FCA places embattled Metro Bank on financial crime watchlist as rescue deal continues
Its position on the watchlist was revealed last week via the release of a 217-page dossier outlining a rescue deal for the bank.
Anti-Money Laundering/AML
Saudi Awwal Bank taps Mastercard to fight financial crime with AI
The bank is adopting Mastercard’s transaction risk management technology to tackle payment fraud.
Global enforcement fines rise to $5.65bn in Q3 2023
The first two quarters of this year saw global enforcement fines amount to $1.5bn and $2.27bn, respectively.
N26 to cease operations in Brazil within the next two months
The challenger bank wants to focus its efforts on its “core markets”, namely Germany, France, Spain and Italy.
Regtech Qomply hires former FCA regulator as director of transaction reporting
The company describes Sophia Fulugunya as “a front-line expert in transaction reporting”.
JP Morgan Payments taps Trulioo for personal and business ID verification
JP Morgan Payments will leverage Trulioo’s person match and identity document verification services.
Al Rayan Bank goes live with Confirmation of Payee solution from obconnect
The PRA directed the bank last year to instate a CoP system by 31 October 2023.
US Federal Reserve Board slaps $14.5m fine on Metropolitan Commercial Bank
The Board alleges that the bank violated customer identification rules.
How the UK’s FCA is set to scrutinise banks’ treatment of PEPs with new review
Dr Henry Balani of Encompass Corporation discusses the impact of the review on the UK banking system.
Generali Investments’ holding company taps Fenergo for AML compliance
Through the partnership, Generali Investments Holding will utilise Fenergo’s client lifecycle management solution.
Video: ComplyAdvantage at Sibos 2023 – Financial crime risk management
We chat with Andrew Davies of ComplyAdvantage about what’s shaping the financial crime landscape in banking.
Puerto Rico’s Arival Bank names Nishi Gupta as chief compliance officer and general counsel
Gupta joins Arival Bank from US-based consumer fintech company Eco, where he served as head of compliance.
Video: DTCC at Sibos 2023 – Cybersecurity and the evolving threat landscape
We speak with Jason Harrell of DTCC about the emerging cyber threats financial institutions should be prepared for.
Lithuanian P2P lending platform Savy taps Amlyze for compliance solutions
Bendras finansavimas, the operator of Savy, is expected to utilise all of Amlyze’s core modules.
PSP NomadRem taps regtech iDenfy for ID verification and AML screening
The payment service provider is to deploy the regtech’s solutions to enhance its customer onboarding processes.
Kazakhstan fintech Freedom reportedly under investigation by SEC, DOJ
According to documents seen by CNBC, the SEC’s Boston office has been investigating Freedom for months.
AI: Will it help or hinder compliance?
AI can’t replicate human nuance nor can it fully comprehend the human motivations for committing fraud.
Visa taps US security operations provider Expel for MDR capabilities
Expel’s managed detection and response (MDR) solution claims to reduce alert-to-response times “to minutes”.
Lloyds Bank taps digital identity firm Yoti for “reusable” digital identity app
The launch comes seven months after Lloyds Banking Group made a £10 million investment in Yoti.
Revolut reportedly in talks with the UK’s FCA over AML failures
The fintech reportedly allowed funds to be released from accounts which were flagged as suspicious by the National Crime Agency (NCA).
GenAI: friend or foe in fraud risk management?
While tech advancements are made with the best intentions to improve our lives, criminals can also use it to their own benefit.
FinTech Futures: Top five stories of the week – 29 September 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
US Treasury Department enlists JP Morgan for account validation services
The department claims to have suffered $247 billion in financial losses last year due to “improper payments”.
GoTyme Bank taps Nice Actimize to fight financial crime
The bank aims to leverage Nice Actimize’s AI and analytics solutions in order to prevent financial crime and fraud.
SEC hands $25m penalty to Deutsche Bank subsidiary for AML violations and ESG “misstatements”
DWS Investment Management Americas Inc. has agreed to pay the penalty without admitting or denying the SEC’s charges.
Lithuanian credit union group Kreda taps Amlyze for AML and compliance services
It is the fifth industry partnership for Amlyze this year and succeeds its $1 million pre-seed funding round in May.
Onfido appoints Daniel Keller as chief technology officer
Keller joins Onfido from Europe’s Visable Group, where he served as CTO for over six years.
Sibos readies the industry to unlock the full force of AI
A variety of compelling panels led the event’s narrative on one of this year’s most trending topics.
Sibos 2023: The era of instant payments – global banks must turn to the latest technology
Innovative technologies are bringing the future of payments forward for banks.
FinTech Futures: Top five stories of the week – 15 September 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Bonifii’s new identity credential completes pilot with Lone Star Credit Union
The product is now expected to be offered to more credit unions and banks in the US.
Digital ID firm Signicat names Michel van den Bogaard as CFO
Based in Signicat’s Rotterdam office, van der Bogaard will lead a team of more than 35 people.
ICYMI fintech funding round-up: GenTwo, Momnt, myZoi, Treyd, Firstcard & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Israel’s ThetaRay secures $57m to accelerate global expansion
With the fresh investment, ThetaRay plans on expediting its international expansion “across continents”.
How the UK is making the fight against financial crime more connected than ever
The Economic Crime and Corporate Transparency Bill could revolutionise how the UK fights financial crime.
Heather Gantt-Evans joins Marqeta as chief information security officer
US Army Reserves veteran Gantt-Evans will lead the firm’s global corporate and product security strategies.
Video: What’s the next big thing in fintech?
We ask three experts what they think could be the next big thing that will completely transform the industry.
FinTech Founders Video: Anandhi Dhukaram, Esdha
Dr Anandhi Vivek Dhukaram PhD drops the advice she would give herself if she could go back to when she founded Esdha.
FullCircl reinforces compliance suite with W2 Global Data Solutions acquisition
Under the terms of the deal, W2 will now trade as ‘W2 by FullCircl’.
FinTech Futures: Top five stories of the week – 18 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
