Joining forces to help UK firms complete their AML Gap Analysis

Following our partnership announcement at the end of 2021, RedCompass Labs and Acuminor have been busy collaborating. We are proud to announce that together we are bringing a new UK AML Gap Analysis offering to market. This product has been co-developed to allow UK firms to quickly and easily perform a gap analysis against the UK Money Laundering Regulations.

Acuminor’s Harriet Shaw – “During 2021, the Financial Conduct Authority in the UK sent a landmark ‘Dear CEO’ letter to a number of UK financial institutions. In this letter, the FCA instructed firms to complete a gap analysis against the MLRs and take steps to close any gaps identified. Here at Acuminor, we had an existing AML gap analysis module for the Nordic markets but did not have a similar offering for the UK. Inspired by the FCA’s letter and our recent partnership with RedCompass Labs, we set about creating a new module for the UK AML regulations.”

RedCompass Labs’ Jonathan Bell – “In August 2021, we published a white paper on the back of the FCA’s “Dear CEO” letter, where we summarised the FCA’s requirements and suggested ways in which banks could respond positively, one of which was to use the right tools and expertise to enable them to carry out a detailed assessment and demonstrate that corrective actions have been implemented. We are delighted to have developed such a tool with Acuminor to enable banks to understand the UK AML Regulations easily, input the controls they currently have in place and identify the areas they still need to focus on.”

If you are a UK financial institution and you need an efficient way to conduct your AML Gap analysis please get in touch.