Money Laundering

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/crime

UK Fintech Gemba chooses ThetaRay for its AML programme

Gemba Finance, a leading provider of innovative banking and financial management solutions, and ThetaRay, the leader in next-generation AI-powered trusted global payments, announced today the implementation of ThetaRay’s AI-powered transaction monitoring technology, SONAR, to power Gemba’s growth, while reducing regulatory exposure which frequently hampers growth at financial institutions.

Barclays warns students about money mule risks

/retail

Barclays warns students about money mule risks

As the academic year gets underway, Barclays is warning of a sharp rise in the number of cash-strapped students being targeted by criminals to act as money mules.

FCA probes Revolut over red-flag accounts - FT

/regulation

FCA probes Revolut over red-flag accounts - FT

The Financial Conduct Authority is looking into whether Revolut allowed money to leave accounts flagged as suspicious by the National Crime Agency, according to the Financial Times.

/regulation

LEIs extended to cover beneficial ownership status

A collaboration between GLEIF and Open Ownership has resulted in Legal Entity Identifiers (LEIs) being integrated into datasets produced in line with the Beneficial Ownership Data Standard for the first time.

/regulation

Deutsche Bank subsidiary DWS to pay $25 million penalty for AML and ESG violations

The Securities and Exchange Commission today charged registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, in two separate enforcement actions, one addressing its failure to develop a mutual fund Anti-Money Laundering (AML) program, and the other concerning misstatements regarding its Environmental, Social, and Governance (ESG) investment process.

/security

First AML launches new AML platform, Source

First AML, the global AML scaleup, today announced the launch of its new self-service platform, Source, designed to revolutionise anti-money laundering workflows for compliance professionals and teams. The new platform offers an unrivalled choice for organisations with complex or multinational onboarding requirements, delivering streamlined collaboration and ensuring AML consistency.

Finastra offers Compliance-as-a-Service package for instant payments

/crime

Finastra offers Compliance-as-a-Service package for instant payments

Finastra has teamed up with financial crime specialists Fincom and ThetaRay to offer pre-packaged compliance screening for banks delivering instant payments.

FCA finds firms wanting in applying sanctions controls

/regulation

FCA finds firms wanting in applying sanctions controls

An FCA survey of sanctions controls at 90 UK firm has found deficiencies across a range of key indicators, including staffing, technology and reporting frameworks.

Financial crime becomes a hot ticket for investors as Strise raises $10.8 million

/crime

Financial crime becomes a hot ticket for investors as Strise raises $10.8 million

Nordic AML vendor Strise has raised a $10.8 million Series A funding round to drive international expansion, starting with the UK.

Financial crime detection outfit ThetaRay raises $57m

/crime

Financial crime detection outfit ThetaRay raises $57m

ThetaRay, the Isralei fintech that enables banks to monitor payment traffic to sniff out money laundering risks, has completed a $57 million fundraising round.

Switzerland to impose highest AML standard in Europe

/regulation

Switzerland to impose highest AML standard in Europe

The Swiss Government has drafted new anti-money laundering regulations which will impose a higher standard than the rest of Europe.

/crypto

Helix brings KYC processing to DeFi derivatives trading

Helix, the premier decentralized orderbook exchange built on Injective, today announces the launch of Helix Institutional, enabling the trading of DeFi derivatives products in a permissioned, KYC-enabled environment.

/crime

SEC charges Archipelago with record-keeping violations

The Securities and Exchange Commission today announced charges against Archipelago Trading Services Inc. (ATSI) for failing to file hundreds of legally required reports of suspicious financial transactions, known as Suspicious Activity Reports (SARs), between August 2012 and September 2020.

/crime

Tornado Cash founders charged with money laundering and sanctions violations

A Russian national and a Washington man were charged today with conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money transmitting business.

/security

Dock partners Feedzai to bring fraud prevention tools to LatAm businesses

Dock, a B2B leader in payments and banking technology in Latin America, announced a partnership with Feedzai, a global leader in fraud and money laundering prevention, to provide new options for security solutions to Dock customers and expand access to this cutting-edge technology in Latin America to companies of all sizes.

/crime

European Commission to make use of Moody’s Analytics to modernise anti-fraud activity

Moody’s Analytics today announced it has been awarded a new Framework Contract (FWC) by European Anti-Fraud Office (OLAF), to provide company data, information on connected individuals, and risk indicators encompassed in Moody’s Analytics’ Orbis database.

/regulation

AML RightSource advances AI use

AML RightSource, the leading provider of Anti-Money Laundering (AML), Know Your Customer (KYC), and Bank Secrecy Act (BSA) compliance solutions, has furthered its application of AI and Natural Language Processing (NLP) to allow AML practitioners to reduce time spent on labor intensive, low-value tasks and increase their ability to focus on risks that truly warrant attention.

/regulation

South Africa’s Clicksendnow selects ThetaRay for transaction monitoring

Clicksendnow, market-challenger in African remittance payments, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, announced today the implementation of ThetaRay’s SONAR platform to provide automated transaction monitoring and sanction screening to support ClickSendNow’s company growth.

UK chancellor Jeremy Hunt denied bank acount by Monzo

/regulation

UK chancellor Jeremy Hunt denied bank acount by Monzo

UK chancellor Jeremy Hunt says he was refused a bank account by Monzo when he was a backbencher last year, claiming he was subject to differential treatment as a 'politcally exposed person'.

Google Cloud launches AI-powered AML tech

/cloud

Google Cloud launches AI-powered AML tech

Google Cloud has developed an AI-powered product designed to help global financial institutions more effectively and efficiently detect money laundering.

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