Latest Financial Crime News: Finextra Research

Westpac hit with record fine for AML breaches

Australian bank Westpac has become the latest institution to fall foul of anti-money laundering rules after it was slapped with a record fine of A$1.3bn ($0.9bn) by the Australian regulator.

24 September 2020

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Finance employees deemed least trustworthy

Employees working in the financial services sector are 30% less trustworthy than colleagues in other sectors.

23 September 2020

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UK's Tech Nation announces latest fintech cohort

Thirty one UK scaleups have been selected to participate in the third cohort of Tech Nation's fintech programme.

23 September 2020

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FinCen leaks throw doubt on banks' AML efforts

A remarkable leak detailing 17 years' worth of confidential transaction reporting has cast doubt on banks' anti-money laundering (AML) efforts by suggesting that leading banks continued to transfer money even when they knew it could be connected to fraud.

21 September 2020

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Fintech bids for Wirecard's Aus and NZ businesses

The break-up of the various international businesses of disgraced payments processing company Wirecard continues after it emerged that Australian payments firm Change Financial is set to buy its Australian and New Zealand businesses for $7.8m.

14 September 2020

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How to combat payments fraud with machine learning in the cloud

Financial services customers are operating with faster speed and greater agility in the payments space, now more than ever with the incremental volume of card-not-present transactions, accelerated adoption of contactless payments, and new financing options at the point-of-sale, among other key trends.

11 September 2020

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US warns North Korean hackers are back

US authorities are warning that a North Korean-controlled hacking team called the BeagleBoyz has stepped up its attacks on banks around the world, attempting multiple fraudulent money transfers and ATM cash outs.

27 August 2020

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US seizes bitcoin linked to terror groups

US authorities have seized millions of dollars in cryptocurrency linked to online terrorist financing campaigns involving Hamas, al-Qaeda and ISIS.

13 August 2020

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Trading firm Virtu sues insurer over $6.9m scam loss

Electronic trading outfit Virtu Financial is suing its insurer for refusing to cover a $6.9 million loss suffered in a hacking scam.

12 August 2020

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Bank AML fine values in 2020 already outstripping 2019

The world's banks are continuing to struggle in their obligations to combat financial crime, with AML fine values in 2020 already surpassing 2019 as firms are repeatedly sanctioned for the same failings, according to a study by Duff & Phelps

10 August 2020

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Bank of Ireland fined for cyber security failings

Ireland's Central Bank has imposed a €1.66m fine on Bank of Ireland (BoI) for a regulatory breach that saw one of its subsidiaries transfer more than €100,000 to a hacker that had illegally accessed a client's email account.

29 July 2020

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Wirecard scandal signals EU regulatory overhaul

European Union officials have suggested that there will be changes in the supervision of fintech firms in the wake of the £1.8bn accounting scandal at German payments firm Wirecard.

27 July 2020

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