French investment group Wendel has reached an agreement to acquire the Association of Certified Anti-Money Laundering Specialists (ACAMS) in a deal that values ACAMS at $500 million.
“ACAMS is the global leader in training and certification for professionals in the fight against money laundering (“AML”) and the prevention of financial crime,” Wendel said in a press release on Monday. January 24.
The company notes that ACAMS has 90,000 members in 175 countries, including 50,000. ACAMS employs approximately 275 people, primarily in the United States, London and Hong Kong, and reported revenues of $83 million for the 12-month period ending September 30, 2021.
“We are excited to invest in ACAMS, a global leader in financial crime prevention training and certifications,” said André François-Poncet, Wendel Group CEO, and David Darmon, Chief Executive Officer. Wendel’s delegate, in the press release.
The two said ACAMS is aligned with Wendel’s values and the acquisition aligns with the company’s goal of redeploying capital to higher-growth businesses.
The transaction is expected to close in the first half of this year, subject to customary conditions and regulatory approval.
Read more: Financial crime overwhelms government efforts, demanding high-tech approach
This news comes at a time when, according to a recent report, governments are struggling to tackle financial crime.
As PYMNTS reported on Monday January 24, a report by an anti-corruption charity known as Spotlight on Corruption indicates that economic crime in the UK ends up costing the government “hundreds of times more” than ‘it doesn’t spend to fight 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 tackle economic crime. But that pales in comparison to the £190 billion (or $258 billion) lost to fraud and the £100 billion ($135.6 billion) spent fighting money laundering.