ACA Compliance Group (ACA), a specialist provider of governance, risk, and compliance advisory services and technology solutions for financial services firms, has announced the launch of its enhanced anti-money laundering (AML) solution.
Available now, ACA’s full-service offering provides firms globally with a dedicated solution for meeting their requirements under various Know Your Customer (KYC) and Customer Identification Program (CIP) regulations.
Carlo Di Florio, Global Chief Services Officer, ACA Compliance Group, commented: “With AML in the news and a continued priority for regulators and enforcement authorities around the globe, firms need to ensure their AML program is effective.
“These increased risks combining with the evolving challenges of the COVID-19 pandemic – a phenomenon ACA calls RiskMutation – mean risk and compliance leaders need enhanced capabilities. ACA’s AML KYC/CIP solution provides firms with that enhanced capability while also improving the efficiency, resilience, and scale of their programs.”
ACA’s full-service offering comes at a time when there is an upward trend of regulatory penalties related to AML, which continued to rise between 2015, with 2019 seeing over $8 billion in fines globally. In May 2018, the U.S. Treasury’s Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence Rule (the CDD Rule) came into effect requiring financial institutions to risk assess customers and to identify and verify underlying beneficial owners for certain legal entity customers.
Throughout 2020, regulators have remained focused on AML. For example, in September FinCEN published an Advance Notice of Proposed Rulemaking (ANPRM) describing its intent to modernize AML regulations.
Charles Delingpole, Founder and CEO, ComplyAdvantage, stated: “We see faulty and incomplete data as one of the largest issues that compliance officers face. By investing in better data, companies can improve operational efficiency and mitigate risk.
“ComplyAdvantage has taken a fundamentally different approach to AML risk making us the financial industry’s leading source of AI-driven financial crime risk data and detection technology. We are pleased to partner with ACA Compliance Group and look forward to our AML risk data strengthening their new solution.”
Raj Bakhru, Chief Innovation Officer, ACA Compliance Group, added: “ComplianceAlpha’s KYC/CIP monitoring functionality is ACA’s latest RegTech innovation developed in direct response to the evolving risks and challenges our clients are facing as part of RiskMutation.
“We’re pleased to provide our clients with a solution that can help them protect their business and manage RiskMutation through enhanced data accuracy, ongoing monitoring, increased efficiencies, and a significantly reduced total cost of ownership.”