Swedish RegTech firm Acuminor has partnered with RedCompass Labs to bring a new UK AML Gap Analysis offering to market.
According to Acuminor, the new product has been co-developed to enable UK firms to quickly and easily perform a gap analysis against the UK Money Laundering Regulations. The two companies begin collaborating at the end of 2021.
Acuminor business development executive Harriet Shaw said, “During 2021, the Financial Conduct Authority in the UK sent a landmark ‘Dear CEO’ letter to a number of UK financial institutions. In this letter, the FCA instructed firms to complete a gap analysis against the MLRs and take steps to close any gaps identified.
“Here at Acuminor, we had an existing AML gap analysis module for the Nordic markets but did not have a similar offering for the UK. Inspired by the FCA’s letter and our recent partnership with RedCompass Labs, we set about creating a new module for the UK AML regulations.”
RedCompass senior partner Jonathan Bell added, “In August 2021, we published a white paper on the back of the FCA’s “Dear CEO” letter, where we summarised the FCA’s requirements and suggested ways in which banks could respond positively, one of which was to use the right tools and expertise to enable them to carry out a detailed assessment and demonstrate that corrective actions have been implemented.
“We are delighted to have developed such a tool with Acuminor to enable banks to understand the UK AML Regulations easily, input the controls they currently have in place and identify the areas they still need to focus on.”
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