PwC acquires FSCom’s regtech solution
Consultancy firm PwC has acquired regtech solution KYC-Pro from UK financial services compliance firm FSCom for an undisclosed amount.
The move comes as part of PwC’s plans to expand its regulatory compliance offering. According to the firm, research shows that by 2020, European banks will spend more than €1 billion annually on their know your customer (KYC) management.
Financial details were not disclosed
Ian McConnell, PwC partner, says: “Artificial intelligence (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.”
KYC-Pro enables customers access to over 127 million companies worldwide, conduct individual anti-money laundering (AML) checks across more than 20 countries and cross reference potential customers against international politically exposed persons (PEPs) and sanctions lists.
Fscom was advised during the transaction by Richard Moorehead of HNH Group and Davidson McDonnell Solicitors.
