The new joint venture will accelerate feature development of the industry-leading regulatory technology, SILO Compliance System. Additionally, its aim is to expand its market reach through BDO’s sales channels and customers.
George Town, Grand Cayman, Cayman Islands – March 9, 2021
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. Also, as part of the deal, BDO Cayman will acquire a significant equity interest in SILO.
Prior to now, businesses in international financial centers have been SILO’s primary users. However, this joint venture presents an opportunity for SILO to expand and market its proprietary software, SILO Compliance System, through BDO offices across the world. In return, BDO gets to both participate in an award-winning product, and gain access to it for their consultancy services. The aim is to utilise BDO’s global reach. By employing their risk and advisory capabilities, SILO Compliance System can improve its ability to meet new AML requirements.
“We are thrilled by this development,” said SILO’s co-founder and director, Charles Jennings. He also added, “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”.
Furthermore, 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
Based in the Cayman Islands, SILO Compliance Ltd is a leader in the development of anti-money laundering data management and reporting technology. Across numerous jurisdictions, AML regulated businesses use its award-winning proprietary software, SILO Compliance System. 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 strength of the international BDO network both augments and supports the local expertise of BDO Cayman. Find out more at www.bdo.ky