Latest Money Laundering News: Finextra Research

Overstock unit preps ATS for trading digital coins issued in ICOs

The blockchain subsidiary of online retailer Overstock is teaming up with RenGen and Argon Group to launch an SEC-compliant Alternative Trading System (ATS) for trading digital coins issued in initial coin offerings (ICOs).

28 September 2017

News/Money Laundering

Australia blames bitcoin for rise in organised crime

The growth of online banking and digital currencies haver been cited as the main causes of a massive rise in organised crime in Australia's financial sector according to the country's criminal intelligence agency.

24 August 2017

News/Money Laundering

Australia regulates digital currencies

The Australian government has announced plans to strengthen its anti-money laundering rules with new reforms that will include digital currencies for the first time.

18 August 2017

News/Money Laundering

CBA blames money laundering reporting failures on ATM coding error

Commonwealth Bank of Australia has blamed a three-year coding error in its intelligent deposit machines (IDM) for breaches of anti-money regulations.

07 August 2017

News/Money Laundering

Cryptocurrency exchange operator indicted over massive bitcoin laundering scam

A US jury has indicted a Russian man arrested earlier this week in Greece accused of helping to launder more than $4 billion in bitcoin, including some obtained from the infamous Mt. Gox hack. In a coordinated move, the bitcoin exchange he operated has been slapped with a $110 million fine by American authorities for AML law violations.

27 July 2017

News/Money Laundering

4th EU AML Directive will make curbing crime easier, but cost banks millions

As the 4th EU AML Directive comes into force today, a pair of studies suggests that while most UK FS industry financial crime professionals think the new rules will make it easier to prevent money laundering, they are likely to cost banks millions in inefficient KYC checks.

26 June 2017

News/Money Laundering

Monzo may have to freeze some accounts under new money laundering rules

Digital challenger bank Monzo is warning 20,000 customers that it may have to temporarily freeze their accounts if they fail to provide additional verification information under new money laundering regulations.

13 June 2017

News/Money Laundering

Cecabank sets up Spanish blockchain consortium

A new Spanish blockchain consortium spearheaded by Cecabank and professional services firm Grant Thornton is building tools designed to combat money laundering and boost KYC efforts.

26 May 2017

News/Money Laundering

Nets partners Chainalysis to help banks meet AML rules on virtual currencies

Nordic payments processor Nets is enlisting the help of distributed ledger technology specialist Chainalysis to help it ensure virtual currency transactions comply with anti-money laundering rules.

24 March 2017

News/Money Laundering

Swift outlines ‘compliance utility’ ambitions; plans for next stage of gpi project

Banking cooperative Swift has unveiled a number of initiatives designed to address the compliance challenges facing banks and corporates.

16 March 2017

News/Money Laundering

The Clearing House calls for overhaul of AML practices

US bank lobby group The Clearing House has called for an overhaul of how its members deal with AML requirements, arguing that they should spend less time and money on submitting suspicious activity reports and instead concentrate on using more innovative methods to thwart money laundering and terrorist financing.

17 February 2017

News/Money Laundering

Thomson Reuters to buy Clarient and Avox

Thomson Reuters has moved to strengthen its KYC management services and legal entity data by buying Clarient and Avox from the DTCC and its bank partners. Financial terms were not disclosed.

06 February 2017

News/Money Laundering

Western Union to pay $586m to settle AML charges

Western Union has agreed to pay $586 million to settle US criminal and civil charges that it wilfully failed to maintain an effective anti-money laundering programme and aided and abetted wire fraud.

19 January 2017

News/Money Laundering

New 'secure' £1 coin to be released in March

The UK treasury is set to roll out a new £1 coin in late March which it claims is the most resistant to counterfeiting ever produced.

03 January 2017

News/Money Laundering

Global banks and R3 test DLT for KYC services

BBVA, ING and UBS are among the R3 member banks that have been working on a proof-of-concept for a distributed ledger technology-based shared KYC registry.

10 November 2016

News/Money Laundering

Latin American banks turn to Swift to combat de-risking threat

Eight Latin American central banks have signed up to adopt Swift's sanctions screening service and KYC Registry in an effort to combat the threat posed to the region by de-risking measures imposed in correspondent banking relationships.

04 November 2016

News/Money Laundering

RegTech startup ComplyAdvantage raises $8.2m

ComplyAdvantage, a London-based regtech startup which uses artificial intelligence and machine learning to help firms meet AML and terrorst financing rules, has raised $8.2 million in a Series A funding round led by Balderton Capital.

13 October 2016

News/Money Laundering

EBA responds to EC's virtual currency AML plans

The European Banking Authority (EBA) has called on the EC to postpone plans to bring virtual currency exchanges and wallet providers under the scope of a new Anti-Money Laundering Directive.

12 August 2016

News/Money Laundering

Australia sets up cyber crime unit

The Australian Government has set up a specialist cyber-intelligence unit to crack down on terrorist financing, money laundering and online payment fraud.

09 August 2016

News/Money Laundering

Elliptic and LexisNexis bring bank-grade AML to Bitcoin

Blockchain intelligence outfit Elliptic is teaming up with LexisNexis Risk Solutions to bring what they claim is bank-grade risk management to Bitcoin.

03 August 2016