Money Laundering

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Westpac blames technology and human error for AML failure

/regulation

Westpac blames technology and human error for AML failure

Australian bank Westpac has blamed the failure of its anti money laundering (AML) processes on a mixture of technology and human error rather than any intentional wrongdoing, according to a report commissioned by the bank's former chairman Lindsay Maxsted.

/regulation

Scorechain releases indicators for crypto risk AML

The European leader in crypto AML and compliance solution, Scorechain, released a new layer of risk management feature with Risk Indicators.

/regulation

Banco Santander picks ThetaRay AML tech for correspondent banking

ThetaRay, a leading provider of AI-based Big Data analytics, has signed an agreement under which Banco Santander will employ ThetaRay’s anti-money laundering (AML) solution for correspondent banking.

Swedish banks join forces to fight money laundering

/regulation

Swedish banks join forces to fight money laundering

The five largest banks in Sweden have teamed up with the country's police to launch an anti-money laundering initiative.

/crime

Kompli-Global partner with Yoti to tackle fraudsters and money launderers with verified identities

Kompli-Global, the leading RegTech AML specialist, has formed a strategic partnership with digital identity and credential management platform, Yoti, to make life much more difficult for fraudsters and money launderers.

/regulation

Reliance Bank picks iFinancial AML software

We are delighted to announce that Reliance Bank have signed for iFinancial’s Anti Money Laundering Software, AMLtrac, as part of their commitment to meet regulatory requirements and ensuring the financial safety of their customers.

First Data agrees $40m FTC settlement

/payments

First Data agrees $40m FTC settlement

First Data Merchant Services and one of its former executives will pay more than $40.2 million to settle US charges that they knowingly processed payments and laundered, or assisted laundering of, credit card transactions for scams that targeted hundreds of thousands of consumers.

/regulation

Icelandic neobank indó signs for Lucinity AML software

indó and Lucinity have signed a partnership agreement regarding indó's use of Lucinity's anti-money laundering (AML) defense system.

/Money Laundering

Finologee and Harmoney collaborate on KYC joint venture

Finologee, the Luxembourg FinTech platform operator, and Harmoney, the KYC solutions provider from Ghent (Belgium) today announced the launch of their joint venture under the name KYC Manager.

/crime

Westpac files defence over AML failings

Westpac today filed its defence with the Federal Court in relation to civil proceedings brought by AUSTRAC on 20 November 2019 regarding alleged contraventions of its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.

/regulation

CSLB-Asia taps Know Your Customer for compliance across Apac

CSLB-Asia, providers of family office, corporate secretarial and commercial business consultancy services, have announced their collaboration with award-winning RegTech company Know Your Customer across the APAC region.

/crime

European Commission steps up fight against money laundering and terrorist financing

The European Commission has today put forward a comprehensive approach to further strengthen the EU's fight against money laundering and terrorist financing.

ISX loses legal bid to suppress ASX reasons for share suspension

/regulation

ISX loses legal bid to suppress ASX reasons for share suspension

ISignthis, a provider of payment verification technology to help banks meets AML reporting obligations, has lost the first round its legal battle with the Australian Securities Exchange over the suspension of its shares, after a Federal Court over-ruled its attempt to prevent the ASX from outlining the reasons for its actions.

/crime

Kompli-Global and ComplyAdvantange forge RegTech alliance

Leading RegTech companies, Kompli-Global and ComplyAdvantage have entered into a strategic partnership to take the fight to fraudsters and money launderers.

/crime

IBM and Fenergo join forces to fight financial crime

Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, and IBM (NYSE: IBM) today announced the signing of an original equipment manufacturing (OEM) agreement that will allow the companies to collaborate on solutions that can help clients address the multitude of financial risks they face.

Learning from Swedbank: Scrutinise AML processes to prepare for 6AMLD

/crime

Learning from Swedbank: Scrutinise AML processes to prepare for 6AMLD

In a report released March this year, Swedbank was found to have carried out €37 billion of high-risk payments over a five-year period.

/regulation

Nice Actimize releases KYC Xpress

Due to provisions in the recently enacted CARES Act, financial services organizations are facing an unprecedented influx of loan applications and the need to expedite Know-Your-Customer (KYC) operations and procedures, which are often manual and time consuming.

/crime

EPA publishes new guidance on digital identification and authentication to tackle financial crime

The Emerging Payments Association (EPA), which celebrates collaboration and innovation within new and existing payments companies, has today published new guidance on digital identification and authentication to help combat financial crime.

/regulation

Kyckr extends agreement with Citi Commercial Bank

Kyckr Limited (ASX:KYK) (Kyckr or the Company), a regulatory technology (RegTech) company is pleased to announce the extension of its services to long standing customer Citigroup, to now also include its commercial banking division Citi Commercial Bank.

FATF promotes digital ID during Covid-19

/identity

FATF promotes digital ID during Covid-19

With countries around the world in lockdown during the Covid-19 pandemic, the Financial Action Task Force (FATF) is promoting the use of digital identity technology to securely enable remote financial services onboarding and transactions.

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