RELX Group unit Accuity has acquired Safe Banking Systems (SBS), a provider of Know Your Customer (KYC) due diligence and anti-money laundering solutions to the banks and non-bank financial institutions.
SBS is based in Mineola, New York and has approximately 50 employees.
The solutions offered by SBS allow financial institutions to identify, assess and manage risk across the enterprise.
The platform perform advanced false positive reduction and risk assessment in the account screening process across a number of sectors, including high volume banks and non-bank financial institutions.
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.”
Both the parties already share a long collaboration under which SBS supports Accuity’s Fircosoft business.
The transaction is expected to enable Accuity to bolster their offerings to their clients as well as suffice all regulatory and compliance requirements.
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.
“Bringing our expertise and teams together will enable us to accelerate the development of innovative approaches to managing risk through advanced entity resolution and reducing false positives.”