New York Gov. Andrew M. Cuomo announced that AML RightSource, a leading firm in anti-money laundering, Bank Secrecy Act and financial crimes compliance has officially opened a new office in Buffalo. 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 service employees to support the addition of new clients.
"The City of Buffalo is on the move and Western New York is welcoming more new businesses than ever, bringing good paying jobs and exponential growth to the area," Governor Cuomo said. "Through strategic partnerships with companies like AML RightSource, New York will continue to attract businesses from near and far to develop and expand across the state."
"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."
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 anti-money laundering/Bank Secrecy Act 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.
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."
New York State, through Empire State Development, 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."
Assembly Majority Leader Crystal Peoples-Stokes said, "Congratulations to AML RightSource on the opening of its' new office in Larkinville. AMLRS is just the latest company to realize the benefits of locating a business here in the Queen City- a ready and qualified workforce and endless potential for growth. With its initial creation of 100 jobs we look forward to the company expanding even more in the future."
Senator Tim Kennedy said, "It is no surprise that AML RightSource is choosing Buffalo for this significant expansion. The word is getting out that Western New York has a dedicated workforce that will get the job done right. The creation of 100 new jobs in Buffalo is another step in the right direction of ensuring that Western New Yorkers can find good paying jobs in the city they love. Congratulations to AML RightSource, and I look forward to hearing of their many successes."
Mayor Byron W. Brown said, "AML RightSource's decision to locate its newest office in the Larkin Center of Commerce is great news for the City of Buffalo. As our City's economic resurgence continues, we are pleased to welcome another high-tech company which will be creating 100 well-paying jobs. I'm also pleased that AML RightSources's CEO Frank Ewing, a UB Law School graduate, is investing in the community which launched his career, and his growing company will be part of our bright future."
AML RightSource is located at 701 Seneca St Suite 140 F, Buffalo, with convenient access to the New York State Thruway, I-190 and Route 33, and is within walking distance to metro bus routes. For more information, visit amlrightsource.com.