2023年監(jiān)管科技100強報告

ustryneedstoknowaboutinJoinFinancialCrimeFightersattheleadingeventforAML,FraudandOnboardingwww.AMLTechFAnalyseuniverseofAnalyseuniverseofRegTechsolutionprovidersonRegTechAnalystdatabaseandexternalsourcesls?Industrysignificanceoftheproblembeingsolved;?Growth,intermsofcapitalraised,revenue,customertraction;?Innovationoftechnologysolutionoffered;?Potentialcostsavings,efficiencyimprovement,impactonthevaluechainand/orrevenueenhancementsgeneratedforclients;?Howimportantisitforfinancialinstitutionstoknowaboutthecompany?DeterminewhichcompaniesexcelintermsofthecriteriaandcanbeclassifiedasRegTechinnovationleadersCONDUCT&SURVEYUndertakeinterviewsorsurveyswithfoundersandCEOsofshortlistedcompaniesShortlistcandidatesthatmeetcriteriaalongwithcompaniesnominatedviathewebsiteAnnounceresultstomediaandfinalistsNOMINATECOMPANIES2023Reimaginerisk.Improvecybersecurity.Demonstratecompliance.TheleadingGRCsoftwareplatformforriskmanagementandISO2700,PCI-DSS,NISTCSFComplianceBookademotoday6/get-startedREGTECH100ProilesFoundedEmployees:51-100emarketincludingcontrolframework.urityInformationSecurityRiskmpresenceinAustraliaUnitedsinAustraliaUnitedbaiyAIrsFoundedEmployees:1,001-5,000MDementanagedservicesdistributionsolutionsandanalyticswithitsComplianceAlpha?regulatorytechnologyplatformwiththespecialisedexpertiseofformerregulatorsandpractitionerstechnologyplatformtransformingriskandcompliancemanagementforover1,000leadingfinancialservicesfirmsworldwide.Bybringingtogetherriskandcomplianceactivities,surveillance,testing,andanalyticsinoneplatform,ComplianceAlphaprovidesriskandcomplianceofficerswithaunifiedviewofrisksandbehaviouracrosstheirfirm.Founded8Employees:11-50ManagingM&ARiskACaseStudyNovember23,2022TheCurrentStateoftheM&AMarketWhiletheglobalM&Amarketsoaredin2021,it’ssincetakenapauseinthefirsthalfof2022,reflectinga12%dropindealvolume.Nevertheless,the2022numbersmatchhealthy,pre-pandemiclevelsandareespeciallynotableinatimeofgreatuncertainty.ResearchshowsdealmakersintheAmericashavebeenthemostactivetraders,deliveringalmosthalfofworldwidedealvalue(48percent,versus52percentforallof2021).Europe,theMiddleEast,andAfrica’sshareisupslightly(28percent,versus26percent),asisAsia–Pacific’sshare(24percent,versus22percent).Privateequity(PE)firmsarelikewiseoutpacingtheirrecord-setting2021performance.PEactivityinthefirsthalfof2022delivered26percentofdealvalue(upfrom25percentforallof2021).Totalglobalvalueofcorporatemergersandacquisitions(M&A)reached$5.9trillionin2021.For2022,thefigureisexpectedtoreach$4.7trillion.Despitetheslowdown,thiswouldmake2022thesecond-bestyearonrecordfortheM&Amarketafter2021.It’sfairtosay,M&Aopportunitiesaboundforcompanieslookingforgrowth,anincreaseinmarketshare,eliminationofcompetitionandtheinfluenceofsupplychains.However,withthosebenefits,comeseriousrisksrelatedtoM&A.GeneralriskmanagementduringtheM&AprocessProperriskmanagementduringanM&Aprocessrequirestheevaluationofallareasofthetargetcompany’sbusiness.Carefulconsiderationshouldbegiventoareassuchascontracts,financialstability,insurance,customeragreements,distributionagreements,compensationagreements,employmentcontracts,liabilities,debts,etc.Otherareasthatcouldpresentrisktoadealareoverpaymentforanorganization,overestimatingcompatibility,theabilitytointegratethetwocompaniesandamyriadofhiddenchallenges,suchas;securityvulnerabilities,unforeseencosts,unanticipatedlitigation,communicationchallenges,employeemorale,incompatibleculturalfit.Thesedetailsmayaffectthebuyer’sdecisiontomergewithoracquirethecompany.Suchinsightsalsoallowtheacquirertoadjustitsexpectations,informnegotiations,andreducetheriskoflegalorfinancialproblems.Withproperduediligence,thebuyercanavoidenteringriskyandpotentiallycatastrophicbusinessdeals.BestPracticesforSuccessfullyNavigatingMergersandAcquisitionsBesidesalltheriskmitigationstrategiesdiscussedabove,organizationsshouldfollowseveralbestpracticestonavigateanM&Adealsuccessfully.Forinstance,buyersshouldimplementachangemanagementprogramtoaddressproblemsrelatedtoemployees,culturalshifts,intellectualproperty,andnewprocessesandsystems.Theyshouldalsoimplementthesestrategiestoassurethatsynergiesprovidetheexpectedvalue:?Capturethesynergiesthatarelikelytoyieldthehighestreturnsinthefastestpossibletime;?AlignstakeholdersontheoverarchingM&Agoal,soeveryoneworkstowardsitfromtheget-go;?Adoptagilepracticestomaintainfocusonsynergycapture.Firmsmustalsostrengthentheirsecurityinfrastructurewithstrongencryptionandmulti-factorauthentication.Finally,theyshouldanalyzepastmarketdisruptionstogleaninsightsthatcanbeappliedtomitigatefutureM&Achallengesandintegrationrisk.How6clickshelpsM&AorganizationswithRiskManagementMulti-nationalorganizationselects6clicksInQ22021,6clickswasapproachedbyamulti-nationalorganizationwhosesingularstrategyis‘growththroughacquisition’.Atthattime,theircurrentportfolioincluded145organizations,whooperatedaswhollyownedsubsidiaries.Onaverage,wewereinformed,thisorganizationacquiresroughly16-20companieseachyear.Thestrategyofthisholdingcompanyistoalloweachacquireetomaintainindependencepost-acquisition.Thatindependencemanifestsinseveralways,includinganintactexecutivestaff,P&LandRiskRegister.Whiletheparentcompanyisresponsibleforthepre-acquisitionriskassessmentofthedealitself,theCISOconcernshimselfwiththecybersecurityduediligenceoftheacquisitiontargets.Aswell,onceanacquisitioniscomplete,theCISOandhisteamhavearesponsibilitytoemployamethodicalsemi-annualassessmentofeachsubsidiary.EachareaofresponsibilitywithintheCISO’sremitcomeswithadifferentassessmentapproach.Forthepre-acquisitionriskassessment,theCISOspendsafairamountoftimewitheachofthetargetcompanies’businessleaders,performinginperson,interviewstyleassessmentsoftheirrespectiveareas,seekinginformationaboutcybersecuritypracticesrelatedtopeople,processandtechnology.Priortotheselectionof6clicks,thisinitialsecurityriskassessmentwasperformedusingacombinationofspreadsheet,SharePointandemail.Itwasaprocessthatwasriddledwithriskofhumanerror,duplicationofeffortandsimplyput,wasgravelyinefficient.Asforthepost-acquisitionassessmentcadence,againperformedsemi-annually,theCISOchosetosendoutspreadsheetsversusanin-personinterviewapproach.However,theprocesswasalsoinefficientasitreliedheavilyonspreadsheets,SharePointandemail.Atthetimeofourmeeting,ourfriendtheCISOhadconcludedthatheneededawaytooperationalizebothprocessesandintroduceefficiency,leavinghisteamtoperformhighervaluework.The6clickssolutionproposalAftertheevaluationofmultipleGRCsolutions,6clickswasselectedbasedonitsHub&Spokearchitecture.IntheHub&Spokearchitecture,theParentcompanyemployedtheHubfromwhichthey’dcreateanentity,The6clickssolutionproposalAftertheevaluationofmultipleGRCsolutions,6clickswasselectedbasedonitsHub&Spokearchitecture.IntheHub&Spokearchitecture,theParentcompanyemployedtheHubfromwhichthey’dcreateanentity,akaaSpoke,foreachofitssubsidiaries.Thenusingacombinationofcontentprovisionedviathe6clicksContentLibraryandtheParentcompaniesbespokecontent(assessmentframework,templates,policiesandproceduresandrisklibraries),theCISOandhisteamsettowork.Usingthecuratedcontent,atemplatewascreatedfromwhichthecontentwaspusheduniversallyacrosseachoftheSpokeswithease.Inthisarchitecture,theParentcompanycannowpushcontent(ie.theirsemi-annualassessment)TheinitialdeploymentinvolvedensuringtheContentLibraryhadallnecessarycontentneededforgo-live,theonboardingofthe145subsidiariesasSpokes,thedeliveryofsaidcontenttotheSpokesandatrialrunofanassessment.Thisprocesstook6weeksfromstarttoproductionready.With6clicks,managingtheriskassociatedwithmergersandacquisitionsiseasy.Visitusandbookademotoseeforyourself.ParentCompany(Hub)EmployingM&AstrategyHub‘pulls’dataHubHub‘pulls’datawhollyownedAcquisitiontargetwhollyownedsubsidiarywhollyownedAcquisitiontargetwhollyownedsubsidiaryBsubsidiaryCsubsidiaryAVendorDVendorAVendorBVendorVendorD6clicksishelpingM&AdealmakerswithproactiveRiskManagement.Bookademotodaytoseeforyourself.REGION:GLOBAL|SECTOR:REGTECHCOMPANYPRODUCTNAME:ACTICOComplianceSuiteFounded2015Immenstaad,Germanyinfo@Employees101-250Regionsofoperation:EMEA,ASIAPACIFIC,AMERICASOChristineMoosherrHansJürgenOChristineMoosherrGeneralManagerandGeneralManagerandHeadGeneralManagerGeneralManagerandHeadofComplianceSolutionsValueChain:Onboarding,Monitoring,Detection,Reporting,Processing&ControlSubsectors:OnboardingVerification(AML/KYC/CDD),TransactionMonitoring,RiskManagement,Reporting,Identification/Backgroundchecks,Anti-MoneyLaundering,SanctionsLists,AdverseMediaandPEPscreening,PaymentScreeningincl.InstantPayments,MarketAbuseandInsiderTradingDetection,CreditDecisionAutomation,CreditRiskManagementRegulation/Legislation:MiFIDII,BaselIII,KYC,GDPR,EUAntiMoneyLaunderingDirective,MADII,MAROFFERINGsoftwareandtoolsusedacrossmultipleendautomationTheheartoflatformItisngbusinessdecisionsgachinelearningecisionmakinganyapplicationscenarioUsedtomanagepreventfraudenhancedigitalcustomerftwarecombineshumanknowledgeandPROBLEMPROBLEMBEINGSOLVEDMoreregulations,scarcestaffresourcesandrisingdatavolumearethemainfocusforcompliancedepartmentsinfinancialfirmsandinsurancecompanies.Thus,automationandtheuseofAI-basedtechnologiessuchasmachinelearningisbecomingincreasinglyimportant.ACTICOenablescompaniestoimplementagileservicesandapplicationstoautomatedecisionsorimprovehumandecisionmaking.Thus,financialservicesprovidersandinsurancecompaniescanmanagedigitaltransformationviatechnologythathelpsthemadaptregulatoryrequirementsandservecustomersinrealtime.TECHNOLOGYTheACTICOComplianceSuiteisbasedontheaward-winningACTICOPlatform,aflexibleandscalablesoftwarefordigitalizingandautomatinghigh-volume,operationalbusinessdecisions.ItisdesignedforintelligentautomationanddigitaldecisioningandcombineshumanknowledgeandAIwithautomationtechnology.Theunifiedlow-codeplatformintegratesmachinelearningtoimprovedecisionqualityandincreaseautomationrates.Companiescanrampupnewapplicationsandservicesandimplementchanges–withlittleornoneedforITsupportnextITrelease.PRODUCTDESCRIPTIONWithitsComplianceSuite,ACTICOoffersaRegTechsolutionthathelpsfinancialfirmsmeetcompliancerequirementsandfightfinancialfraud.Thesoftwareautomaticallymonitorscustomers,businessrelationships,paymentsandsecuritiesordersandtrackssuspiciouscases–allwithinasingleapplication.Thesuiteconsistsofthefollowingmodules:?Anti-MoneyLaundering-Monitortransactionsformoneylaundering,clarifyabnormaltransactions,classifycustomerrisk?KnowYourCustomer(KYC)-AutomatetheKnowYourCustomerprocess,continuouslyupdateKnowYourCustomerprofiles,integratecompliancechecksintoclientonboarding?SanctionsLists,AdverseMediaandPEPScreening-Screenforsanctions,embargoes,PEPstatusandotherrisks,Initialscreeningofpotentialnewcustomers,regularscreeningofthecustomerbase?TransactionMonitoring-Checkpayments/instantpaymentstopreventmoneylaunderingandterroristfinancing,screenforembargoes,sanctionsandmore,carryoutreal-timechecksofpaymentsbeforeposting?MarketAbuse&InsiderTradingDetection-Monitorformarketmanipulation,insidertradingandtraderestrictions,manageinsiderlists,watchlistsandrestrictedlists,clarifyconspicuoussecuritiesordersCOMPANYRESEARCHPROFILECOMPANYRESEARCHPROFILEREGION:GLOBAL|SECTOR:REGTECHSilo-likesolutionsforindividualcomplianceareas,likeKYC,embargoandsanctionsscreeningandanti-moneylaundering,arefarfromidealforbanks.TheACTICOComplianceSuiteautomaticallymonitorscustomers,businessrelationships,(instant)paymentsandsecuritiesordersandtrackssuspiciouscases–allwithinasingleapplication.CustomersliketheGermanHamburgCommercialBankreplacedwhatwereisolatedapplicationswiththisintegratedsolution.Thenewsystemnowunitesmonitoringandreportingfunctionsthatwerepreviouslydistributedacrosssixsubsystems.AnotherexampleisBayernLB,aleadingGermancommercialbank.Leveragingintelligentautomationanddigitalisationhasallowedthebanktoautomatefarmoreoftheprocesswhenmonitoringsecuritiestrading.TheComplianceSuiteisaresponsiveWebapplicationwithmachinelearningcomponents,cloudready,offersopenAPIsandahighdegreeofstandardisationofupdates.Itconsistsofthefollowingmodules:anti-moneylaundering,knowyourcustomer(KYC),adversemedia,sanctionslistsandPEPscreening,transactionmonitoring,marketabuse,andinsidertradingdetection.Thesuiteusesrulestechnologyandmachine-learning-procedurestodetectunusualclientbehaviour.Combiningruleswithmachinelearninglinkstheexpertknowledgeofcomplianceofficerswithdataknowledge.Whateverhappens–evenwarandfreshsanctions-bankshavetoremainresponsiveandadaptable.ThisiswhattheComplianceSuiteoffers:fastadaptationtoregulatorychanges,reducedcompliancerisksthroughprovenprocedures,oneuniquesystem,digitalizedandautomatedtestingofmillionsoftransactionsdaily,andareducedworkloadforcompliancestaffthankstomodernprocedures.BanksuseACTICO’smachinelearningcomponentinvarioususecases,e.g.anti-moneylaundering,paymentscreeningandsanctionslistsscreening.Thecombinationofhumanknowledgeanddataknowledgepredictstheprobabilitywithwhichapersonortransactionrepresentarisk.Concentratingonrealriskssignificantlyreducesthefollow-upeffortandrelievestheburdenoncompliancestaff.PARTNERSHIPSAvaloq-Avaloq’sclientscanbenefitfromusingthecomplianceofferingasastandardizedsolutiontocombatmoneylaunderingandfinancialcrime.AllfinancialinstitutionswithanAvaloqcorebankingsystemcannowintegrateitfullywiththeACTICOComplianceSuite.Coinfirm:Aleadingcryptoanti-moneylaunderingandanalyticscompanybasedinU.K.AWS-Cloudsolutionspartner.RMA-togetherwithACTICOjointlyofferacloud-baseddualriskratingsystem.TRACTION/GROWTH?ACTICO’stechnologyisusedbycompaniesonalmosteverycontinent,rangingfromsmall/mid-sizefirmstoFortune500companies,including:VWFinancialServices,Santander,SwissLife,BayernLB,apoBank,ING,KfW,LGT,VPBankGroup,Maybank,UBSHongkong.?GartnerhasidentifiedACTICOasaSampleVendorforDecisionIntelligenceinHypeCycleforDataScienceandMachineLearning,2020andHypeCycleforArtificialIntelligence,2020andasaSampleVendorforCompositeAIinHypeCycleforArtificialIntelligence,2020andHypeCycleforEmergingTechnologies,2020.?ForresterResearchhasnamedACTICOaLeaderinTheForresterWave?:DigitalDecisioningPlatforms,Q42020.Forresternotes:“Withmanyyearsofexperiencedeliveringtoorganizationsglobally,ACTICOhasaprovenabilitytohandlelargevolumesofdataandbuildreliable,robustandscalableapplications.”stMANAGEMENTBIOHansJürgenRiederreceivedhisdegreeinbusinessadministrationfromtheUniversityofMannheim,Germany.AfterpositionsatSociétéGénéraleandatPwCasamanagementconsultant,heservedinseveralseniorrolesatSAPAGbeforeultimatelybecomingtheSVPGlobalIT–ApplicationServices.HewassinceresponsibleforallglobalapplicationsasVP–GroupHeadApplicationsatABBLtd,andmostrecentlywastheGroupChiefTechnologyOfficeratglobalSwissbankUBSAG.HehasbeenChiefExecutiveOfficerofACTICOGmbHsinceJanuary2020.REGTECH100ProilesITdepartmentstomakefasteedtobemodifiedyesitsresults.”letoprovehowACTICOisrevolutionisingcompliance.VPBankGroupisaninternationalprivatebankandisoneofthebiggestinLiechtenstein.ItsscreeningsystemgoingpaymentsandchecksthedataagainstsanctionslistsACTICOwasabletocomeinanddeployingpoweredmodelstosignificantlyimprovethequalityofthepaymentscreening,aswellashalftheworkloadofpaymentsstaff.entwhetheritisevaluatingcreditrisks,monitoringfinancialtransactions,orensuringcapitalmarkettransparency.accurateandadaptableThisisraganddropeditortocreatedecisionmodels,definebusinessrulesandembedmachineingmodelswhereneededThroughthislowcodeinterface,clientshavemorecontrolandcanquicklymaketherevelopmentcyclesCOhasmadesignificantprogressonitsmissiontobecometheregulatorychampion,therehavebeenacoupleofchallengesithashadtoovercomeintheprocess.Oneofthese,Riederexplained,washowitscustomerswereslyoperatingtheACTICOproductsintheirowndatacentres.Thisrequiredthemtomanagealotofhardware,setupcabinetsandracks,loadthemupwithservers,hookupwiring,installoperatingsystemsandfinallythesoftware.Followingthis,theywouldneedtosetupmonitoringandalarmsfortheoperatorstoensureitwasalwaysrunning.However,withtheproliferationofcloudandSaaSsolutions,manyofthecustomersaremovingawayfrommanagingallthesoftwarefromtheirownsystems.Thismeansthatcanfocusontheircorebusiness,ratherthanhavingtoworryabouttechnicalissues.Tomeetthisdemand,ACTICOstartedtoofferitsproductsasSaaS.Thisrequiredthemtobuildupcompetencesinprovidingastable,scalableandsecuremultitenantplatformaswellasgoingthroughvariouscertificationsneededinthemarket.REGTECH100ProilesHecontinued,“Startingwithinternalsystemsonly,ACTICOcouldensureexpectedbehaviourbeforesettingupthefirstSaaSsolutionforacustomer.Withastrongfocusonautomation,qualitywasalwayskepthigh,satisfyingcustomer’sexpectationswhileatthesametimedecreasingoperationalcomplexitytoscalethebusiness.BasedonthatACTICOnowadaysprovidesSaaSsolutionstoaremarkablegrowingnumberofcustomersrelievingthemfromoperationalburden.”Thereisanunprecedentedlevelofregulationsenteringthemarket.Asaresponsetothe2008financialcrisis,regulatorsThismeansincreasingtheregulatorypressures.Asaresult,financialinstitutionsandfinancialservicesprovidershaveaconsistentstreamoflegislationtoadheretoandupdatestopreparefor.Therearetwowaystocopewiththispressure,bloatcomplianceteamswithhundredsofstaffeachnewgyncetargetisalwaysmovingThereforebanksandinsurersneedtobeabletoadapt.Usually,complianceITsystemsdecidewhetherapersonortransactiontutesacomplianceriskbyapplyingruleswhichudeacheckingalgorithmThisapproachisidealforclearspecifications,e.g.,whereregulatoryrequirementsimposecashlimitsorflagriskycountriesorsanctionedorpoliticallyexposedpersons(PEPs).However,therule-basedapproachisal““It’snoteverydaythatwegetexceptionalcooperationfromsoftwareprovidersofthekindthatACTICOshowed,dayindayout.Ourcontactswiththecompanynotonlywentaboveandbeyondwithin-depthexpertise,theirintegrityandarealhands-onmentalityarewhatstoodoutmostforme”explainedthatthegreaterthenumberofinfluencingfactorsmorechallengingitistoweighthemevenlyItwillalsotakelongertoimplementandadapttherules.ThisiswheremachinelearningandautomationcanrunalongsidetherulebasedsystemTheuseofmachinelearningducefalsepositivesofantimoneylaunderingprocessesbyupto%asitisbetteratspottingriskytransactionscomparedtohumans,hesaid.Wheneverpeopletalkaboutautomationthereisoftenanonbringsfearsoverthelossofjobs.Theseworriesarenotunfounded.However,machinelearningneednotbeathreat,ratheritcouldimproveexperiencewithmachinelearninghasshownautomationcanonlybesuccessfulwhencombinedwithinputfromcompliancespecialistsWhilethetechnologyremovessometasks,theologyisbasedonhumandecisionsandsothedemandforexpertsisactuallygrowing.ementabourintensivecostdriverunderlinesthecrucialneedtoatethecomplianceprocessesAcompliancesystemtoflagonlyriskypersonsortransactions(truepositives)andkeepfalsepositivestoaminimumtoavoidunnecessaryclarificationcosts.“Oneviablesolutionistocombineruleswithmachinelearningprocedures,whichisdoneatvariouspoints:Firstly,machinelearningmethodsbasedoncustomerbehaviourcansegmentcustomersmoreeffectively.Secondly,scopetoidentifyandflaggenuineanomaliesautomaticallyresultsinfewerfalsepositives.”TheRegTechcompanyhashadabusy2022.OneofitsmostrecentdevelopmentswasthelaunchofanewsalesofficeinGeneva,whichwillbetterplaceittoservebanks,financialservicesprovidersandinsurancecompaniesinFrench-speakingSwitzerlandandFrance.AnotherrecentdevelopmentwastheextensionofitscreditriskplatformthroughapartnershipwithScopeCreditScorecards,aEuropeancreditratingagencythatspecialisesintheanalysisandratingsoffinancialinstitutions,corporates,structuredfinance,projectfinanceandpublicfinance.Throughtheirdeal,solutionandcanbecombinedwithotherinternalratingmodelsandworkflowswhereneeded.totakeitsfootoffthegasandispreparingintoaregulatorychampion.Toachievethis,wearespecificallycompanieswithasuitableprofile.OnecompanythatwasaperfectmatchforitsdesireswasFact,aproviderofsoftwareforizationofcapitalassetmanagementechcompanyfirmlyinthelineforgrowththerearemanyreasonsastowhyafirmshouldworkwithit.ForxampleithashelpedHamburgCommercialBankdigitiseitsesoftwaretocopewithexistingandnewregulationslkswagenFinancialServicestoreduceitsmanualchecksforforgeryandfraudby80%.pointedtooneofthemanyhappyclientstoexpressecialDrMichaelSendkerheadofthectatHamburgCommercialBankfromsoftwareprovidersofthekindthatACTICOshowed,dayndayoutOurcontactswiththecompanynotonlywentaboveandbeyondwithindepthexpertisetheirintegrityandarealyarewhatstoodoutmostformeREGTECH100ProilesFoundedEmployees:101-250itedAustraliaCaribbeanLatinAmericafAsiaKenyaiedFoundedEmployees:11-50tsSOFoundedEmployees:11-50tSGtCOMPANYtesnathanAlmeidagratedroundnceManagementesECHNOLOGYstouchasTRACTIONGROWTHREGTECH100ProilesAfterspendingadecadeinthemilitary,FrankCummings-AMLPartnersco-founderandCEO-decidedtogobacktotheUSandcreateabusiness.Intheaftermathof9/11,alotofveteranswantedtohelpinthefightagainstterrorismandonewayofdoingthatwasthroughanti-moneylaundering(AML)andcounterterrorismfinancing(CTF).Cummingssaid,“Wecan’talwayscatchthem,butwecantaketheirmoneyaway.”Withthismindset,Cummingsco-foundedAMLPartnersin2005withJonathanAlmeida.FollowingfiveyearsconsultingbanksintheUS,theAMLPartnersteamrealisedtherealchallengeinAMLwaswiththeduediligenceprocess.TheseprocessesandKYCworkflowswerepracticallynon-existentinthemid2000s.Mostfirmswouldhaverowsofcabinetswithfilefoldersoncustomers,Cummingsexplained.Theteamquicklyrealisedtherewasabetterwaytod