Bates Group LLC and Complidata announced a partnership to combine leading financial crime industry expertise and Artificial Intelligence technology together in a joint approach to assist financial institutions with tuning and optimizing their anti-money laundering operations and compliance.
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“Our experts work with firms to prepare and assist in the implementation, review, and enhancement of compliance, risk, and supervisory programs — including testing to support firms undergoing internal and regulatory investigations, remediation and implementation, and preparation through mock exams.”
Bates Group is a leading financial services consulting firm based in the U.S. Its services include AML and financial crimes, compliance, regulatory investigations, and advisory services. Complidata, based in Belgium, is a leader in the use of artificial intelligence to drive automation and optimization for improved regulatory compliance.
The partnership will assist financial institutions with the tuning and optimization of their transaction monitoring and sanctions and name screening systems — significantly increasing efficiencies and effectiveness in their processes and procedures while reducing the percentages of false-positive alerts.
“There is significant pressure at the Board level of financial institutions to maximize the efficiencies of the organization while addressing anti-money laundering process and procedures. Exacerbating the challenge is the need to meet increasing compliance requirements by regulatory agencies with corporate headcount reductions. We’re leveraging the in-depth experience of Bates Group’s experts and with Complidata’s state-of-the-art technology to assist organizations in achieving this goal,” said Edward Longridge, Managing Director, Bates AML and Financial Crimes.
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Under the partnership, Bates will provide subject matter expertise with regards to AML, financial crimes, and sanctions; provide services in design, configuration, testing, and tuning and optimization of AML, financial crime, and sanctions systems; perform AML and sanctions system reviews and model validations; develop governance and oversight processes, including policies and procedures; conduct AML and sanctions risk assessments; AML and sanctions gap assessments and audits; regulatory response support; and staffing support for AML backlogs and lookbacks.
“Bates Group has worked, for the past four decades, with hundreds of financial institutions, regulators, and other stakeholders. As a result, we have amassed a deep knowledge of the current trends and future direction of the financial services business and regulatory landscape,” said Longridge. “Our experts work with firms to prepare and assist in the implementation, review, and enhancement of compliance, risk, and supervisory programs — including testing to support firms undergoing internal and regulatory investigations, remediation and implementation, and preparation through mock exams.”
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