Capgemini to acquire Exiger’s financial crime compliance division

Zoomed in shot of a laptop with a graph on the screen | Capgemini

Capgemini has signed an agreement to acquire the Financial Crime Compliance (FCC) division of global financial crime practice Exiger.

The purchase, due to close in the coming months, will enhance Capgemini’s offerings in financial crime, risk management and regulatory compliance services.

Founded in 2013, Exiger’s FCC division brings together a team of experts located in North America, EMEA and APAC. The team specialize in advisory, analytics and managed services relating to anti-money laundering, Know Your Customer (KYC), anti-bribery and corruption, suspicious activity monitoring, sanctions, transaction monitoring and fraud.

Combining its financial crime capabilities and advisory board of ex-regulators with Capgemini’s network of alliances, will enable the group to create an end-to-end ecosystem that will drive advisory-led transformation in financial crime compliance.

Kartik Ramakrishnan, deputy CEO of Capgemini’s financial services and member of the group executive committee, said: “As financial crime compliance requirements evolve, many banks are struggling to keep pace with changing regulations and cost of compliance.

“This practice brings to Capgemini deep domain regulatory expertise to help us to further address growing client demand for these services. Their capabilities are highly complementary to Capgemini’s renewed market focus to drive transformation in partnership with CxOs. I am delighted to welcome them to the team.”

The FCC division’s client roster is said to be “highly complementary” to Capgemini’s and includes players in banking, capital markets and fintechs.

Samar Pratt, president of the FCC division of Exiger, said: “In an industry where compliance processes are still very manual, the end-client experience is an ongoing struggle. The cost of compliance continues to increase to keep up with evolving regulations. Yet the financial system stops only a fraction of illicit financial flows. The financial services industry is therefore poised to adopt expert-driven data and technology powered solutions to enable end-to-end FCC transformation.

“Capgemini’s strategic business transformation services coupled with its global scale, partner ecosystem and well-established financial services expertise, were a very attractive proposition for our global team, as well as for our current clients. Not only do we share geographic locations, our teams have many common values and our cultures are closely aligned.”