Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

AML penalties skyrocket during 2019, doubling 2018 figures

A record number of AML-related fines were issued globally in 2019, totalling £6.2 billion in financial penalties at an average of $145.33 million per fine.

20 January 2020

Company update/crime

ComplyAdvantage names former Oanda president Vatsa Narasimha as COO and CFO

ComplyAdvantage, the regtech company transforming the compliance industry through data science and machine learning to neutralize the risk of financial crimes, today announced the appointment of Vatsa Narasimha as Chief Operating Officer and Chief Financial Officer.

20 January 2020

Company update/crime

Fiserv provides AML tech to DoIEx

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that DolEx Dollar Express, Inc. and its affiliate, Europhil, will enhance their anti-money laundering (AML) processes with technology from Fiserv.

16 January 2020

Company update/regulation

Gateway selects Know Your Customer for digital onboarding

Gateway Private Markets (HK) Limited ("Gateway"), specialists in direct secondary investments in the world’s foremost growth and late-stage private technology companies, has selected award-winning RegTech provider Know Your Customer to deliver seamless digital onboarding to its clients.

16 January 2020

News/regulation

RBI paves the way for remote customer onboarding

Indian banks and fintech startups have been given the go-ahead to use video calls to complete KYC compliance checks, following a ruling by the country's central bank.

10 January 2020

Research/Money Laundering

Avoiding Improvisation: A 3-Step Guide to Harmonising Electronic Identity Verification

08 January 2020 315 downloads

Company update/regulation

EastWest Banking Corporation selects Wolters Kluwer’s OneSumX for Risk Management

EastWest Banking Corporation (EastWest) is the latest firm to select Wolters Kluwer’s OneSumX for Risk Management to manage its Market Risk and Asset and Liability Management (ALM) requirements.

19 December 2019

Company update/Money Laundering

Dubai regulators fine and ban Deutsche Bank compliance officer

The Financial Markets Tribunal (FMT), a specialist independent tribunal, has affirmed a decision by the Dubai Financial Services Authority (DFSA) to fine Ms Anna Waterhouse and restrict her from being involved in providing financial services in or from the Dubai International Financial Centre (DIFC).

19 December 2019

Company update/crime

RDC and Monzo expand anti-money laundering partnership for bank’s US launch

RDC (Regulatory DataCorp) has renewed its agreement with Monzo, the UK’s fastest-growing bank, in a deal that will see the company’s next-generation customer screening technology extended to cover the bank’s US launch.

18 December 2019

Company update/crime

Encompass and Pega team for streamlined KYC

Encompass Corporation, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions, today announces a partnership with Pegasystems Inc. (PEGA), the software company empowering digital transformation at the world's leading enterprises.

10 December 2019

Research/Money Laundering

How to Protect and Grow in the Fintech Industry

09 December 2019 425 downloads

News/crypto

EU fires Libra warning

In the latest shot across the bow of Facebook's Libra project, European authorities are warning that no global stablecoin systems will be allowed to operate in the EU until legal, regulatory and oversight issues have been addressed.

06 December 2019

News/regulation

Ex-TransferWise staffers raise $2m for AML startup

Salv, an anti-money laundering (AML) startup founded by a gaggle of former TransferWise staffers, has raised $2 million in a seed round led by Fly Ventures.

03 December 2019

Company update/regulation

PwC and Fenergo partner to streamline KYC compliance

Professional services firm PwC has joined up with leading provider of digital Client Lifecycle Management (CLM) solutions Fenergo to “do KYC differently”.

03 December 2019

News/Money Laundering

NatWest's Bó forced to fend off fraudsters in early days

Bó, NatWest's new app-based bank has been actively targeted by fraudsters within weeks of its public launch.

28 November 2019

News/Money Laundering

Westpac hires Promontory to run AML review

Westpac has hired IBM subsidiary Promontory to undertake an independent review into the failings that led to the bank breaching AML/CTF laws on over 23 million occasions.

28 November 2019

News/Money Laundering

Westpac chief Hartzer quits over money laundering scandal

Westpac CEO Brian Hartzer has resigned and chairman Lindsay Maxsted has announced his early retirement in the wake of a money laundering scandal that is threatening to engulf the Australian bank.

26 November 2019

News/regulation

Regtech Tookitaki raises $19.2m

Singapore-based, AI-powered regtech startup Tookitaki has topped up its Series A funding round to a total of US$19.2 million.

25 November 2019

Company update/regulation

EastNets and Refinitiv team on AML platform

EastNets and Refinitiv today announced a partnership to offer enhanced automated access to software and data that enables real-time risk management and improved compliance capabilities to companies at risk of financial crime.

21 November 2019

News/regulation

Westpac faces hefty fines for breaching anti-money laundering rules

Westpac could face unprecedented civil penalties, having been accused of contravening AML/CTF laws on over 23 million occasions by Australia’s anti money-laundering and terrorism financing regulator, Austrac.

20 November 2019