SILO Compliance and BDO Cayman Sign Strategic Joint Venture Agreement
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”.