Pictured: PwC partner, Ian McConnell; PwC partner, Lynne Rainey; Philip Creed, director of fscom and Alex Lee, chairman of fscom
Global professional services firm, PricewaterhouseCoopers today announced the acquisition of KYC-Pro, a RegTech solution, from boutique financial services compliance firm, FSCom Limited, for an undisclosed amount.
The move comes as part of PwC’s plans to bolster and expand its regulatory compliance offering. Research shows that by 2020, European banks will spend more than €1 billion annually on their KYC management.
KYC-Pro enables customers access to over 127 million companies worldwide, conduct individual AML checks across more than 20 countries and cross reference potential customers against international PEPs and Sanctions lists. It also boasts meticulously designed APIs and a user-friendly dashboard which improve the customer experience.
Unlike most RegTech solutions, KYC-Pro has been developed by compliance experts. Combining fscom’s deep knowledge of financial services regulation with the best databases and intuitive technology, KYC-Pro ensures customers meet their regulatory requirements in the most effective way possible.
fscom has developed a reputation for delivering unrivalled compliance advisory services to financial services companies across the UK and Ireland, particularly those operating in the payment services and e-money sector.
Philip Creed, Director at fscom comments, “The rapid expansion of the FinTech industry and continued changes in regulation require that we focus our efforts on our core consulting business. Through PwC, KYC-Pro has the potential to become a global brand, that offers compliance officers peace of mind both in terms of its accuracy and regulatory compliance.”
fscom was advised during the transaction by Richard Moorehead of HNH Group and Davidson McDonnell Solicitors.
PwC partner, Ian McConnell adds: “We are always on the lookout to invest in cutting-edge technologies which help our clients to grow their businesses.
“AI and automation can deliver significant benefits for organisations and people and, by incorporating KYC-Pro to our existing regulatory compliance offering, it complements the significant presence we already have in the financial crime operations space.
“Not only will this service deliver clients significant financial savings, it will also free people to become more productive. This is part of our responsible technology policy which focuses on maximising positive impacts whilst minimising any negative ones.”