Acquisition further enhances Ankura's Global
anti-financial crime offering to help banking and Fintech clients
navigate the full spectrum of BSA/AML challenges
NEW
YORK, March 1, 2023 /PRNewswire/ -- Ankura
Consulting Group, LLC ("Ankura"), a leading global expert
services and advisory firm, today announced that it has acquired
Chartwell Compliance ("Chartwell"), a leading global
regulatory compliance and risk management firm that is a
wholly-owned subsidiary of MVB Bank, Inc. held by MVB Financial
Corp. (NASDAQ: MVBF) ("MVB", "MVB Financial"). The addition of
Chartwell expands Ankura's Global Anti-Financial Crime (AFC)
Practice across a wide range of banking and financial technology
(Fintech) businesses, addressing a crucial need for Bank Secrecy
Act/Anti-Money Laundering (BSA/AML) regulatory and compliance
programs among mid-market banks, cryptocurrency and
blockchain platforms, venture capital firms and payment solution
providers.
Founded in 2011 in Bethesda,
Maryland and now headquartered in Fairmont, West Virginia, Chartwell provides
integrated regulatory compliance, state licensing, financial crimes
prevention, and enterprise risk management services that include
consulting, outsourcing, testing, and training solutions. As one of
the world's leading specialist firms in state and federal
compliance and market entry facilitation for firms entering into or
expanding in North America,
Chartwell serves many of the most high-profile providers in the
Fintech industry, including commercial bill pay solution providers,
cryptocurrency and blockchain innovators,
publicly-traded online marketplaces, venture capital firms, Fintech
banks, third-party payments processors and financial accounting
software providers. Since joining MVB Bank in 2019, Chartwell has
deepened its advisory expertise and capabilities, more than tripled
its revenue and headcount, and positioned itself for continued
strong growth.
"Having Chartwell as a part of the MVB family over the past
three years has been an extremely beneficial relationship that
allowed MVB to grow and scale our Fintech business while we also
strengthened our internal risk and compliance resources. 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. 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," said
Larry F. Mazza, MVB CEO.
Chartwell's approximately 60 employees, including Jonathan
Abratt and Sherry Tomac of
Chartwell's Executive Management team, join Ankura's Global Risk,
Forensics & Compliance Group.
"The addition of Chartwell provides Ankura with a clear market
differentiator by allowing us to offer banking and Fintech
compliance services that are uniquely complementary to our
investigations, litigation, and oversight offerings," said
Steven Richards, Senior Managing
Director and Global Leader of Ankura's Risk, Forensics, &
Compliance Group. "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. 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."
"My colleagues and I are incredibly excited to welcome Jonathan,
Sherry, and the entire Chartwell team to Ankura," said Kevin Lavin, Chief Executive Officer of Ankura.
"They have built a strong business and we are confident that they
will be empowered to reach even greater heights as part of Ankura.
Chartwell and Ankura share a collaborative ethos that is focused on
providing the highest quality advisory services to clients, and we
look forward to working with our new colleagues as we continue to
help clients navigate regulatory complexity."
Davis Polk & Wardwell LLP
served as legal advisor to Ankura. Squire Patton Boggs served as legal advisor to MVB
Financial Corp.
About MVB Financial Corp.
MVB Financial Corp. ("MVB Financial" or "MVB"), the innovative
financial holding company of MVB Bank, Inc., is publicly traded on
The Nasdaq Capital Market® under the ticker "MVBF." Through its
subsidiary, MVB Bank, Inc., ("MVB Bank") and the bank's
subsidiaries, MVB provides services to individuals and corporate
clients in the Mid-Atlantic region, as well as to Fintech, Payment
and Gaming clients throughout the United
States. For more information about MVB, please
visit ir.mvbbanking.com.
About Ankura
Ankura Consulting Group, LLC is an independent global expert
services and advisory firm that delivers services and end-to-end
solutions to help clients at critical inflection points related to
conflict, crisis, performance, risk, strategy, and transformation.
The Ankura team consists of more than 1,800 professionals serving
3,000+ clients across 55 countries who are leaders in their
respective fields and areas of expertise. Collaborative Lateral
Thinking That Deliversᵀᴹ, hard-earned experience, expertise, and
multidisciplinary capabilities drive results and Ankura is
unrivalled in its ability to assist clients to Protect, Create, and
Recover Valueᵀᴹ. For more information, please visit,
ankura.com.
About Chartwell Compliance
Chartwell Compliance, which is now part of Ankura, provides
integrated regulatory compliance, state licensing, financial crimes
prevention, and enterprise risk management services that include
consulting, outsourcing, testing, and training solutions for
fintechs and banks. For more information, please
visit https://www.chartwellcompliance.com/.
Forward-looking Statements
This press release contains forward-looking statements. The
statements herein statements are not guarantees of future
performance and reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause actual performance and
financial results in future periods to differ materially from any
projections of future performance or result expressed or implied by
such forward-looking statements.
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SOURCE Ankura