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Accuity buys US firm Safe Banking Systems

BBR Staff Writer Published 13 July 2018

Accuity, a subsidiary of RELX Group, has acquired US-based Safe Banking Systems (SBS) for an undisclosed sum.

SBS offers advanced anti-money laundering and compliance solutions, which allow institutions to identify, assess and manage risk across the enterprise.

SBS, which employs around 50 people, is based in Mineola of New York.

The company’s solutions will help in advanced false positive reduction and carry out risk assessment in the account screening process across multiple sectors, including high volume banks and non-bank financial institutions.

BS’ AML solutions are said to solve key Know Your Customer, Customer Due Diligence and Enhanced Due Diligence issues.

Safe Banking Systems CEO David Schiffer said: “Accuity is the natural home for SBS and affords us the opportunity to build on our existing partnership and success to date, grow our investments in our business, and expand globally.”

Accuity offers advanced solutions for payments and compliance professionals, including comprehensive data and software that manage risk and compliance, as well as lexible tools that optimize payments pathways.

The company delivers data-enabled solutions through Fircosoft, Bankers Almanac and NRS brands.

SBS is already a partner of Accuity’s Fircosoft business, enabling to leverage the Fircosoft filter in its solutions.

Both firms share multiple mutual customers, and the acquisition will enable Accuity to better serve its clients.

Evercore acted as financial advisor to SBS, while Lowenstein Sande served as legal counsel to SBS.

Accuity president and CEO Hugh Jones IV said: “SBS has an impressive track record of delivering award-winning technology and deep subject matter expertise, enabling clients to truly take a risk-based approach that advances the field far beyond traditional matching technologies.

“The business shares Accuity’s ambition to be a trusted partner to clients, protecting their reputations and transforming the way they manage risk. We look forward to welcoming the SBS team and collaborating to strengthen our Fircosoft solutions.”

Image: Accuity has acquired Safe Banking Systems. Photo: courtesy of Accuity.