Member Article

First AML partners with Mercia to enhance anti-money laundering compliance support for accounting firms

• Accounting firms will benefit from ICAEW-accredited and efficient anti-money laundering and customer due diligence offerings

First AML, the global scaleup which streamlines the entire anti-money laundering (AML) onboarding and compliance process, has today announced a new partnership with Mercia Group LTD, one of the leading providers of CPD training, assessments, compliance and marketing services to the UK&I accountancy profession.

The partnership will support accounting firms with enhanced AML solutions, leveraging both First AML’s centralised SaaS-based AML platform and Mercia’s comprehensive Customer Due Diligence (CDD) checklists and AML enquiry support service.

Through the partnership, Mercia’s clients will gain access to First AML’s ICAEW accredited platform, which offers a single trusted solution for AML onboarding including; Matter Risk Assessments, ID verification, beneficial ownership & corporate structures, screening and more. Simultaneously, First AML will endorse Merica as their trusted partner for their accounting client requirements around staying up-to-date with regulatory compliance, support and training.

Ensuring that accounting firms have compliance professionals who are up to speed is a critical component of successful anti-money laundering procedures. Worryingly, a recent report observed that many professional body supervisors are failing to assess and prioritise risks within their AML supervisory work, with risk assessments often lacking evidential bases. Although directed at the supervisors, these observations have a knock-on effect on the scrutiny of AML risk assessments by accountancy firms.

Chartered accountants BHP, a customer of both Mercia and First AML, stands as a testament to the success and efficiency of AML collaboration. The combination of Mercia’s practical guidance and First AML’s robust platform will bring convenience, support and efficiency to firms looking to streamline and enhance their AML processes.

Victoria Kelly, Managing Director of Mercia Group commented, “Our partnership with First AML offers Mercia clients a trusted solution amongst leading accounting firms to consider for their AML onboarding requirements. The partnership will be complementary for our clients, with accounting firms able to leverage Mercia’s compliance support and training solutions alongside the AML verification solutions that First AML is able to provide. With a number of mutual customer success stories, we’re confident in the value this partnership will provide to our customers.”

Simon Luke, UK Country Manager at First AML, added, “This partnership reflects our continued commitment to enhancing AML compliance for accounting firms in the UK. Leveraging Mercia’s expert guidance and our SaaS-based platform, we are not only streamlining AML processes but also fostering success and growth for our mutual customers. We’re excited to begin this collaboration and look forward to seeing the results it will produce.”

This was posted in Bdaily's Members' News section by Lucy Jefferson .