Latest Money Laundering News: Finextra Research

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.

13 November 2019

News/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.

06 November 2019

News/Money Laundering

OneCoin scam renews calls for crypto regulation

The trial of crypto scam OneCoin's lawyer has renewed calls for robust regulation of cryptocurrency to address weaknesses of "human failure and human criminality".

06 November 2019

News/regulation

FATF zeroes in on digital ID as key to AML compliance

Issuing a draft Guidance Paper last week, the Financial Action Task Force (FATF) urges financial institutions to ready themselves for the impending global expansion of digital identification systems.

04 November 2019

News/regulation

Regtech zooms in on the severe penalties of 6AMLD

The European Union’s Sixth Anti-Money Laundering Directive (6AMLD) is due to take effect on 3rd December 2020 and brings with it a suite of substantial penalties for non-compliance. Here’s what you need to be aware of in the run up to the fast-approaching deadline.

25 October 2019

News/regulation

Global stablecoins pose monetary sovereignty risk - G7 working group

Global stablecoins, such as Facebook's Libra, pose risks to financial stability, anti-money laundering efforts, anti-trust policy, and even monetary sovereignty, a new G7 working group has warned.

18 October 2019

News/Money Laundering

Incumbents vs neobanks: Leverage new technology or risk crumbling

Financial institutions are focusing heavily on digital transformation driving innovation, better customer experience and cost reduction as they shift gears from simply meeting regulatory and compliance needs to remain relevant in a digital world.

20 September 2019

News/Money Laundering

Dutch banks join forces to tackle money laundering

Five of the biggest banks in the Netherlands are looking into the creation of a joint body to monitor payment transactions and fight money laundering.

18 September 2019

News/security

Cyber-crime best tackled by international co-operation

Joining day two of the World Conference of Banking Institutes, Ian Dyson - Commissioner of the City of London Police addresses the challenges of cyber-crime in this period of digital disruption. In addition to the uncertainty surrounding Brexit and the potential no-deal outcome, the question of balancing privacy with data protection remains a critical priority for financial institutions in 2019.

18 September 2019

News/Money Laundering

Chinese official voices digital coin plans

More details have emerged around China's plans to issue its own digital coin following a lecture given by a senior official at the central bank.

06 September 2019

News/Money Laundering

Singapore to accept first digital bank applications

Two months after announcing plans to issue digital banking licences, the Monetary Authority of Singapore (MAS) is set to accept the first applications.

29 August 2019

News/Money Laundering

Aussie regulator turns to tech in new strategy

Australia's capital markets regulator has vowed to expand its use of new technology and behavioural data as part of a strategic plan to strengthen its enforcement.

28 August 2019

News/regulation

Indonesian regulator OJK shuts down 826 fintechs – Bloomberg

The Indonesian Financial Services Authority, known as OJK, has shuttered a staggering 826 fintech startups operating without a license in this year alone, despite the increased appetite for the industry in the Southeast Asian nation.

02 August 2019

News/security

Capital One data breach inquiry launched by Republicans

The US House of Representatives Committee on Oversight and Reform has requested a briefing with Capital One over the data breach that left 106 million credit card holders and applicants in the US and Canada at risk of their personal information being stolen.

02 August 2019

News/regulation

Nordic banks get EC green light for shared KYC platform

A group of six top Nordic banks is forging ahead with plans to set up a joint platform for handling Know Your Customer (KYC) data.

08 July 2019

News/ai

AI-based fraud detection startup Bleckwen raises $10m

Bleckwen, a provider of AI-based real-time analytics software for payments fraud detection and prevention, has emerged from stealth with a $10 million funding round led by Ring Capital and TempoCap.

26 June 2019

News/Money Laundering

Regulators and politicians respond to Facebook's crypto plans

Regulators, politicians and other crypto players have all responded to yesterday's unveiling of Facebook's Libra project and suggested that the social media giant's digital currency plans may face several challenges.

19 June 2019

News/Money Laundering

Facebook reveals digital wallet plan

Social media platform Facebook has unveiled further details of its much-anticipated digital currency offering, which it hopes will transform financial services.

18 June 2019