Deloitte has formed a strategic partnership with AML Accelerate to reduce the risk of financial crime.
To help reduce the complexity and costs associated with complying with AML/CFT regulations, the firm said it will use the AML Accelerate platform for on-demand AML advisory services.
AML Accelerate’s on-demand advice service offers its clients up to three-hours of video conference calls with one of Deloitte’s hand-picked AML experts, who will guide them through the whole process of completing their money laundering risk assessment and creating a compliant AML/CFT.
Tim Phillipps, Asia-Pacific Leader of the Financial Crime Network and Southeast Asia Forensic and Analytics Leader for Deloitte, said, “This is a unique opportunity for Deloitte and AML Accelerate to collaborate. The technology developed by AML Accelerate is both innovative in its concept and simplicity. Not only does it help business achieve compliance, but it provides a platform for an industry wide effort to tackle financial crime – we are thrilled to be supporting that effort with our expertise.”
The increase in compliance requirements worldwide by governments and regulators means organisations need to ensure that they have the right strategies and practices in place to be future-ready. With this challenge in mind, AML Accelerate created a platform to helps organisations accelerate their compliance efforts.
It claims its platform can quickly guide users to compliance and help teams effectively and efficiently implement AML Program, which in turn reduces an organisation’s risks.
Accelerate offers the benefits of guided risk assessment and automated program manual for anti-money laundering currently on the market, low annual license fees, a ready to use AML Program, is tailored to over 30 financial and non-financial industry sectors, and tailored to AML/CFT regulations in each jurisdiction, along with update notifications on regulatory changes.
It offers its solutions to over 20 financial services industry sectors including banking, building societies and credit unions, corporate finance and private equity, digital currencies, fund management and hedge funds, financial planners and advisers, emerging technologies, and insurance among others.
In a recent interview with RegTech analyst, Anthony Quinn, co-founder of AML Accelerate, said the regulatory environment is creating the perfect storm for RegTech to ‘come out of the cold’.
“After a long time in the cold RegTech is recognised as being a way of effectively managing risk exposures and addressing the need for transparency in actions organisations are taking to address risk and compliance matters,” he said.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
