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Startup Series

 - Episode 28

Revolutionizing AML onboarding processes

Milan Cooper

Episode Summary:

Financial institutions face a significant burden in terms of regulatory compliance, particularly in areas such as anti-money laundering and tax residency requirements but it’s revolutionizing. These days, discussions around risk, compliance, and fighting the good fight are more important than ever. Milan Cooper, CEO First AML talks in the BetterTech podcast about revolutionizing financial institutions, challenges to financial institution and how technology can help them for the better customer experience to optimizing their onboarding processes. 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.

Show Notes:

1. Financial institutions face a significant burden in terms of regulatory compliance, particularly in areas such as anti-money laundering and tax residency requirements like CRS and FATCA. These regulations necessitate the collection of extensive customer information for onboarding purposes. 

2. However, this process poses various challenges and obstacles, resulting in a high barrier for individuals seeking to become customers of financial institutions and causing friction during the onboarding process.

3. Milan suggested is to analyze existing processes, identify areas of friction and customer dissatisfaction, especially within a financial institution. This can be done by engaging with customers directly to understand their concerns. The next step would be to explore and adopt digital alternatives to address the identified issues.

4. First AML offers a comprehensive customer onboarding solution for financial and professional services. First AML provides an end-to-end solution that enables customers to onboard any type of entity. What sets them apart is their unique ecosystem, which allows previous verifications to be accessed and utilized in future transactions. This creates a powerful network effect, contributing to their business’s differentiation and effectiveness.

This episode is hosted by Maria Tariq, Global Communication Manager, Tkxel.

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