Latest Financial Crime News: Finextra Research

Crypto crime reaches $1.4bn so far in 2020

Just under $1.4bn was stolen through various crypto-related scams in the first five months of 2020, according to a report from cyber security firm CipherTrace

04 June 2020

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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.

29 May 2020

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Featurespace raises £30 million to fight financial crime

Financial fraud fighting outfit Featurespace has raised £30 million from a funding round led by Merian Chrysalis Investment and supported by existing investors.

13 May 2020

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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.

01 May 2020

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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.

20 April 2020

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Banks should be cautious with use of AI in cybersecurity

Cybersecurity technology is rapidly evolving and adapting to changing threats thanks to machine learning. However, AI is just one part of handling cyber threats, and financial institutions should be cautious about placing full reliance on it.

06 April 2020

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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.

02 April 2020

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Swedbank management savaged over money laundering failings

Swedbank's board and management have been savaged in a report from law firm Clifford Chance over serious money laundering failings between 2014 and 2019.

23 March 2020

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US charges Chinese nationals with helping North Korea launder stolen cryptocurrency

North Korean hackers stole around $250 million in cryptocurrency from an exchange and then enlisted Chinese nationals to help launder more than $100 million of it, say US authorities.

04 March 2020

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DIFC and Mashreq invite banks to join blockchain-based KYC utility

Dubai International Finance Centre and Mashreq Bank are inviting other banks in the region to join a blockchan-based KYC data sharing coalition after running the first live transactions to support licensed businesses and corporates opening digital bank accounts instantly.

03 March 2020

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Piercing the LIBOR veil: Concern brews over looming deadline

While financial institutions across the market remain outwardly confident about their LIBOR transition strategy, uncertainty continues to surround the feasibility of achieving the migration within proposed deadlines.

02 March 2020

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FCA reports a drop in suspicious transactions

The number of suspicious transaction and order reports (STORs) recorded by the UK's Financial Conduct Authority (FCA) has reduced for the first time since records began in 2016

28 February 2020

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