Latest Money Laundering News: Finextra Research

Lebanon's FNB to run KYC checks with Fico AML kit

First National Bank (FNB) of Lebanon has migrated to the FICO® TONBELLER® Siron® Anti Financial Crimes Suite to take a more holistic, integrated approach to compliance with AML/CTF (anti-money laundering/counter-terrorism financing), KYC (know your customer) and tax regulations.

25 October 2018

Company update/Money Laundering

OCC fines Capital One $100 million for AML deficiencies

The Office of the Comptroller of the Currency (OCC) recently assessed a $100 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A. for deficiencies in the bank’s Bank Secrecy Act/Anti-Money Laundering program.

24 October 2018

Company update/regulation

Amphora integrates with Symphony via CubeLogic

Amphora, a leading vendor of multi commodity trading and risk management solutions to streamline operations, reduce transaction costs and manage financial and physical transactions and CubeLogic, a leader in business intelligence (BI) enabled risk management, workflow and reporting solutions, announce a certified native integration between Amphora’s Symphony CTRM and the CubeLogic RiskCubed platform.

24 October 2018

Company update/security

ClearBank selects Featurespace for real-time fraud detection

Featurespace, the world’s leading provider of Adaptive Behavioural Analytics for fraud detection and risk management, announced that ClearBank, the U.K.'s first new clearing bank in more than 250 years, has selected its ARIC™ platform to provide clients using its clearing and banking services with an innovative approach to fraud and AML detection.

24 October 2018

Company update/regulation

Hummingbird raises $3m for AML platform

Hummingbird, the modern platform for anti-money laundering (AML), announced that it has raised $3 million in a funding round led by Homebrew, with investments from Omidyar Network, TTV Capital, and Designer Fund. Hummingbird brings agility, intelligence, and breadth to the AML practice for banks, payments companies, and other financial institutions.

22 October 2018

Company update/regulation

Financial Action Task Force sets out recommendations on virtual asset regulation

Virtual assets and related financial services have the potential to spur financial innovation and efficiency and improve financial inclusion, but they also create new opportunities for criminals and terrorists to launder their proceeds or finance their illicit activities.

19 October 2018

Company update/regulation

CGI upgrades HotScan anti-financial crime package

CGI (TSX: GIB.A) (NYSE: GIB) is pleased to announce the launch of CGI HotScan360—an enhanced version of its industry-leading HotScan solution.

19 October 2018

Company update/ai

Socure and Alloy help Radius Bank slash online fraud

Socure and Alloy today officially announced a partnership that enables financial institutions to make real-time digital identity verification decisions with unprecedented speed and accuracy for onboarding new customers.

18 October 2018

Company update/regulation

Binance tackles cryptocurrency money laundering with Chainalysis

Chainalysis, the leading provider of cryptocurrency compliance and investigation solutions, has completed a global roll-out of its compliance solution with Binance, the world’s largest cryptocurrency exchange by trade volume, to help address the challenges at the intersection of cryptocurrencies, regulators and traditional financial institutions.

17 October 2018

Company update/regulation

BAE Systems improves AML screening algorithm

BAE Systems today launches Match Exclusion, a new algorithm engine within its flagship NetReveal Transaction Filtering solution, a major update to the capabilities of its Anti-Money Laundering (AML) and Watch List Management (WLM) solutions.

15 October 2018

Company update/Money Laundering

IdentityMind ports digital ID platform to Oracle Cloud

IdentityMind Global™, Digital Identities You Can Trust, today announced that it has selected Oracle Cloud Infrastructure to host its award-winning Version 2.0, SaaS-based, trusted digital identities platform for compliance, risk management and fraud prevention.

10 October 2018

Company update/Money Laundering

LexisNexis joins forces with iMeta to reduce financial crime risks

LexisNexis Risk Solutions, a part of RELX Group (LSE:REL/NYSE: RELX), today announced an alliance with iMeta Technologies, a leader in Client Lifecycle Management (CLM) technology for financial organisations, to integrate iMeta’s CLM technology with LexisNexis Risk Solutions’ data capabilities.

09 October 2018

Company update/Money Laundering

EverCompliant releases KYC gap discovery tool

EverCompliant, the payments industry leader in online Anti-Money Laundering specializing in business cyber intelligence, announced today the launch of eKYC Discovery, a tool that addresses potential gaps in the Bank Secrecy Act and Anti-Money Laundering-mandated Know Your Customer (KYC) processes that could leave financial institutions exposed to criminal activity.

03 October 2018

News/Money Laundering

PwC acquires KYC tool from FSCom

PwC is bolstering its regulatory compliance business with the acquisition of anti-money laundering and sanctions screening tool KYC-Pro from Irish consultancy FSCom.

01 October 2018

Company update/payments

Onfido scores ID verification contract with Remitly

Identity verification specialist Onfido today announces that it has partnered with leading global remittance platform, Remitly.

28 September 2018

News/Money Laundering

Danish watchdog could face EU inquiry over Danske Bank scandal

Denmark's Financial Services Authority (FSA) is bracing itself for a formal enquiry from the European Banking Authority over the money laundering scandal at Danske bank that was reported last week.

25 September 2018

News/Money Laundering

Banks bid to transform commodities trade finance with new blockchain platform

Some of the world's biggest banks, including Citi, MUFG and Societe Generale, have joined forces on a venture bidding to digitalise the trade and commodities finance sector through a blockchain-based open platform.

19 September 2018

News/Money Laundering

MPs urge UK government to regulate 'Wild West' crypto-asset market

The UK government should take action to regulate the "Wild West" crypto-assets market, says a group of senior MPs, arguing that with proportionate oversight the country could become a global centre for the fast-growing sector.

19 September 2018

News/Money Laundering

Danske Bank boss quits over money laundering scandal

The CEO of Danske Bank, Thomas Borgen, is to step down following allegations that the Danish bank laundered billions of mostly Russian cash through its Estonian branch.

19 September 2018

Company update/Money Laundering

Banks turn to tech innovation as global regulation continues to increase KYC complexity

The annual Accuity Financial Counterparty KYC Survey has revealed that 75 percent of senior compliance and correspondent banking professionals have encountered added complexity in interpreting and adhering to local legislation.

17 September 2018