Bates Group, Complidata Partner to Bring Leading Financial Services Industry Experts, A.I. Technology Together to Optimize AML Investigations and Compliance

Bates Group LLC and Complidata today 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.

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.

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.”

Complidata will provide A.I.-based solutions for the automation and optimization of AML/KYC processes; machine learning solutions for alert triage optimization; supervised and unsupervised learning solutions for anomaly detection, customer segmentation; network analytics for entity resolution; A.I.-based solutions for the digitization of paper trails as in Trade Finance and Corporate KYC; and intelligent OSINT retrieval.

“We are a leading provider of A.I. driven solutions to optimize and automate AML, KYC, and Sanctions programs. Complidata has introduced explainable A.I. and remain on the cutting-edge of industry advancements, including the incorporation of White-box testing. We are aligned with the latest recommendations of regulators across the globe regarding intelligibility, robustness, and stability. Our team members have been involved in more than 100 financial crime projects in Europe and around the world in finance, banking, and related industries,” said Matthias Verbeke, CEO, Complidata.

“Together, Bates Group and Complidata are well-positioned at the crossroads between technology and advisory to establish, improve, support, and manage the anti-money laundering and financial crimes best practices of financial institutions in the U.S. and across Europe and Asia,” Verbeke added.

For more information, in the U.S., visit https://bit.ly/3i9y60X. In Europe, visit https://www.complidata.io.

About Bates Group

Bates Group (www.batesgroup.com) has been a trusted partner to our financial services clients and their counsel for over 30 years, delivering superior quality and results on a cost-effective basis. With a roster of nearly 200 financial industry and regulatory compliance experts, Bates provides solutions throughout the lifecycle of legal, regulatory, and compliance matters, offering services in AML and financial crimes, regulatory enforcement and internal investigations, compliance, risk management, litigation consultation and testimony, forensic accounting, and damages consulting.

About Complidata

Complidata (www.complidata.io) provides A.I.-driven Process Automation Solutions to streamline and optimize compliance processes and underlying operations across several vertical domains for FSIs. Complidata deploys these solutions as managed services, to help clients define, implement and manage the controls and achieve regulatory compliance. Complidata helps its clients to make their compliance operations more effective and efficient.

Notes to Editors:

  • High-resolution images are available on request.

Contacts:

Media: Don Goncalves, dgoncalves@tizinc.com, 781.793.9380

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