News
AML RightSource Acquires Arachnys Information Services
March 11, 2021
AML RightSource (“AMLRS” or the “Company”), the leading outsourced provider of Anti-Money Laundering (“AML”), Know Your Customer (“KYC”), and Bank Secrecy Act (“BSA”) compliance solutions, is pleased to announce it has acquired Arachnys Information Services Limited (“Arachnys”).
Arachnys, an innovative RegTech platform based in the United Kingdom, provides enriched, intelligent KYC and AML data and software solutions to accelerate customer onboarding and monitoring for financial institutions and other high-risk industries. Its platform and suite of APIs support KYC and onboarding, AML and investigations, Enhanced Due Diligence (“EDD”), adverse media monitoring, Third-Party Due Diligence (“3PDD”), and other critical anti-financial crimes (“AFC”) processes.
“It’s an exciting time to join AML RightSource and we look forward to adding our technology and expertise to an industry-leading and rapidly growing organization,” said David Buxton, CEO and Founder of Arachnys, who will continue leading Arachnys and will join AMLRS as Chief Product Officer. “Together, we can offer a wider and more sophisticated range of scalable, KYC and anti-financial crimes compliance solutions, helping our customers reduce the friction of onboarding, monitoring, and AML investigations.”
Arachnys offers a technology platform that is powered by unparalleled data coverage. The platform employs machine learning to normalize and enrich entity profiles, automate manual tasks, and provide screening at scale. Arachnys’ global customer base includes financial institutions, asset and wealth management firms, FinTechs, insurance providers, pharmaceutical manufacturers, oil and gas companies, and commercial real estate firms.
“We are delighted to be joining forces with David and his team to expand our capabilities and geographic footprint,” Frank Ewing, Chief Executive Officer at AML RightSource, added, “Arachnys has developed a differentiated suite of data and software solutions that, combined with our proven delivery model, will allow us to better arm our clients with the tools and technology needed to fight financial crime.”
AML RightSource is backed by Gridiron Capital, LLC (“Gridiron Capital”).
About Arachnys
Arachnys accelerates onboarding and monitoring by providing the best global KYC and AML data. Enriched, intelligent data on customers enables straight-through processing and means fewer customer touchpoints, less risk and quicker revenue. Founded in 2010, Arachnys has helped some of the world’s biggest banks avoid regulatory fines and remediation costs while significantly improving operational efficiency. Visit https://www.arachnys.com/ for more information.
About AML RightSource, LLC
AML RightSource is the leading firm focused on fighting financial crime for its clients with Anti-Money Laundering (AML)/Bank Secrecy Act (BSA) and financial crimes compliance solutions. We provide highly-trained AML/BSA professionals to assist banks and non-bank financial institutions to meet day-to-day compliance tasks. Services include transaction monitoring, alert backlog management, enhanced due diligence reviews, and financial crimes advisory matters. Our highly trained workforce of nearly 1350 analysts and subject matter experts includes the industry’s largest team of full-time professionals. AML RightSource is headquartered in Cleveland, Ohio. For more information, visit http://www.amlrightsource.com.
Article source – https://www.amlrightsource.com/news/aml-rightsource-acquires-arachnys-information-services
