Latest Financial Crime News: Finextra Research

Swift Community Update: Focus on financial crime compliance

Tackling financial crime, and ensuring compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations remains one of the biggest overall challenges for the financial services community.

19 November 2020

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Nasdaq to acquire anti-financial crime group Verafin for $2.75 billion

Nasdaq is to acquire anti-financial crime group Verafin for $2.75 billion, accelerating the US exchange's evolution into a Saas technology provider.

19 November 2020

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ING-owned Payvision branded as the "Netherlands Wirecard" by EFRI

The European Funds Recovery Initiative (EFRI) is seeking €7 million in restitution for victims of boiler room scams which were processed by ING-owned Payvision, a company the Viennese not-for-profit brands as the "Netherlands Wirecard".

10 November 2020

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MAS to stop issuing $1000 note

The Monetary Authority of Singapore (MAS) is to discontinue the issuance of large denomination $1,000 notes in an effort to curb money laundering.

03 November 2020

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EBAday 2020: Fraud and cybersecurity - hitting the moving target

The COVID-19 pandemic has led to increased challenges for financial institutions who had to react quickly to the situation, with employees working remotely and increased communication taking place digitally.

23 October 2020

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Thoma Bravo agrees AxiomSL acquisition

Private equity firm Thoma Bravo has agreed to buy a controlling stake in cloud-enabled risk management and regulatory reporting technology outfit AxiomSL. Financial terms were not disclosed.

19 October 2020

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ECB monitors cyber resilience in face of Covid-19 threat actors

Appearing at Sibos 2020, Fiona van Echelpoel, deputy director general, ECB, dove into the biggest cyber threats facing financial services as the Covid-19 pandemic continues to unfold.

09 October 2020

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Regulators lose patience with Citi over risk management flaws

Federal regulators have slammed Citigroup for failing to correct deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls, hitting the bank with a $400 million fine and cease and desist order.

08 October 2020

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Sibos 2020: Is 'Ransomware-as-a-Service' a symptom of innovation?

Drilling down into the biggest threats facing financial services during Covid-19, industry heavyweights provide their perspectives on the changing face of cyber threats and where our biggest vulnerabilities reside during day 3 of Sibos 2020.

07 October 2020

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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.

07 October 2020

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Ransomware victims who pay up could face fines of up to $20m

Companies traumatised by ransomware could face fines of up to $20 million if they pony up to extortionists already listed on financial crime sanctions lists, the US Treasury Department has warned.

02 October 2020

/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.

01 October 2020

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