ABC Business Sales and First AML: From frustration to efficiency

ABC Business Sales, a prominent New Zealand-based business brokerage firm, specialises in facilitating the sale and purchase of businesses across sectors. With a team of 70 brokers nationwide, ABC Business Sales has been connecting business people to opportunities since 1986. We spoke to Chris Small, Managing Director of ABC Business Sales.

The Challenge

Despite their success, the firm faced challenges with Anti-Money Laundering (AML) compliance. Originally using manual processes supported by eIDV checks on occasion, the team found it cumbersome and time-consuming, leading to widespread dissatisfaction among the brokers.

Given the complexity of cases due to the majority of clients being businesses and the high volume of users requiring onboarding, the existing system was inadequate, resulting in:

• Process inefficiencies: Manual AML procedures slowed down time to onboard, affecting revenue and client relationships.
• User resistance: Brokers found the AML processes frustrating and were reluctant to engage with them.
• Scalability issues: As the firm grew, the existing AML system couldn't keep pace with the increasing compliance demands.

The Solution

To address these challenges, ABC Business Sales implemented Source by First AML, a comprehensive AML and KYC software platform designed to streamline AML compliance. This solution offered several key features and associated benefits:

• UBO unwrap: Allowed the compliance team to rapidly unravel complex entity structures and visualise ownership hierarchies with a click.
• Automated identity verification: Simplified the onboarding process for both local and international clients.
• Centralised case management: Provided a unified platform for all AML checks, verifications and document submissions.
• Real-time status updates: Enabled brokers to monitor the progress of compliance checks.
• Automated follow-ups: Reduced administrative tasks by automating client verification reminders.

“The UBO unwrap function has completely transformed how we handle complex entity structures. What used to take hours of manual research is now done in seconds with a single click. It’s intuitive, efficient and gives us instant clarity on ownership hierarchies, giving us time to spend on more important tasks.” 

- Chris Small, Managing Director

The Implementation

Over a two-month period, ABC Business Sales rolled out the Source platform across the organisation. The implementation strategy included:

• Comprehensive training: Using a “Train the trainer” methodology to ensure self-sufficiency.
• Continuous support: Provided ongoing assistance to the compliance team during the transition.

"Implementing Source has fundamentally changed our approach to AML compliance. It’s intuitive and the support from First AML has been exceptional."

- Chris Small, Managing Director

The Results

The adoption of Source led to substantial improvements:

• High adoption rate: All but one broker embraced the new system, a testament to its user-friendly design.
• Improved satisfaction: Brokers reported increased satisfaction, finding the platform intuitive and efficient.
• Operational efficiency: The automation of AML processes significantly reduced the time and effort required for compliance tasks.

Conclusion

Source helped transform ABC Business Sales’ AML process from a burdensome process into a streamlined operation. Not only are the brokers happy but the business is well positioned for scalable growth. 

“Our brokers no longer dread AML and we no longer get constant follow-ups asking where their case is at. The process is so easy and everything we need is in one place. It’s faster, easier and keeps deals moving without unnecessary delays.”

- Chris Small, Managing Director

Photo credit: ABC Business Sales