As Australia’s investment market continues to grow through stocks, venture capital, and cryptocurrency, First AML has launched their company in Australia to manage money laundering and regulatory compliance, according to Yahoo! Finance.

First AML is a New Zealand based start-up that provides a regulation technology platform to assist companies in performing customer due diligence services known as Know Your Customer (KYC). This KYC process is utilised in many monetary related services, such as law firms, real estate agencies, accounting companies, venture capital firms, financial institutions, stock market exchanges, and cryptocurrency exchanges.

By offering a service that verifies customers identities through rigorous background checks and biometric identification, First AML manages the risk of money laundering. Through end-to-end customer due diligence, companies have complete visibility and management oversight of customer activities to identify and manage areas of money laundering risk.

First AML’s Co-Founder Bion Behdin notes that this area of regulatory finance is valued at over $184B in the global market. It then comes as no surprise that after First AML’s successful domestic launch, the Australian government is in talks to implement a “Tranche 2” reform, to expand anti-money laundering regulation to encompass lawyers, accountants, and real estate professionals.