LexisNexis, a provider of legal, regulatory and business information, has partnered with AML Accelerate to enable its customers to comply with AML/CFT compliance obligations.
The company will be using AML Accelerate’s AML/CFT compliance platform, with the solution set to launch on the 30th of March for customers through the LexisNexis portal. As the AML/CFT compliance requirements go into effect on 1st of July, 2018, law firms need to ensure they have the right strategies and practices in place to meet these requirements.
With this in mind, the partnership with AML Accelerate will allow LexisNexis customers to accelerate their compliance efforts.
The AML platform follows a structured approach to assessing Money Laundering and Terrorism Financing risk based on established frameworks and methodologies, resulting in detailed reports that will meet New Zealand’s Department of Internal Affairs (DIA) standards and regulations.
Anthony Quinn, co-founder of AML Accelerate said: “We are very excited to be announcing our partnership with LexisNexis, who are well recognised as a global provider of solutions to professionals in the legal and accounting sectors. Both of these sectors have thousands of professionals that are impacted by anti-money laundering regulations, which have been complex and costly to comply with, until now”.
“Combining AML Accelerate’s unique approach to performing money laundering and terrorism financing risk assessments and AML/CFT Program Manuals, with the global reach of LexisNexis, who have more than 10,000 employees and serve customers in more than 175 countries, is a natural fit for us and we look forward to working with LexisNexis on our global rollout.”
Earlier this month, Deloitte 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 provides money laundering and terrorism financing risk assessments tailored to over 30 financial and non-financial industry sectors. The company has been designed to help organisations of all sizes across different industry sectors and geographies to meet their AML compliance requirements, with the aim of saving customers time and money.
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
