Investment group Wendel acquires ACAMS
French investment group Wendel has reached an agreement to acquire the Association of Certified Anti-Money Laundering Specialists (ACAMS), which values ACAMS at $500 million.
“ACAMS is the world’s leading provider of training and certification for anti-money laundering (“AML”) and financial crime professionals,” Wendel said in a news release Monday (January 24).
The company points out that ACAMS has a membership base of 90,000 in 175 countries, including 5,0,000. ACAMS employs approximately 275 people primarily in the US, London and Hong Kong and reported revenue of US$83 million for the 12-month period ended September 30, 2021.
“We are excited about the opportunity to invest in ACAMS, a global leader in financial crime prevention training and certification,” said André François-Poncet, CEO of Wendel Group, and David Darmon, Deputy CEO of Wendel, in the press release .
The two said ACAMS aligns with Wendel’s values and that the acquisition is consistent with the company’s goal of reallocating capital to companies with higher growth rates.
The transaction is expected to close in the first half of this year, subject to customary conditions and regulatory approvals.
Continue reading: Financial crime swamps government efforts, demanding a high-tech approach
This news comes at a time when governments are struggling to tackle financial crime, according to a recent report.
As PYMNTS reported on Monday (January 24), a report by anti-graft charity Spotlight on Corruption said white-collar crime in the UK costs the government “a hundred times more” than it spends dealing with the criminals themselves.
According to the report, the UK government spends £825 million ($1.1 billion) each year on the budgets of national agencies that fight white-collar crime. But that estimate pales in comparison to the £190 billion (or $258 billion) lost to fraud and the £100 billion ($135.6 billion) spent on fighting money laundering.