here aren't really familiar with all the regulatory details. And even if they try to follow them, it's usually just about getting customers onboarded quickly, without really diving into the nitty-gritty."
“Another challenge for us is that 80-90% of our clients are in the GCC [Gulf Cooperation Council]. The GCC lacks a comprehensive online public register like the public registries of the UK, Europe, or the US, so collecting certified documents is critical for us.”
“Finding a platform that caters to our specific needs had been a notable challenge. However, First AML has been different from other AML providers we've encountered, significantly boosting our operational efficiency.”
First AML is now used across all of Meysan’s jurisdictions for a unified onboarding process. The integration with practice management system Actionstep streamlines their workflow, ensuring a cohesive onboarding process from client care letter initiation through to risk assessment.
Impact
"First AML has significantly accelerated our onboarding process. We now onboard clients 8 times faster than before," states Ghassan.
“It used to take around 3-4 hours to review all documents, complete the risk assessment manually using Microsoft Word, do the screenings and then upload all documents to the client file”, says Ghassan. “Now it takes a maximum of 30 minutes to review screening reports and KYC documents.”
Final words
"The London office was a huge milestone for us, making Meysan one of the first GCC firms to open in the UK," says Ghassan.
Looking ahead, the focus is on expanding their clientele in the UK and other jurisdictions while meeting the needs of their international and regional clients. Ghassan states, "Our partnership with First AML is key. We are confident that the collaboration will streamline compliance processes and significantly contribute to achieving our global business goals."
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.