This section outlines the step-by-step verification process for First AML’s Standard and Lite verification services. It is not intended to be a complete guide to all information you, as an entity potentially captured by anti-money laundering legislation, are required to include in your compliance program. 


IMPORTANT: While First AML’s verification process has been designed to facilitate your compliance with anti-money laundering legislation, First AML provides no guarantee of this fact. It is your responsibility to familiarise yourself with First AML’s verification process and to satisfy yourself that your use of First AML’s services will result in your compliance.


First AML's verification process has been developed with reference to the following laws, regulations, and industry guidance:


New Zealand

Laws and regulations

  • Anti-Money Laundering and Counter-Terrorism Financing Act 2009

  • Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2021


Industry guidance

  • Department of Internal Affairs & Financial Markets Authority customer due diligence reference guides

  • Amended Identity Verification Code of Practice 2013

  • Beneficial Ownership Guide

  • Explanatory Note: Electronic Identity Verification Guideline


Australia

Laws and regulations

  • Anti-Money Laundering and Counter-Terrorism Financing Act 2006

  • Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)


Industry guidance

  • AUSTRAC customer due diligence reference guides


United Kingdom

Laws and regulations

  • Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended)

  • Proceeds of Crime Act 2002

  • Terrorism Act 2000

  • Fraud Act 2010


Industry guidance

  • Financial Crime Guide: A firm’s guide to countering financial crime risks (FCG)

  • Legal Sector Affinity Group (LSAG) Anti-money laundering guidance for the legal sector - 2021

  • The Joint Money Laundering Steering Group (JMLSG) Guidance for the UK Financial Sector – Part I 2020

  • Anti-Money Laundering Guidance for the Accountancy Sector - 2021

  • Estate agency business guidance for money laundering supervision - 2021 


Standard verifications

The following sets out the process applied to all verifications using First AML’s Standard verification service and includes the attempted verification of (i) the client; (ii) any beneficial owners of the client; and (iii) any persons acting on behalf of the client.


  1. You create a Standard case (see Creating a case), specifying:

    1. Client name

    2. Client type, e.g. individual, company, trust

    3. Client contact (see Client contact) details, i.e. name, email, and phone

    4. Type of verification required, i.e. standard, enhanced, or simplified (see Verification levels), if different from the level specified in your Client Verification Default Settings (see Verification settings)

  2. The client ownership structure is mapped within the platform (see Ownership structure mapping)

  3. The First AML database is scanned for existing client records:

    1. If a match is found, a retrieval process is initiated (see First AML ecosystem)

    2. If no match is found, a client verification process is initiated (see Client verification):

  • Individuals

  • Sole traders

  • Trusts

  • Partnerships

  • Private companies

  • Public companies

  • Government agencies

  • Estates

  • Other organisations

  1. The case status will be updated to ‘ready for review’ (see Case status).


Lite verifications 

The following sets out the process applied to all verifications using First AML’s Lite verification service. 

  1. You create a Lite case (see Creating a case), specifying:

    1. Client name

    2. Client contact (see Client contact) details, i.e. name, email, and phone

  2. The individual client verification process is initiated (see Individual verification)

  3. The case status will be changed to: 

    1. ‘Completed’ (see Case status), if all checks pass

    2. ‘Ready for review’ (see Case status), if any check fails.


Lite case escalation

Where a Lite case fails and you instruct First AML to “escalate” that case from Lite to Standard, the Standard verification process (see Standard verifications, above) will be initiated.