October 1, 2020

Cayman based anti-money laundering compliance system named finalist in Global RegTech Competition by Thomson Reuters


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SILO Compliance, a Cayman Islands based anti-money laundering technology, is selected as one of seven finalists in competition for potential partnership and investment.


Watch any crime show and its inevitable the bad guy has a bank account in the Cayman Islands. But that’s just television. In real life, the Caymans have some of the strictest anti-money laundering (AML) regimes. Opening a bank account or getting a company set up can take days if not weeks due to intensive due diligence requirements and background checks.

So it’s fitting that a Cayman Islands based anti-money laundering technology is getting some well-deserved notice. SILO Compliance System announced they have been named one of seven finalists in a global regulatory technology search by Thomson Reuters. SILO Compliance will be presenting in New York City on October 29th to a panel of Thomson Reuters senior leaders, as well as an audience of customers, TR business partners, and others from the regtech community for the opportunity of US$250,000 investment as well as cash prizes. Those interested in attending the event can register here. (https://events.thomsonreuters.com/thomson-reuters-global-regtech-startup-competition)

“With record fines and new industries falling under expanded AML regulations there are a lot of new technologies coming onto the market to address all of the various compliance requirements,” says Kimberly Smith, former AML compliance officer and co-founder of SILO. “Being recognized by Thomson Reuters for potential investment is already a huge win and we credit our users for helping us create the system that Thomson Reuters has recognized as a strong contender in this competition.”

Ms. Smith and her team created the system aimed particularly at professional fiduciary services such as law firms and trust companies. “We understood from the beginning that every firm is different with different risk appetites and so the system we were creating had to be easily configurable. As a result SILO is also used by credit unions, asset managers and other industries that we had no idea were also desperate for an AML compliance solution. We focused on helping our users easily show approval work flows, risk ratings, non-compliant clients – everything an inspector would want to see – so our users can reduce the chances of incurring a big fine. An investment by an established player like Thomson Reuters can help us grow faster so we can help even more companies globally.”

About SILO Compliance Ltd. 
SILO Compliance System is an industry leading client due diligence management system helping users comply with anti-money laundering regulations. Its intuitive design enables its users to archive and retrieve client due diligence documentation, risk-rate and monitor their clients, run all compliance reports, and efficiently train all staff. SILO Compliance System is used by trust companies, credit unions, corporate service providers, assets managers, insurance companies and law and accounting firms in numerous highly regulated jurisdictions. SILO Compliance Ltd. is headquartered in the Cayman Islands. Additional information can be found at http://www.SiloCompliance.com and by requesting information from [email protected]

For more information on SILO Compliance, visit: https://silocompliance.com/

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