Money Laundering

1137 articles tagged with this keyword

/ai

AI adoption in UK FS sector grows but understanding lags

Three quarters of financial services firms in the UK are already using artificial intelligence, yet nearly half of these users have only a "partial understanding" of the AI they are deploying, according to a Bank of England and FCA survey.

/identity

10x combines core platform with ID and fraud prevention tech from Alloy

10x Banking, the cloud-native core banking platform, has partnered with Alloy, a leading identity and fraud prevention platform, to deliver a next-generation customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning platform for financial institutions globally.

/crime

Metro Bank slapped with £16.7 million fine for four-year financial crime lapse

The UK's Financial Conduct Authority has fined Metro Bank £16.7 million for financial crime failings after a new transaction monitoring system implemented in 2016 went on the blink.

/ai

Sandbar and Greenlite team up on AI-powered AML compliance

Greenlite, the leading generative AI platform for banks and fintechs, today announced a partnership with Sandbar, the comprehensive activity monitoring platform for anti-money laundering (AML).

/regulation

Axiom Bank hit with enforcement action

The Office of the Comptroller of the Currency (OCC) has filed an enforcement action against Axiom Bank in Florida.

/regulation

Innovative Systems upgrades KYC package

Innovative Systems, Inc., a leading provider of enterprise data, compliance, integration, and audit solutions, has expanded its Know Your Customer (KYC) technology offerings as part of its FinScan® anti-money laundering (AML) compliance solution.

/crime

Oracle releases AI Investigation Hub for tracking financial crime

Enabling banks to investigate and resolve financial crime cases faster, Oracle today introduced the Oracle Financial Services Crime and Compliance Management Investigation Hub Cloud Service.

/security

Napier AI combines AML tech with ThreatMark's fraud dettection package

Napier AI, a global leader in AI-powered financial crime compliance solutions, and ThreatMark, a pioneer in behavioural intelligence for fraud prevention, are proud to announce a strategic partnership.

/regulation

TD Bank fined $3bn after money laundering guilty plea

TD Bank has agreed to pay $3 billion in penalties after pleading guilty to violating US anti-money laundering federal laws.

/regulation

Starling Bank fined £29m for 'shockingly lax' AML screening

The Financial Conduct Authority has fined Starling Bank £29 million for failings related to its financial sanctions screening.

/regulation

Erste Group implements Scila surveillance tech

Scila AB, the Stockholm-based leading independent provider of trade surveillance, risk management and anti-money laundering (AML) technology has announced that Erste Group, a major European financial institution, has successfully implemented Scila Surveillance.

/regulation

Nasdaq Verafin introduces targeted typology analytics to fight financial crime

Today, Nasdaq Verafin, leading provider of crime fighting technology, announces enhancements to its robust suite of artificial intelligence (AI) based Targeted Typology Analytics, with new detection capabilities for terrorist financing and drug trafficking activity.

/crime

Fighting Fraud with Form3: The Importance of Inbound Transaction Screening

In Part 2 of this series, FinextraTV and Chris Oakley, Head of Fraud, Form3, highlights an upcoming substantial shift in the sector where due to incoming regulations from the PSR in the UK and PSD3 across the European Union, banks will have to double down on their focus on the risk associated with receiving a payment, not only sending a payment as has been the case historically. With current fraud screening methods built for outbound payments, after these regulations are mandated, receiving banks and sending banks will be forced to split liability for fraud and reimburse victims due to the PSR. This dichotomy must also lead to changes in the way that money mules are detected, which is usually also conducted retrospectively - where this convergence of fraud mitigation and anti-money laundering happens, risks need to be managed in real-time and a wider single view of the customer will be of paramount importance.

/regulation

Regulator tells Wells Fargo to fix AML deficiencies

Shares in Wells Fargo fell on Thursday after the bank inked a formal agreement with the Office of the Comptroller pledging to fix deficiencies in its financial crimes risk management practices and anti-money laundering internal controls.

/ai

Zoho launches AI-enabled version of its BI and analytics platform

Zoho Corporation, a leading global technology company, today launched a new version of Zoho Analytics—Zoho's self-service BI and analytics platform. Among more than 100 other enhancements, Zoho Analytics has developed powerful new AI and ML capabilities, enabling diagnostic insights, predictive analysis, and automated report and dashboard generation. Additional advancements to Zoho Analytics include a custom ML model-building studio, seamless integration with Open AI, and third-party BI platform extensions. The new version of Zoho Analytics has added power, intelligence, and flexibility to serve a broader range of businesses and users than competitors in the market.

/identity

Crypto exchange Bitlocus selects iDenfy for biometric KYC

iDenfy, a Lithuania-based RegTech startup specializing in ID verification and fraud prevention solutions, announced a new partnership with Bitlocus, a regulated cryptocurrency exchange platform known for its comprehensive crypto-to-fiat and fiat-to-crypto solutions.

/regulation

Klarna Bank criticised by FSA over money laundering risks

Klarna Bank has been upbraided by the Swedish Financial Supervisory Authority for failing to adequately deal with money laundering risks.

/crime

TD Bank takes provision of $2.6 billion in anticipation of AML penalties

TD Bank Group (“TD” or the “Bank”) (TSX: TD) (NYSE: TD) today announced that the Bank continues to actively pursue a global resolution of the civil and criminal investigations into its U.S. Bank Secrecy Act (BSA)/anti-money laundering (AML) program by its U.S. prudential regulators, the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Justice (DOJ).

/ai

Macquarie invests in Hawk

Hawk, the leading provider of AI-powered technology for fraud prevention and anti-money laundering (AML), today announced a further extension of its Series B financing, with Macquarie Capital having agreed to join existing investors Rabobank, BlackFin Capital Partners, Sands Capital, DN, Picus, and Coalition.

/identity

First Abu Dhabi Bank speeds customer onboarrding with Fenergo

First Abu Dhabi Bank (FAB) and Fenergo announced their partnership in June of 2024 to speed up client onboarding and enhance anti-money laundering (AML) compliance processes for the bank with Client Lifecycle Management (CLM).