BearingPoint Reports Record Revenues for 2018

Technology consultancy and RegTech solutions provider BearingPoint has announced record revenues of €789 million for 2018, despite numerous investments throughout the year and the transition in September of Kiumars Hamidian to Managing Partner. Europe provided strong growth above market average, particularly in France, Benelux, Africa, the UK and Ireland, while the firm also opened a new office in Luxembourg and acquired Inpuls, a data specialist in Belgium. It also made its first strategic acquisition in Asia, investing in Insignary, a specialist in binary-level open source software, and made over 1,100 new hires throughout 2018.

Theta Lake Partners with Zoom to Offer New AI Compliance Capabilities

California-based Theta Lake, a provider of cloud-based compliance AI for voice, video and chat communication, has announced a new partnership with Zoom Video Communications to launch Theta Lake for Zoom on the Zoom App Marketplace. The product integration enables regulated organizations to archive Zoom video, chat, and audio to comply with long-term regulatory retention requirements as well as leverage purpose-built AI and ML to automatically detect compliance risks and speed up workflow for shown, shared, spoken or written content in Zoom.

Ascent RegTech Joins Wells Fargo Start-up Accelerator

Compliance automation platform Ascent RegTech has been selected to join the Wells Fargo Start-up Accelerator Programme. The accelerator began in 2014 and currently has 23 companies in its portfolio. Start-ups are eligible to receive up to $1 million in funding, along with guidance from Wells Fargo business and technology leaders to help refine the launch of their ideas. The virtual, six-month, non-exclusive program has received nearly 2,500 applications from innovative companies in 91 countries since inception.

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Investors Bank Selects Wolters Kluwer’s OneSumX for Regulatory Reporting

Investors Bank, a New Jersey institution with 151 branches and around $25 billion in assets, has chosen Wolters Kluwer’s OneSumX solution for regulatory reporting. OneSumX for Regulatory Reporting is set up to use a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service, which actively monitors regulation across 30 jurisdictions. “We wanted to take a more strategic approach when it came to our regulatory reporting obligations and says searching for an integrated platform, allowing for regulatory reporting automation,” commented Sean Burke, Executive Vice President and Chief Financial Officer at Investors Bank.

Central Bancompany Chooses Wolters Kluwer for Change Management

Missouri’s Central Bancompany has chosen to implement Wolters Kluwer’s regulatory change management solution across its 13 affiliate banks. OneSumX for Regulatory Change Management tracks regulatory changes and maps them to specific lines of business, providing enhanced risk and controls assessment. Central Bancompany also uses Wolters Kluwers’ OneSumX Risk and Controls Assessment to manage its enterprise compliance risk. “Adding these solutions gives us immediate transparency and connectivity into the array of regulatory rules and developments impacting our business, and allows us to respond in a coordinated, compliant manner,” says Shannon Thomason, Senior Vice President, Chief Compliance Officer at Central Bancompany.

Beam Raises Seed Funding for New Compliance Venture

Former Facebook and Paypal executives including Ben Duranske, former Facebook Chief Compliance Officer, have raised $9 million in Series A funding for Beam Solutions, a transaction monitoring platform designed to tackle financial crime and money laundering. The funding round was led by Greycroft Ventures and Canaan, while other investors included Broadhaven, Conversion Capital, Plug and Play and Slow Ventures; and Silicon Valley Bank also provided a $2 million debt facility.

Beam uses machine learning and new data sources to offer compliance software for fintechs, banks, broker-dealers, entities utilizing blockchain, and other regulated financial groups. Its API-based SaaS platform promises to help customers reduce false positives, meet AML and KYC requirements and maximise compliance resources.

RecordSure Partners with KPMG to Enter Australia

UK-based data management provider RecordSure has joined up with KPMG Australia to deliver its customer trust and transparency solutions to Australian financial institutions. RecordSure uses AI and machine learning to capture data from customer interactions in order to improve regulatory compliance: including the use of analytics and automation tools to record and transpose speech to text, review documents such as emails and live chat and analyses the resulting data. As the Australian implementation provider, KPMG will deliver Recordsure to clients within its existing suite of risk and business transformation capabilities.

Ascent Announces AI-Driven Change Management Service

Regulatory compliance firm Ascent Regtech, which offers a cloud-based Intelligence-as-a-Service platform, has launched a new change management product that automatically delivers targeted and bespoke regulatory updates to the customer. The product is designed to improve horizon scanning and change management processes by delivering a targeted feed of new regulations and rule changes that apply specifically to the customer. A new feature, Change Identification, provides a side-by-side comparison of the previous and newly updated versions of the rule text, while the Impact Analysis function shows the impact to the customer’s tasks which contain their controls, policies and/or procedures, enabling further action.

Solidatus Opens New Singapore Office

Data lineage solutions provider Solidatus has opened a new office in Singapore to service the Asia-Pacific market. The expansion follows two successful trade missions to Asia with the UK Department of Trade in 2018: the Hong Kong FinTech Week 2018 and the Singapore FinTech Festival 2018. “The decision to expand our presence in APAC was a logical step,” said Solidatus Co-Founder Philip Miller. “It is a very dynamic region, holding enormous potential, and we look forward to helping local, data-rich businesses of all sizes optimise their governance, system transformation and regulatory reporting needs.”