The new joint venture will accelerate feature development of the industry-leading regulatory technology, SILO Compliance System, and aims to expand its market reach through BDO's sales channels and customers.
GEORGE TOWN, Cayman Islands, March 9, 2021 /PRNewswire/ -- SILO Compliance, a leading anti-money laundering ("AML") regulatory technology developer headquartered in the Cayman Islands, today announced that it has entered into a joint venture with BDO Cayman, a member of the global BDO network of assurance, tax and financial advisory services companies. As part of the deal, BDO Cayman will acquire a significant equity interest in SILO.
The joint venture presents an opportunity for SILO, which is currently used primarily by businesses in international financial centers, to expand and market its proprietary software, SILO Compliance System, through BDO offices across the world; and for BDO, not only their participation in an award-winning product but also access to it for their consultancy services and AML-regulated clients. The aim is to utilize BDO's global reach and risk and advisory capabilities in order to improve SILO Compliance System's ability to meet new AML requirements wherever they arise worldwide.
"We are thrilled by this development," said SILO's co-founder and director Charles Jennings. "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. Now we have a wonderful opportunity to show the world why SILO Compliance System is regarded in the market as a leader in AML compliance data management."
Glen Trenouth, managing partner of BDO Cayman, added: "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. We have examined SILO's proven technology and our AML Risk Advisory practice's needs and found a great integration."
About SILO Compliance
Cayman Islands-based SILO Compliance Ltd is a leader in the development of anti-money laundering data management and reporting technology. Its award-winning proprietary software, SILO Compliance System, is used by AML regulated businesses in numerous jurisdictions. Find out more at www.silocompliance.com.
About BDO Cayman
BDO Cayman is a member of BDO International, the world's fifth largest accounting network. Its team of professionals delivers assurance, tax and compliance regulatory advice services to a diverse client base around the globe. It focuses on helping its clients navigate ever-changing economic and market conditions by providing consistent, high-quality advice. The local expertise of BDO Cayman is augmented and supported by the strength of the international BDO network. Find out more at www.bdo.ky
Contact: Charles Jennings, +15014228030