Wynyard buys crime-fighting tools

TAMLYN STEWART
Last updated 11:46 23/07/2013

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Wynyard Group has bought online financial crime-fighting tools from British-based financial crime consultancy MHA for an undisclosed sum.

MHA Gateway, developed by MHA, helps financial institutions identify and avoid business and regulatory risk through online tools such as pre-formatted templates, best-practice guides and country profiles to comply with financial crime and anti-money laundering regulations in Financial Action Task Force countries.

Crime-fighting software company Wynyard, which listed on the NZX last week, has acquired the customer contracts, exclusive rights and intellectual property of the MHA Gateway service.

The company said the acquisition was in line with its strategy of boosting its global customer base and would enhance its anti-financial crime offering.

Wynyard chief operating officer Paul Stokes said the company was continuing to invest aggressively in its sales and marketing capabilities to acquire new customers and increase business with existing customers.

"Securing the MHA Gateway service, customer base and IP forms an integral part of Wynyard's wider financial crime and anti-money laundering offering, and this acquisition is part of our ongoing commitment to helping businesses involved in financial activities, fight money laundering, counter the funding of terrorism and comply with changing regulation," he said.

Wynyard had enjoyed a successful relationship with MHA as a channel for its online resource through Wynyard Knowledge, a content portal that assists financial institutions and compliance officers by providing best-practice guides for managing financial crime, tools for reporting suspicious behaviour, country risk profiles, financial crime news from around the world and comprehensive industry briefings on the latest trends, changes and challenges.

As part of the deal, Wynyard will take sole responsibility for providing the subscription service and supporting the Gateway. Wynyard shares were last trading at about $1.09.

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- © Fairfax NZ News

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