Money Laundering

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Visa faces EU scrutiny over digital wallet licencing rules

/payments

Visa faces EU scrutiny over digital wallet licencing rules

The European Commission has opened a preliminary investigation into Visa's rules regarding staged digital wallets.

PRA challenges business models of new banks in consultation paper

/regulation

PRA challenges business models of new banks in consultation paper

In a recent consultation paper, the Prudential Regulation Authority (PRA) set out its proposed approach to the supervision of both new and growing non-system UK banks.

US seizes bitcoin linked to terror groups

/crypto

US seizes bitcoin linked to terror groups

US authorities have seized millions of dollars in cryptocurrency linked to online terrorist financing campaigns involving Hamas, al-Qaeda and ISIS.

Bank AML fine values in 2020 already outstripping 2019

/crime

Bank AML fine values in 2020 already outstripping 2019

The world's banks are continuing to struggle in their obligations to combat financial crime, with AML fine values in 2020 already surpassing 2019 as firms are repeatedly sanctioned for the same failings, according to a study by Duff & Phelps

Regtech kompany raises €6 million

/regulation

Regtech kompany raises €6 million

Business verification and KYC regtech kompany has raised almost €6 million in a funding round led by Fairway Global Investment together with Global Brain.

ComplyAdvantage raises $50m for financial crime platform

/regulation

ComplyAdvantage raises $50m for financial crime platform

AI-based financial crime detection startup ComplyAdvantage has closed a $50 million Series C funding round to fuel its international expansion plans.

Westpac hires new IT head

/people

Westpac hires new IT head

Australian bank Westpac has appointed former ANZ technology chief Scott Collary to lead the consolidation of its technology and operations division.

AML startups Lucinity and Hummingbird raise funds

/regulation

AML startups Lucinity and Hummingbird raise funds

Lucinity, an anti-money laundering software startup founded by a former Citigroup compliance tech expert, has raised $6.1 million in funding. Separately, another AML outfit, Hummingbird RegTech, has closed a $8.2 million Series A round.

Libra Association names Credit Suisse exec Daines chief compliance officer

/people

Libra Association names Credit Suisse exec Daines chief compliance officer

As it looks to get regulators onside, the Libra Association has brought in Credit Suisse's head of financial crime compliance, Sterling Daines, as chief compliance officer.

Crypto crime reaches $1.4bn so far in 2020

/crime

Crypto crime reaches $1.4bn so far in 2020

Just under $1.4bn was stolen through various crypto-related scams in the first five months of 2020, according to a report from cyber security firm CipherTrace

Westpac blames technology and human error for AML failure

/regulation

Westpac blames technology and human error for AML failure

Australian bank Westpac has blamed the failure of its anti money laundering (AML) processes on a mixture of technology and human error rather than any intentional wrongdoing, according to a report commissioned by the bank's former chairman Lindsay Maxsted.

Swedish banks join forces to fight money laundering

/regulation

Swedish banks join forces to fight money laundering

The five largest banks in Sweden have teamed up with the country's police to launch an anti-money laundering initiative.

First Data agrees $40m FTC settlement

/payments

First Data agrees $40m FTC settlement

First Data Merchant Services and one of its former executives will pay more than $40.2 million to settle US charges that they knowingly processed payments and laundered, or assisted laundering of, credit card transactions for scams that targeted hundreds of thousands of consumers.

ISX loses legal bid to suppress ASX reasons for share suspension

/regulation

ISX loses legal bid to suppress ASX reasons for share suspension

ISignthis, a provider of payment verification technology to help banks meets AML reporting obligations, has lost the first round its legal battle with the Australian Securities Exchange over the suspension of its shares, after a Federal Court over-ruled its attempt to prevent the ASX from outlining the reasons for its actions.

Learning from Swedbank: Scrutinise AML processes to prepare for 6AMLD

/crime

Learning from Swedbank: Scrutinise AML processes to prepare for 6AMLD

In a report released March this year, Swedbank was found to have carried out €37 billion of high-risk payments over a five-year period.

FATF promotes digital ID during Covid-19

/identity

FATF promotes digital ID during Covid-19

With countries around the world in lockdown during the Covid-19 pandemic, the Financial Action Task Force (FATF) is promoting the use of digital identity technology to securely enable remote financial services onboarding and transactions.

Swedbank management savaged over money laundering failings

/crime

Swedbank management savaged over money laundering failings

Swedbank's board and management have been savaged in a report from law firm Clifford Chance over serious money laundering failings between 2014 and 2019.

FCA head of RegTech: Prioritise female hires across the industry

/regulation

FCA head of RegTech: Prioritise female hires across the industry

Francesca Hopwood Road, head of regtech at the FCA drilled down on how the hiring process structurally worked against the employment of females in regtech during the Regtech Women’s event ‘Cracking Communications: Be effective, be confident, be compliant’.

Transformative regulation finds its feet in 2020

/regulation

Transformative regulation finds its feet in 2020

The true benefits and complexities of transformative regulation across financial services is set to become reality in 2020, as firms work to prepare and implement systems to meet compliance standards while maintaining a competitive edge.

FCA reports a drop in suspicious transactions

/Money Laundering

FCA reports a drop in suspicious transactions

The number of suspicious transaction and order reports (STORs) recorded by the UK's Financial Conduct Authority (FCA) has reduced for the first time since records began in 2016

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