Danske Bank talking to US over €200bn money laundering case
Department of Justice would like to ask some questions.
Anti-Money Laundering/AML
Arachnys gets $10m funding in its web
The regtech’s funding was led by QED.
How is AI transforming financial institutions?
Artificial intelligence is set to become central to the fabric of institutions.
PwC acquires FSCom’s regtech solution
Consultancy firm now owns KYC-Pro.
Live chat in banking: recording conversations for compliance
Live chat offers a flexible, transparent and secure tool for recording customer conversations.
Danske Bank’s CEO resigns over money laundering crisis
Related to €200 billion in possible money laundering in Estonia.
No mystery as BB&T invests $5m in data firm Enigma
This is BB&T’s first outlay of its $50m fintech commitment.
Euro banking watchdog gets anti-money laundering bite
Oh European Banking Authority, what big teeth you have!
Abu Dhabi regulator tightens up funding rules
ADGM also teams with Beijing-based firm for Belt and Road initiative.
IdentityMind unveils regtech webstore
Will let companies integrate compliance and regulatory technologies into their solutions.
Financial crime fighters unleash intelligence sharing platform in UK
Acronyms assemble! PIMFA and FCI launch PIMFA-AECIS platform.
Switzerland relaxes AML rules for small fintech firms
For companies with gross revenues of less than CHF 1.5m ($1.53m).
Big data start-up Quantexa raises $20m for big plans
Series B funding round led by Dawn Capital.
Welsh KYC firm W2 Global Data raises £1.25m funding
Company also provides AML and fraud prevention solutions.
Accuity safely acquires Safe Banking Systems
With SBS it gets KYC and AML solutions.
Fortytwo Data upgrades entity screening platform
Sanction Screening Augmentation platform gets augmented.
Cyber solution provider ThetaRay gets $30m funding
Investment takes company’s total equity capital to more than $60 million.
Blockbid teams turns to LexisNexis for AML compliance
Blockbid shoring up its AML safeguards by turning to LexisNexus Risk Solutions’ ThreatMetrix.
Temenos on M&A trail to grow US business
Anti-money laundering (AML), fraud and wealth management are the focus areas.
US sanctions impact on Hong Kong fintech
The stakes could not be higher.
Bank of Ceylon combats financial crime with CustomerXPs’ tech
Sri Lankan bank has signed for Clari5 real-time AML solution.
NICE Actimize brings AI tech to financial crime investigation
NICE Actimize has launched an artificial intelligence (AI) enabled investigation management system.
FATF inspects UK’s defences against terrorist financing and money laundering
The Financial Action Task Force (FATF) is on the UK soil putting the country through its paces.
Eastern Caribbean Central Bank to pilot blockchain tech with Bitt
A fintech pilot using blockchain tech to be carried out in the ECCB eight member countries.
Onfido to provide digital ID verification tech to Bitstamp
Onfido has been selected by Bitcoin exchange Bitstamp to provide its ID verification during onboarding.
Meed leverages ID verification tech from Jumio to serve the underbanked
Identity verification tech provider Jumio has teamed up with California-based fintech Meed.
Top fintech stories this week – 22 December 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Online security and user experience: finding the balance
Recent hacks and data breaches have shown that cybercriminals are tenacious, smart and well resourced.
EU sets in motion rules to tackle cryptocurrency money laundering
Plans to apply tighter rules to prevent money laundering and terrorism financing on cryptocurrency exchange platforms.
Al Salam Bank Seychelles selects iFinancial’s AMLtrac solution
Al Salam Bank Seychelles (ASBS) has chosen International Financial Systems’ (iFinancial) anti-money laundering (AML) solution, AMLtrac, as it plans to introduce domestic banking services for local and regional SMEs and corporates. As part of that planned expansion, ASBS, an offshore financial institution, has selected the know your customer (KYC) and document management, account monitoring, transaction […]
HPE adding AI to data centres with Nimble acquisition
Earlier this year, Hewlett Packard Enterprise (HPE) went on an acquisition spree meant to help the company improve its standing in the data centre market with products to address a range of issues customers faced as they moved to the cloud, reports Enterprise Cloud News (Banking Technology’s sister publication). Now, one of those deals is […]
OCBC Bank takes AI-m at financial crime
When crime comes calling OCBC Bank won’t be bawling as it has turned to artificial intelligence (AI) and machine learning (ML) for the big fight. The Singapore-based bank says: “On any one typical work day, an OCBC Bank anti-money laundering (AML) compliance analyst would log into the bank’s transaction monitoring system and find up to […]
The changing face of financial crime compliance
Paul Taylor of Swift’s Financial Crime Compliance Services Division discusses the evolving compliance landscape and the critical role of technology in helping the industry come together as a whole to combat financial crime.
Correspondent banking: it takes two to tango
The global correspondent banking network is under pressure in several countries as some financial institutions close relationships. While financial inclusion continues to climb the agenda of regulatory authorities and financial institutions pledge their support, the de-risking taking place in correspondent banking threatens to scupper inclusion.
De-risking in trade finance: time to act
As financial authorities express concern about de-risking in correspondent banking, a similar phenomenon is emerging in trade finance, driven by the high costs of KYC compliance.
KYC Registry aligns with Wolfsberg DDQ
Swift is aligning its KYC Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for correspondent banks. First issued in 2004, the DDQ was updated in response to regulatory pressure.
Regtech to the rescue
Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?
Infographic: Common Reporting Standard (CRS) – a year on
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA related global tax transparency regulations.
OCBC Bank, HSBC and MUFG in KYC blockchain breakthrough
OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), has become the “first consortium” in South East Asia to complete a proof of concept for a know your customer (KYC) blockchain. The parties say the development “raises the possibility” of using blockchain to make KYC “more efficient […]
Payments: where have all the correspondents gone?
At the recent G20 meeting in Germany, Financial Stability Board (FSB) briefed leaders on its efforts to arrest the decline in correspondent banking relationships. FSB also presented the results of a survey of more than 300 banks in 50 countries, supplemented by Swift payments data, which showed that the number of correspondent banking relationships continues to decline globally.
