Through this strategic move, Harmoney and APPC by Harmoney intend to provide financial institutions with an optimised solution, with the acquisition allowing the integration of all regulatory processes on a single, simplified platform ensuring compliance in the evolving regulatory landscape. Developed to consolidate regulatory operations, the merged solution spans a wide range of compliance areas, including Anti-Money Laundering (AML), anti-corruption, the EU’s Insurance Distribution Directive (IDD), dormant contracts, and corporate social responsibility (CSR).
Moreover, the APPC brand is set to remain and its solutions are planned to be further scaled and improved with Harmoney’s offering. Also, the companies intend to support APPC customers in benefiting from this growth by providing them with access to a broad range of tools and services to assist them in their compliance procedures.
The acquisition of APPC comes after Harmoney and Discai partnered to offer an integrated AML solution for financial institutions. Combining Discai’s AI-based alert system with Harmoney’s end-to-end case and process management was set to allow the two companies to deliver a customisable, full-spectrum solution for generating and managing AML alerts. In addition, Discai and Harmoney decided to join forces to support the mitigation of money laundering worldwide and scale low detection and recovery rates.
Teaming up is set to allow Harmoney and APPC to utilise their merged expertise to provide an integrated compliance solution that meets the increasing demand of regulatory pressure and the scaling importance of data management. The acquisition joins the capabilities of the two companies, developing a platform that optimises and simplifies compliance management and assists financial institutions with advisory services.
When commenting on the announcement, representatives from Harmoney mentioned that the collaboration with Forsides Group, forged back in 2019, enabled their company to design an advanced and flexible technological solution, customised to meet the specific needs, demands, and preferences of financial institutions in the area of AML-CFT. Now, Harmoney intends to provide a platform that augments regulatory management via technology and comprehensive support services.
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