Regulatory technology developer SILO Compliance and accounting firm BDO Cayman have entered into a joint venture.
As part of the deal, BDO Cayman will acquire a significant equity interest in SILO.
In a press release, Cayman-based SILO said the joint venture presents an opportunity to expand and market its proprietary software, SILO Compliance Systems, through BDO offices across the world.
The compliance software is currently mainly used by businesses in international financial centres.
BDO, in turn, would have access to the software for its consultancy services and anti-money laundering-regulated clients.
The aim is to use BDO’s global reach, and risk and advisory capabilities, to improve SILO Compliance System’s ability to meet new AML requirements wherever they arise worldwide, the company said.
“We are thrilled by this development,” SILO’s co-founder and director Charles Jennings said in the press release. “For an institution of the size and reputation of BDO to have such confidence in our technology is an endorsement of all the hard work and faith that we have invested in it.”
Glen Trenouth, managing partner of BDO Cayman, said, “We have examined SILO’s proven technology and our AML Risk Advisory practice’s needs and found a great integration.
“SILO Compliance System is exactly the user-friendly and affordable AML compliance solution that we have heard AML-regulated firms and clients have been seeking,” he added.