Money Laundering

416 articles tagged with this keyword

/Money Laundering

Euro agencies to develop blockchain forensics

Two defence agencies in Austria and France are joining forces to improve cryptocurrency security and tackle the rising rate of crime in the crypto market.

/regulation

FCA flags regulatory gaps and IT outages as key areas of focus

In its annual Sector Views report, the UK's Financial Conduct Authority warns of the growing risks to consumers in the retail banking and payments sector, as regulatory protection struggles to keep pace with technology-driven innovation and incumbents grapple with legacy limitations.

/payments

Swift gpi transferred $77 trillion in 2019

Almost doubling the $40 trillion transferred in 2018, Swift’s transmission of $77 trillion in cross-border payments messages over the gpi platform during 2019 implies that demand for the programme is becoming entrenched in the bank-to-bank space.

/crypto

Wells Fargo invests in crypto monitoring firm Elliptic

Wells Fargo has invested $5 million in Elliptic, a London-based cryptocurrency surveillance technology provider.

/regulation

ABN Amro joins $80m Fenergo funding round

ABN Amro has joined an $80 million funding round for Fenergo which values the Dublin-based fintech firm at about $800 million.

/regulation

FS firms hit with $36bn in AML, KYC and sanctions fines since financial crisis

Financial services firms have been hit with a total of $36 billion in fines since the financial crisis for non-compliance with anti-money laundering, know your customer and sanctions regulations around the world.

/crime

AML penalties skyrocket during 2019, doubling 2018 figures

A record number of AML-related fines were issued globally in 2019, totalling £6.2 billion in financial penalties at an average of $145.33 million per fine.

/regulation

RBI paves the way for remote customer onboarding

Indian banks and fintech startups have been given the go-ahead to use video calls to complete KYC compliance checks, following a ruling by the country's central bank.

/crypto

EU fires Libra warning

In the latest shot across the bow of Facebook's Libra project, European authorities are warning that no global stablecoin systems will be allowed to operate in the EU until legal, regulatory and oversight issues have been addressed.

/regulation

Ex-TransferWise staffers raise $2m for AML startup

Salv, an anti-money laundering (AML) startup founded by a gaggle of former TransferWise staffers, has raised $2 million in a seed round led by Fly Ventures.

/Money Laundering

NatWest's Bó forced to fend off fraudsters in early days

Bó, NatWest's new app-based bank has been actively targeted by fraudsters within weeks of its public launch.

/Money Laundering

Westpac hires Promontory to run AML review

Westpac has hired IBM subsidiary Promontory to undertake an independent review into the failings that led to the bank breaching AML/CTF laws on over 23 million occasions.

/Money Laundering

Westpac chief Hartzer quits over money laundering scandal

Westpac CEO Brian Hartzer has resigned and chairman Lindsay Maxsted has announced his early retirement in the wake of a money laundering scandal that is threatening to engulf the Australian bank.

/regulation

Regtech Tookitaki raises $19.2m

Singapore-based, AI-powered regtech startup Tookitaki has topped up its Series A funding round to a total of US$19.2 million.

/regulation

Westpac faces hefty fines for breaching anti-money laundering rules

Westpac could face unprecedented civil penalties, having been accused of contravening AML/CTF laws on over 23 million occasions by Australia’s anti money-laundering and terrorism financing regulator, Austrac.

/regulation

PayPal invests in cryptocurrency compliance startup TRM

PayPal has joined a $4.2 million funding round for cryptocurrency compliance and risk management platform TRM Labs.

/Money Laundering

Russian accused of running carding forum extradited to US

A Russian man accused of running a website selling stolen payment card details has been extradited from Israel to the US.

/regulation

Standard Chartered invests in regtech startup Silent Eight

Standard Chartered’s innovation, fintech and ventures unit, SC Ventures, has participated in a Series A funding round for regtech Silent Eight.

/Money Laundering

The CIO’s blueprint for streamlining digital business agreements

80% of financial institutions will become irrelevant by 2030 due to their inability to compete with digitally-savvy rivals, according to research by Gartner.

/Money Laundering

Will trust woes undermine Open Banking under PSD2?

In a roundtable discussion held Wednesday in London hosted by digital payments firm PPRO, industry leaders met to explore the impact PSD2 has imposed on key players in Open Banking and the changes needed to achieve the regulation’s objective in 2020 and beyond.