Money Laundering

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/regulation

Majority of regulated firms breaching fifth money laundering directive

A majority of regulated firms are facing penalties for non-compliance with the Fifth Money Laundering Directive (5MLD) according to new research from LexisNexis® Risk Solutions, the global data and analytics provider.

/crime

TRP Working Group publishes first AML messaging standard

The Travel Rule Protocol Working Group (TRP Working Group), a global independent industry body of leading virtual asset service providers (VASPs) dedicated to creating standards that adhere to the Financial Action Task Force’s (FATF) R.16 Travel Rule recommendations, is pleased to announce today that it has published Version 1.0.0 of its standard inter-VASP messaging API for Travel Rule data exchange (TRP API).

/regulation

Refinitiv buys The Red Flag Group

Refinitiv has today acquired The Red Flag Group, significantly expanding its suite of due diligence offerings with the addition of a leading provider of workflow, data, due diligence and ratings solutions that help corporate compliance customers to evaluate money laundering, bribery and corruption, reputational and ESG risk.

/crime

Bank of Lithuania calls for a uniform EU-level approach to fight money laundering

According to the Bank of Lithuania, harmonisation of rules and requirements throughout the European Union (EU) would help to enhance anti money laundering (AML) and counter terrorist financing (CTF) efforts in an effective manner, eliminate existing regulatory fragmentation and ensure a unified European approach.

/crime

AML vendor SmartSearch opens US office

Leading UK anti-money-laundering (AML) firm SmartSearch has opened its first office in the USA just two months after starting operations across the Atlantic.

/crypto

CoinPayments pick Sumsub KYC tech

The world’s largest cryptocurrency payments processor, CoinPayments, today announces its collaboration with Sumsub, an identity verification platform that provides an all-in-one technical and legal toolkit for KYC/KYB/AML needs.

/crime

Rackspace and M1 Finance collaborate on fraud detection

Rackspace Technology™ (NASDAQ: RXT), a leading end-to-end multicloud technology solutions company, today announced it brought expanded Amazon Web Services (AWS) capabilities to M1 Finance, a Chicago-based online financial services company.

/crime

Nasdaq launches AML investigation technology

Today Nasdaq (Nasdaq: NDAQ) announced the launch of the cloud-deployed Nasdaq Automated Investigator for AML, the first automated solution for investigating anti-money laundering (AML) for retail and commercial banks and other financial institutions.

/regulation

Online Payment Platform selects Slimmer AI to meet compliance regulations

Online Payment Platform, a leading payment service provider for platforms and marketplaces, and Slimmer AI announce a partnership to meet the evolving local and international compliance regulation.

/identity

Contemi integrates with GBG identity verification suite

Contemi Solutions, a global fintech provider, today announced that it has partnered with GBG, a global specialist in Identity Data Intelligence, to fully integrate its client Onboarding solution with GBG’s Identity Verification solution for automated KYC, AML and customer verification capabilities.

/crypto

Elliptic extends Binance partnership

Elliptic, the global leader in cryptoasset risk management solutions, today announced that it will now monitor Binance Chain and its native cryptoasset BNB, which averages USD 250 million in daily trading volume.

/crime

Financial crime: Banks being attacked on all fronts

It’s not just cyber technologies or digital currencies that are worrying financial crime teams in financial institutions across the UK & Ireland. It’s also the increasing volume and variety of more established financial crimes that aren’t new, but are incredibly hard to detect, such as mule activity; the proceeds of trafficking; the abuse of corporate structure and the criminal use of third parties.

/crime

SmartSearch breaks into US market

Leading UK anti-money-laundering (AML) firm SmartSearch is today launching operations in the USA.

/regulation

European Commission censures Austria, Belgium and the Netherlands for AML failings

The European Commission has today referred Austria, Belgium and the Netherlands to the Court of Justice of the European Union, with a request for financial sanctions, for failing to fully implement the 4th Anti-Money Laundering Directive (AMLD4) into their national law.

/crime

SEB hit with SEK1 billion fine for failing to tackle money laundering in Baltic operations

SEB has not sufficiently identified the risk of money laundering in its Baltic operations and has had deficiencies in its governance and control of the Baltic subsidiary banks’ anti-money laundering measures.

/regulation

Iosco consults on AI/ML guidance for market intermediaries and asset managers

The Board of the International Organization of Securities Commissions is requesting feedback on proposed guidance to help its members regulate and supervise the use of Artificial Intelligence (AI) and Market Learning (ML) by market intermediaries and asset managers.

/regulation

Aviva selects Fenergo to transform KYC, CDD and AML processes

Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions has been selected by Aviva, to replace Know Your Customer (KYC), Customer Due Diligence (CDD) and Anti-Money Laundering (AML) systems and services.

/crime

EQ bolsters KYC in partnership with Encompass

EQ (Equiniti), an international technology-led services and payments specialist, is delighted to announce that it has partnered with Encompass to further bolster its KYC proposition.

/crime

FCA hits Commerzbank with £37.8 million fine for AML failings

The FCA has today fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017.

/regulation

Equiniti to provide KYC service for the invoice finance industry

Equiniti Group plc (“Equiniti”), an international technology-led services and payments specialist, is delighted to announce that it is now able to provide an enhanced Know-Your-Customer (“KYC”) service for asset based and invoice finance lenders.

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