Reporting/compliance

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/regulation

ICO issues enforcement notice to Snap Inc over AI chatbot failings

The Information Commissioner’s Office (ICO) has issued Snap, Inc and Snap Group Limited (Snap) with a preliminary enforcement notice over potential failure to properly assess the privacy risks posed by Snap’s generative AI chatbot ‘My AI’.

/crime

GoTyme Bank completes integration of NICE Actimize fincrime solution

NICE Actimize, a NICE (Nasdaq: NICE) business, announced that it has finalized the implementation of its financial crime solutions with GoTyme Bank, a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme. The implementation supports GoTyme’s recently launched cloud-only bank that combines easy account opening with a personalized debit card released through kiosks located in shopping malls throughout the Philippines. NICE Actimize’s advanced AI and analytics solutions will provide support in financial crime fraud prevention, which aligns with the bank’s customer service and growth strategy.

/regulation

Investment Metrics launches liability reporting

Investment Metrics, a Confluence company, the leading global provider of investment analytics, reporting, and data solutions, today announced the availability of liability reporting in its Portfolio Analytics and Reporting (PARis) solution.

/regulation

BDO strikes carbon SaaS deal in Indonesia

BDO in Indonesia, a member of BDO International Limited, one of the world’s largest accounting, tax, and advisory firms, announced a commercial partnership with MVGX Tech, a leading Carbon Software-as-a-Service (Saas) company that aims to empower corporations, governments, and institutions to take action at every stage of their decarbonisation journeys.

/security

Silverbird adopts Resistant AI's KYC solution for onboarding

Resistant AI, the AI- and machine learning-powered financial crime prevention specialists, today announces that Silverbird, the digital alternative to traditional banking making business payments borderless, limitless and affordable for international merchants, has adopted Resistant AI’s Document Forensics to secure its customer onboarding process.

/security

First AML launches new AML platform, Source

First AML, the global AML scaleup, today announced the launch of its new self-service platform, Source, designed to revolutionise anti-money laundering workflows for compliance professionals and teams. The new platform offers an unrivalled choice for organisations with complex or multinational onboarding requirements, delivering streamlined collaboration and ensuring AML consistency.

/crypto

Citi TTS develops institutional digital asset offering

Citi Treasury and Trade Solutions (TTS) announces the creation and piloting of Citi Token Services for cash management and trade finance. The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities.

/payments

Tipalti secures EMI licence and expands solution across EU

Tipalti, the leading finance automation platform, today announces the launch of a fully localised solution for the European market, along with a recently granted Electronic Money Institution (EMI) licence from De Nederlandsche Bank (DNB).

/people

Bill Michael joins regtech firm Novatus Global

Novatus Global, the risk and regulation consultancy and technology solution provider, is pleased to announce the appointment of Bill Michael as Head of Strategy and member of the Board.

/regulation

CFTC issues orders against 3 DeFi operators for illegal derivatives trading

The Commodity Futures Trading Commission today continued its enforcement focus in the digital asset decentralized finance (DeFi) space, by issuing orders simultaneously filing and settling charges against Opyn, Inc., a Delaware-registered company based in California; ZeroEx, Inc., a Delaware company based in California; and Deridex, Inc., a Delaware company based in North Carolina.

/regulation

TaxBit unveils AI-enabled rules engine for crypto accounting

TaxBit, the premier end-to-end modern tax and accounting solution for the digital economy, announced its AI-enabled rules engine to empower businesses dealing with cryptocurrencies to streamline their accounting processes.

/wealth

Charles River wins Thai pension fund mandate

Charles River® Development, a State Street company, announced that Thailand’s Government Pension Fund (GPF), one of Thailand’s largest pension funds with more than 1.2 million members, has selected the Charles River Investment Management Solution (Charles River IMS) to modernise their front office operations and manage their domestic and international equity, fixed income and multi-asset portfolios.

/wealth

Altum Group implements RiskScreen's KYC platform

Altum Group, a leading international provider of Fund, Corporate and Family Office Solutions, has successfully completed the implementation of RiskScreen's groundbreaking KYC platform.

/regulation

PSR launches consultations ahead of incoming APP fraud rules

The Payment Systems Regulator (PSR) has launched two consultations in the lead up to the implementation of its new authorised push payment (APP) fraud reimbursement requirements.

/crime

Money.co.uk reveals Brits lost £593 million through fraud in Q2 2023

New figures released in the updated 2023 Fraud Report from the credit card experts at money.co.uk, which analyses police figures to reveal where in the UK has seen the biggest rise in fraud and cyber crime, show that reports of fraudulent attacks have increased yet again.

/regulation

Acadia responds to EBA's new Regulatory Technical Standards

Acadia, a leading industry provider of integrated risk management services for the derivatives community, today offers its thoughts on the European Banking Authority (EBA) publishing its finalized Regulatory Technical Standards (RTS) on Initial Margin Model Validation.

/inclusion

FCA bans referral fees for debt packagers to help struggling consumers

The FCA is banning certain providers of debt advice from receiving referral fees from debt solution providers.

/security

Teradata and FICO partner for real-time payments fraud detection

Teradata (NYSE: TDC) and FICO, the analytics software provider (NYSE: FICO), today announced they plan to bring to market integrated advanced analytic solutions for real-time payments fraud, insurance claims, and supply chain optimization. Bringing data, analytics and insights together in one environment streamlines the development of solutions for use cases across industries, speeding time-to-delivery and making them available for joint customers sooner. The resulting solutions are part of a new global relationship between the two companies, and are expected to deliver reduced costs, improved profits, increased risk mitigation and greater customer satisfaction for Teradata/FICO customers.

/security

Mastercard integrates Vesta's fraud solutions into Gateway Services

With merchants estimated to suffer more than US$48 billion in eCommerce fraud globally in 2023 – 22% of that in Asia[1] – Mastercard today announced the expansion of its partnership with Vesta, the global leader in payment fraud protection.

/crime

Swedbank to work with OFAC to assess impact of AML failings

Swedbank can now assess the financial impact from the investigation by the U.S. Treasury’s Office for Foreign Assets Control (OFAC) regarding the bank´s historical shortcomings. OFAC’s investigation relates to the transactions that the bank has notified the authority about. Swedbank therefore makes a provision of 40 million SEK.

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