Latest Money Laundering News: Finextra Research

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.

01 September 2020

News/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.

24 August 2020

Company update/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.

18 August 2020

Company update/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.

18 August 2020

News/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.

13 August 2020

Company update/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.

13 August 2020

News/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

10 August 2020

News/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.

05 August 2020

News/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.

28 July 2020

News/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.

28 July 2020

News/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.

17 July 2020

Company update/crime

SmartSearch breaks into US market

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

14 July 2020

Research/Money Laundering

Onboarding next steps for new and established Digital Banks

14 July 2020 838 downloads

Company update/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.

03 July 2020

Company update/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.

25 June 2020

Company update/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.

25 June 2020

Company update/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.

25 June 2020

Company update/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.

23 June 2020

Company update/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.

17 June 2020

Company update/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.

16 June 2020