Money Laundering

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/regulation

Majority of regulated firms breaching fifth money laundering directive

A majority of regulated firms are facing penalties for non-compliance with the Fifth Money Laundering Directive (5MLD) according to new research from LexisNexis® Risk Solutions, the global data and analytics provider.

Sibos 2020: Let 'promiscuous' digital workers do the dirty (data) work

/devops

Sibos 2020: Let 'promiscuous' digital workers do the dirty (data) work

On day 3 of Sibos 2020, the conversation broached the weighty topic of tech execution, drawing links between the fundamental role of data in the ability of technology to reach its potential across financial services.

/crime

TRP Working Group publishes first AML messaging standard

The Travel Rule Protocol Working Group (TRP Working Group), a global independent industry body of leading virtual asset service providers (VASPs) dedicated to creating standards that adhere to the Financial Action Task Force’s (FATF) R.16 Travel Rule recommendations, is pleased to announce today that it has published Version 1.0.0 of its standard inter-VASP messaging API for Travel Rule data exchange (TRP API).

UK banks struggle to spot signs of human trafficking in AML systems

/regulation

UK banks struggle to spot signs of human trafficking in AML systems

Almost half of UK banks admit that they are not confident in their systems' abilities to identify signs of human trafficking amongst transactions, according to research from vendor BAE Systems.

Sibos 2020: Women, internal hiring and escape rooms may solve the cyber resource problem

/security

Sibos 2020: Women, internal hiring and escape rooms may solve the cyber resource problem

In a fast paced and solution-oriented presentation, Lucy Kerner, senior principal global cybersecurity evangelist and strategist, Red Hat, outlined a clear set of goals financial institutions can and should work toward in order to address cyber security weaknesses for ‘The cyber resource problem – is it totally unsolvable?’ on day 2 of Sibos 2020.

/regulation

Refinitiv buys The Red Flag Group

Refinitiv has today acquired The Red Flag Group, significantly expanding its suite of due diligence offerings with the addition of a leading provider of workflow, data, due diligence and ratings solutions that help corporate compliance customers to evaluate money laundering, bribery and corruption, reputational and ESG risk.

Barclays reports sharp rise in recruitment of young money mules

/crime

Barclays reports sharp rise in recruitment of young money mules

Criminals are targeting cash-strapped students to act as money mules, with the number of under-21s being recruited to launder money tripling in the past three years, according to figures from Barclays.

/crime

Bank of Lithuania calls for a uniform EU-level approach to fight money laundering

According to the Bank of Lithuania, harmonisation of rules and requirements throughout the European Union (EU) would help to enhance anti money laundering (AML) and counter terrorist financing (CTF) efforts in an effective manner, eliminate existing regulatory fragmentation and ensure a unified European approach.

Jumio buys Beam AML platform

/regulation

Jumio buys Beam AML platform

AI-powered identity verification and KYC outfit Jumio has acquired the AML platform of Beam Solutions. Financial terms of the deal were not disclosed.

Why Railsbank wants to make lemonade from the Wirecard fiasco

/regulation

Why Railsbank wants to make lemonade from the Wirecard fiasco

Could the purchase of Wirecard Card Solutions (WCS) by Railsbank be the perfect opportunity to drive regulatory change? Railsbank founder and CEO Nigel Verdon thinks so, but stability must come first.

Westpac hit with record fine for AML breaches

/crime

Westpac hit with record fine for AML breaches

Australian bank Westpac has become the latest institution to fall foul of anti-money laundering rules after it was slapped with a record fine of A$1.3bn ($0.9bn) by the Australian regulator.

/crime

AML vendor SmartSearch opens US office

Leading UK anti-money-laundering (AML) firm SmartSearch has opened its first office in the USA just two months after starting operations across the Atlantic.

Finance employees deemed least trustworthy

/crime

Finance employees deemed least trustworthy

Employees working in the financial services sector are 30% less trustworthy than colleagues in other sectors.

/crypto

CoinPayments pick Sumsub KYC tech

The world’s largest cryptocurrency payments processor, CoinPayments, today announces its collaboration with Sumsub, an identity verification platform that provides an all-in-one technical and legal toolkit for KYC/KYB/AML needs.

FinCen leaks throw doubt on banks' AML efforts

/crime

FinCen leaks throw doubt on banks' AML efforts

A remarkable leak detailing 17 years' worth of confidential transaction reporting has cast doubt on banks' anti-money laundering (AML) efforts by suggesting that leading banks continued to transfer money even when they knew it could be connected to fraud.

/crime

Rackspace and M1 Finance collaborate on fraud detection

Rackspace Technology™ (NASDAQ: RXT), a leading end-to-end multicloud technology solutions company, today announced it brought expanded Amazon Web Services (AWS) capabilities to M1 Finance, a Chicago-based online financial services company.

/crime

Nasdaq launches AML investigation technology

Today Nasdaq (Nasdaq: NDAQ) announced the launch of the cloud-deployed Nasdaq Automated Investigator for AML, the first automated solution for investigating anti-money laundering (AML) for retail and commercial banks and other financial institutions.

Fintech bids for Wirecard's Aus and NZ businesses

/crime

Fintech bids for Wirecard's Aus and NZ businesses

The break-up of the various international businesses of disgraced payments processing company Wirecard continues after it emerged that Australian payments firm Change Financial is set to buy its Australian and New Zealand businesses for $7.8m.

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.

/regulation

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.

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