Ankura buys Chartwell Compliance

17 March 2023 2 min. read

Ankura has acquired Chartwell Compliance, a Fairmont, WV-based regulatory compliance firm catering to banking and fintech companies.

The transaction, for which financial terms were not disclosed, will see MVB Bank exit Chartwell after acquiring the specialist consultancy in 2019. During MVB’s ownership, Chartwell more than tripled its revenue and headcount – reaching approximately 60 employees.

Chartwell was founded in 2011 and delivers consulting, outsourcing, testing, and training solutions for regulatory compliance, state licensing, financial crimes prevention, and enterprise risk management. The firm has expertise across Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) programs, due diligence, corporate planning and development, consumer compliance, independent review, and money transmission licensing.

Chartwell works with companies including Fortune 50 banks and fintech unicorns.

Ankura buys Chartwell Compliance

Ankura’s acquisition of Chartwell will enable the consulting firm to offer banking and fintech compliance services that complement its core investigations, litigation, and oversight offerings.

“We are thrilled to have Chartwell join our Forensics practice, which complements our growth over the past two years beyond the United States into Frankfurt, London, Hong Kong, and Dubai,” said Steven Richards, senior managing director and global leader of Ankura’s risk, forensics, & compliance group. “With Chartwell’s further expertise, we’ll be able to better service our global clients across borders as the premier firm helping a diverse range of Fintech clients successfully navigate and remain in compliance with existing and emerging regulations.”

As part of the transaction, Chartwell executives Jonathan Abratt and Sherry Tomac will join Ankura’s risk, forensics, & compliance group.

Davis Polk & Wardwell served as legal advisor to Ankura, while Squire Patton Boggs served as legal advisor to MVB.

“Chartwell is an industry leader and has expanded in new and creative ways, and we believe Chartwell will continue to thrive as part of the Ankura team,” said Larry Mazza, CEO of MVB. “Chartwell’s services and expertise are a great fit for Ankura, and we will continue to have a trusted partnership moving forward. MVB Bank will remain a Chartwell client.”

Ankura has more than 1,800 people providing consulting in change, risk, disputes, finance, performance, and transformation. The firm has 35+ offices in North America, Europe, the Middle East, and Asia-Pacific.

The Washington, DC-based firm last year acquired Noragh Analytics, a boutique data analytics consulting firm based in Alexandria, VA.