AML RightSource Opens Operations in Buffalo, New York
The 11,000 square foot space in the Larkin Center of Commerce will be the company’s fourth office, with plans to hire up to 100 new service employees to support the addition of new clients.
“This company considered several locations for its expansion but chose Western New York because they wanted to be a part of a region that is on the move,” Governor Andrew Cuomo said. “The region is attracting businesses from near and far to grow and develop their companies and with the expansion of AML RightSource in Buffalo, that momentum continues.”
“Western New York’s high-quality workforce and growing reputation as a hotspot for tech innovation is the perfect recipe for AML RightSource to expand into the City of Buffalo,” said Lieutenant Governor Kathy Hochul, who made today’s announcement. “This significant investment and creation of 100 new jobs will continue to grow the regional economy. For far too long this area witnessed businesses close, young people leave, and jobs disappear. Today, we have seen a transformation that continues to bring new companies and more jobs to the area.”?
According to company officials in the aftermath of the September 11 terrorist attacks, the federal government began mandating compliance with regulations related to the identification and reporting of suspicious financial activity, specifically criminal and terrorist-related, conducted through regulated financial institutions. AML RightSource began in 2004 to help financial institutions meet these significant regulatory compliance challenges by providing highly-trained AML/BSA professionals to assist banks and non-bank financial institutions to meet day-to-day compliance tasks.
Services include transaction monitoring, alert backlog management, enhanced due diligence reviews, and financial crimes advisory matters. Its highly trained workforce of nearly 600 analysts and subject matter experts includes the industry’s largest team of full-time professionals.
According to Governor Cuomo’s Office, AML RightSource determined the City of Buffalo to be a superior location for expansion and the creation of a new high-tech office due to its close proximity to the company’s northeast Ohio operations, accessibility to a large pool of qualified and talented job candidates, and available space to support a growing workforce.
“We are excited to be in Buffalo hiring the high-quality employees needed to respond to the increasing demand for our services in the anti-money laundering market,” said Frank Ewing, AML RightSource CEO and University of Buffalo Law School graduate. “Having been a part of this community for many years, our company takes great pride in bringing 100 jobs to Buffalo over the next 5 years and taking part in the city’s revival.”
As an incentive, New York State, through Empire State Development, the state’s economic development agency, will provide up to $1.2 million in Excelsior Job Program tax credits in return for AMLRS achieving its job creation commitments. These performance-based incentives will allow the company to expand operations to New York State and create over 100 new jobs over the course of five years.
Empire State Development President, CEO & Commissioner Howard Zemsky said, “AMLRS will have no trouble finding 100 qualified employees with the wealth of young people graduating from area colleges who are looking to remain in Western New York and be a part of its economic resurgence.”
Thomas Kucharski, President & CEO of Invest Buffalo Niagara said, “AML chose Buffalo Niagara over many other potential regions due to our large talent pool, lower operating costs, track record of success in financial services, and our ability to rapidly and thoroughly respond to their needs on a very tight timeframe. Invest Buffalo Niagara is proud to have facilitated such a meaningful project for our community, which stands to benefit not only from 100 new well-paying jobs but also a new corporate citizen. We are thrilled to welcome AML to Buffalo.”
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