Bates Group acquires anti-money laundering specialist CorCom
Bates Group, a financial services consulting firm based in Lake Oswego, OR, has acquired CorCom, a Spartanburg, SC-based consultancy focusing on anti-money laundering and financial crimes prevention.
Founded in 2017, CorCom specializes in Bank Secrecy Act, anti-money laundering, and Office of Financial Assets Control compliance consulting. The firm’s services include BSA/AML/OFAC program development, risk management, training, advisory services, and independent reviews.
CorCom works with money services businesses including payday lenders, check cashers, money transmitters, banks, fintechs, and cryptocurrency exchanges.
The firm has approximately 8 employees, according to LinkedIn.
“CorCom is well established in the money services industry. This acquisition expands Bates’ offerings to the fast-growing fintech and cryptocurrency space for our current clients as well as those seeking to develop services in this space,” said Benjamin Pappas, Bates Group president.
As part of the acquisition, Corcom founder Brandi Reynolds will join Bates as managing director of its newly created AML compliance practice.
“With the addition of CorCom, Bates Group is creating a unique and integrated resource of services, experts, and experience — ready to help financial service firms succeed in these high-growth industries,” Reynolds said.
Headquartered in suburban Portland, Bates provides legal, regulatory, and compliance consulting to financial services firms and their counsel. The firm’s offerings include litigation consulting and testimony, regulatory enforcement and internal investigations, compliance support, forensic accounting, damages, and big data consulting.
The boutique firm occupies a similar space as other risk and legal consulting specialists – including FTI Consulting, AlixPartners, and Kroll – though Bates focuses solely on the financial services industry.
The consultancy has more than 165 professionals and has a satellite office in San Francisco.
