Money Laundering

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/regulation

Finastra expands payments compliance offering with Fincom.co

Finastra today announced the introduction of new anti-money laundering (AML) compliance capabilities integrated with its Fusion Global PAYplus core payments solution, via Fincom.co and the FusionFabric.cloud open developer platform.

/crime

FCA reports upward spiral of suspicious activity reports from financial firms

The number of Suspicious Activity Reports (SARs) submitted by financial firms to the Financial Conduct Authority (FCA) has been steadily increasing year over year since 2017, according to official data.

/crypto

FATF publishes guidance for regulation of cryptocurrency industry

The virtual asset sector is fast-moving and technologically dynamic, which means continued monitoring and engagement between the public and private sectors is necessary.

/regulation

Ondato raises €3.6M seed extension to support expansion of Compliance-as-a-Service model

Compliance-as-a-Service startup Ondato has closed a €3.6M seed extension round led by OTB Ventures, LitCapital and Startup Wise Guys, bringing the total amount raised by Ondato so far to €5.6M.

/regulation

Australian digital banking platform, Data Action, to strengthen AML compliance with Napier

RegTech company Napier, provider of advanced anti-financial crime compliance solutions, has announced that specialist core banking and digital services provider Data Action will use the full Napier platform to strengthen its anti-money laundering (AML) and counter terrorism financing (CTF) defences in servicing Australia’s alternative banking industry.

N26 puts a positive spin on BaFin customer cap

/regulation

N26 puts a positive spin on BaFin customer cap

In a blog post to customers, N26 has sought to gloss over a move by Germany's financial regulator, BaFin, to impose a temporary cap on the number of new customers the digital challenger is allowed to onboard each month.

/regulation

Luminor Bank and KYC fintech Ondato partner on business accounts

Luminor Bank, the third largest bank in the Baltic region, and Ondato, the leading provider of compliance as a service, are partnering to allow companies the opening of Luminor business accounts remotely in Latvia.

/crime

EBF and SAS join forces to fight financial crime

The United Nations Office on Drugs and Crime estimates that US$800 billion to $2 trillion is laundered through worldwide financial systems each year. That’s an astonishing 2-5% of global GDP.

/regulation

Nexpay taps Ondato compliance platform

Nexpay, the banking infrastructure provider for the digital assets industry, has partnered with Ondato, running all KYC, AML, and e-signature processes through Ondato’s compliance management platforms.

/regulation

Hargreaves Lansdown deploys HooYu and Equifax to speed-up customer onboarding

Customer onboarding and Know Your Client (KYC) reg tech firm HooYu and leading global data, analytics and technology company Equifax, announced today that Hargreaves Lansdown (HL) has implemented the HooYu and Equifax customer onboarding KYC journey.

/regulation

DNB Bank selects Fenergo to strreamline KYC and client onboarding

Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, today announces that DNB Bank ASA will deploy its SaaS-based CLM solution to consolidate know your customer (KYC) and anti-money laundering (AML) operations across all business lines including corporate and institutional banking, personal market and private banking.

Sibos 2021: Swift, Deutsche Bank, Société Générale and C3.AI to collaborate on AI platform

/Sibos

Sibos 2021: Swift, Deutsche Bank, Société Générale and C3.AI to collaborate on AI platform

On day two of Sibos 2021, representatives from Swift, Deutsche Bank, Société Générale and C3.AI took to the virtual stage to explore how collaboration and establishing a community between banks can support the deployment of artificial intelligence (AI) at scale.

/regulation

Broadridge releases AI-powered AML package

To better serve clients and the financial services industry, Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, today announced the launch of the Broadridge Anti-Money Laundering Solution (AMLS), bringing new, leading edge capabilities to Broadridge’s existing Intelligent Automation suite.

NatWest pleads guilty to money laundering charges

/regulation

NatWest pleads guilty to money laundering charges

NatWest has pleaded to guilty to three offences under money laundering regulations that led to almost £400 million in payments from a single customer being washed through the bank.

Singapore preps data sharing platform to tackle money laundering

/crime

Singapore preps data sharing platform to tackle money laundering

The Monetary Authority of Singapore (MAS) is building a digital platform that lets banks share information on customers and transactions in order to tackle money laundering, terrorism financing and proliferation financing.

/regulation

Hampshire Trust Bank to deploy ComplyAdvantage AML suite

ComplyAdvantage, a global data technology company transforming financial crime detection, today announced that Hampshire Trust Bank (HTB), a specialist bank, focused on lending to UK businesses has selected the company’s award-winning anti-money laundering (AML) suite of solutions including Customer Screening and Onboarding, Adverse Information & Media, Transaction Monitoring and Transaction Screening.

N26 fined €4.25 million over AML failings

/regulation

N26 fined €4.25 million over AML failings

German digital bank N26 has been fined €4.25 million by BaFin over lax money laundering controls.

/regulation

Ppro makes minority investment in Sentinels

Ppro, the leading local payments infrastructure provider, has today announced a strategic partnership and minority investment in Sentinels, Europe’s leading transaction monitoring startup based out of the Netherlands.

/regulation

Lithuanian EMI, Satchel, introduces new AML controls with Napier

RegTech company, Napier, provider of advanced anti-financial crime compliance solutions, has announced that Satchel, a Lithuanian-based electronic money institution (EMI), is the latest to deploy its scalable AI-enhanced technology as the firm targets further international growth.

CCAF, World Bank and World Economic Forum call on fintechs to uncover Covid-19 impact

/regulation

CCAF, World Bank and World Economic Forum call on fintechs to uncover Covid-19 impact

The Cambridge Centre for Alternative Finance (CCAF), World Bank and World Economic Forum are calling on fintechs to participate in data collection for the group’s Global Covid-19 FinTech Market Impact & Industry Resilience Study before its October deadline.

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