First AML raises $30 million in funding amid global compliance concerns
Summary
It produces end-to-end due diligence software for financial service providers, real estate agencies, law firms and accountants, which automates the identity verification process of their customers. "With groundbreaking investigations around tax havens and money laundering across multiple countries, the AML compliance regime is now shifting to non-financial businesses globally." Last month, a global consortium of investigative journalists published a series of leaked documents, known as the Pandora Papers, which exposed the ways in which world leaders, politicians and billionaires hide their wealth to avoid paying tax. A partner from the venture capital firm Headline, Michael Kent, said most businesses did not have the resources to build their own compliance tools. First AML chief executive Milan Cooper said the capital it had raised would help the company scale up, support global expansion, and develop its products.