Reporting/compliance

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/retail

Adatree puts together consumer data right representatives consortium

Off the back of celebrating its third anniversary, leading data intermediary and recipient platform Adatree has announced a milestone achievement in signing a consortium of 11 banks and credit unions as Consumer Data Right (CDR) Representatives, including BankVic, a member-owned bank for police, health and emergency services, and Queensland-based AusWide Bank.

Starling responds to UK Govt's report on suspected BBLS fraud

/security

Starling responds to UK Govt's report on suspected BBLS fraud

UK Government has confirmed that of the £47 billion provided in loans through the Bounce Back Loan (BBL) scheme, £1.1 billion of these loans are suspected to be fraudulent.

/regulation

Fraugster and Yuno partner for LATAM expansion

Next gen payment orchestration platform, Yuno, partners with AI payment intelligence expert, Fraugster to provide online merchants easy access to a range of fraud prevention, compliance and revenue uplift solutions via a single API. Companies of all sizes across Latin America continuously face challenges in managing multiple payment methods and fraud detection tools for accepting online payments leading to fragmentation, complexity, and high costs.

/security

Kyckr and LAB Group announce partnership

Australia’s most connected account opening platform provider, LAB Group (“LAB” or “the Company”), is pleased to announce that it has signed a strategic integration partnership with global database verification company Kyckr Ltd (ASX: KYK).

Revolut under pressure over internal audit

/regulation

Revolut under pressure over internal audit

Online bank Revolut is facing more questions over its internal controls after it was criticised by a UK regulator for the unacceptably high risk of "material misstatement" in its account auditing.

/crime

Ripjar launches risk screening profile

Ripjar, the trusted provider for tackling financial crime, today announces the launch of its updated Labyrinth Screening Platform with the addition of AI Risk Profiles.

/crime

Report forecasts increase in online fraud during recession

Fraud fighters, SEON, has released a new report which examines the potential impact that global economic uncertainty may have on fraud.

Varo Bank’s proposal to reform the CRA champions financial inclusion

/regulation

Varo Bank’s proposal to reform the CRA champions financial inclusion

The Community Reinvestment Act (CRA) was created in order to ensure that the credit needs of lower income communities in the US were accommodated by local financial institutions. However, many financial firms are proposing a reform of this act to be more inclusive of low and moderate income communities.

Abu Dhabi establishes crypto committee

/crypto

Abu Dhabi establishes crypto committee

Abu Dhabi has announced the formation of a government body to develop its strategy for regulating and promoting the world of virtual assets.

Crypto-crime revenue drops by 65% - report

/crypto

Crypto-crime revenue drops by 65% - report

Revenue derived from cryptocurrency-related crime is down by 65% in the first half of 2022 compared to the corresponding period in 2021.

FCA fines Citi £12.5m for trading oversight failings

/regulation

FCA fines Citi £12.5m for trading oversight failings

The UK's Financial Conduct Authority (FCA) has levied a £12.5m fine against Citigroup Global Markets over past failures to police its trading activity

Banks to pay $1bn over traders' use of WhatsApp

/regulation

Banks to pay $1bn over traders' use of WhatsApp

A handful of Wall Street banks are preparing to pay up to $200m each to settle a case with the Securities and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the use of WhatsApp messages.

FCA warns against unlawful BNPL promotion

/regulation

FCA warns against unlawful BNPL promotion

The Financial Conduct Authority (FCA) has warned firms against promoting unapproved BNPL products.

/payments

UOB and Doxa team up to digitise trade financing and procurement

UOB and Doxa are collaborating to enable companies to move their procurement and trade financing processes online. They signed a Memorandum of Understanding (MOU) today with their client Kimly Construction Private Limited (Kimly Construction), for the execution of the trio’s first green trade finance transaction together.

/security

Checkout.com enhances authentication to meet SCA requirements

Checkout.com, the cloud-based payments service provider, today announced updates to its Authentication product to help merchants combat fraud and optimize their revenues, with an evolving toolkit of products and features to help merchants navigate the rapidly evolving landscape.

ECB to rope in crypto with licensing framework

/regulation

ECB to rope in crypto with licensing framework

The European Central Bank (ECB) has announced its intent to harmonise how banks offer crypto assets through a crypto regulatory framework to be implemented across the Union.

German watchdog urges Allianz to improve internal controls

/crime

German watchdog urges Allianz to improve internal controls

Germany’s financial regulator BaFin has call on Allianz to improve its internal controls following a fraud scandal in their US fund unit.

UN urges curbs on crypto uptake in developing countries

/regulation

UN urges curbs on crypto uptake in developing countries

The United Nation’s Conference on Trade and Development, UNCTAD, has released three policy briefs on the dangers of cryptocurrency in light of the rising use of digital assets in developing countries.

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