Three major US banks make up half of 2020’s $11.39bn fine total
Together, Goldman Sachs, Wells Fargo, and JPMorgan Chase paid $7.85 billion of this total.
Compliance
Thoma Bravo buys majority stake in risk and reporting firm AxiomSL
AxiomSL’s services cover more than 110 regulators across 55 jurisdictions.
Silent Eight lands $9m to help firms tackle money laundering
The start-up says it has doubled its valuation in just over a year.
Morgan Stanley fined $60m for improper disposal of personal data
The OCC found examples in 2016 and 2019 of failure to oversee third party companies.
OCC issues $85m penalty to USAA Federal Savings Bank
Military-supporting lender found to have failed risk management.
Klarna under investigation by UK regulator for ‘unsolicited’ emails
The Information Commissioner’s Office (ICO) is investigating the claims.
FIMBank Malta taps Fiserv to improve financial crime risk management
Maltese bank to implement Fiserv AML Risk Manager.
Rabobank outsources regulatory reporting with BearingPoint
BearingPoint to take on a slice of Rabobank’s European reporting needs.
The intersection of digital identity verification and customer empowerment
Mobile onboarding must deliver an experience that is secure and friction-free.
Citi to pay $400m OCC fine for risk management failures
“The heavy lift will be the technology upgrade, which [the regulators] will micromanage.”
Banking Technology October 2020 issue out now
Educate, advocate, invest: It’s not enough for companies to pay lip service.
Sibos 2020: Victoria Harverson, global head of business development at SmartStream Air
She discusses SmartStream’s AI solution for data processing.
FCA to ban the sale of crypto-derivatives to retail customers
UK regulator aims to clamp down on products “ill-suited” to the public.
Sibos 2020: Industry has widespread “dissatisfaction” with transaction monitoring
Costs, compliance and confusion need to be solved by new technology, says panel.
Banks’ rapid digitalisation leaving compliance teams in “no man’s land”
Regulators need to understand the challenges facing compliance teams.
Why do some fintech start-ups experience high exec churn rates?
“Many founders enter the mindset that an hour lost is an hour gained by the competition”.
Westpac agrees to record AUD 1.3bn fine for AML failures
Australian bank on the receiving end of the country’s largest civil penalty.
White paper: Scalable, actionable anti-money laundering infrastructure
Open source AML solutions offer lower costs, rapid technology evolution, and broad community-based innovation.
OCC issues guidance on US banks’ stablecoin activities
The US regulator issues clarification for FIs dealing with crypto.
Report: What keeps AML & CFT professionals awake at night?
Do your peers share your compliance challenges and professional pains?
Revolut faces lawsuit in Romania over blocked account
Revolut faces 3,911 complaints so far this year, as compared to its 2,487 for the whole of 2019.
Leaked FinCEN files show banks allowed $2trn in suspicious transactions
Major leak of suspicious activity reports shows “mind blowing” scale of money laundering issues.
US regulator plans major refresh for AML laws
FinCEN wants to update the Bank Secrecy Act to reflect modern threats.
FCA calls for input on retail investment sector “not working as it should”
UK regulator wants input on how better to regulate the sector.
Hong Kong virtual bank Livi picks Wolters Kluwer for regulatory reporting
New bank wants OneSumX to cover its compliance.
FinovateFall 2020: making the cost of compliance work for you and against the fraudsters
Discover the key to undermining the ability of criminals to profit from cyber-fraud.
Caceis signs up with FIS to deploy new payment hub
The asset servicing firm aims for cross-border payments compliance.
GAO urges FDIC to stop examiners fishing for bank jobs
Congress’s investigative branch calls on bank regulator to do more.
Regulators’ “fast and furious” AML fines don’t tell the whole compliance story
FinTech Futures speaks to Fenergo’s Rachel Woolley about the rise in penalties.
US Department of Justice mulls changes to bank merger legislation
Any amendments would be the first for 25 years.
Banking Technology September 2020 issue out now
Tipping point: Google vs Oracle showdown.
The PRIIPs EU stalemate: the story so far
The fate of the current PRIIPS Key Information Documents (KIDs) remains uncertain.
To win the battle of banking, you need a digital war room
Here, banks can get visibility into every single process in their business as they actually behave.
Citigroup first US bank to snag Chinese custody licence
Citi China can now open up custodian banking services.
Risky business
Everyone will have a part to play, but the risk teams will set the tone for what comes next.
How government and businesses can protect minors online in a post-pandemic world
Any organisation that profits from selling age-restricted products and services should be held accountable.
How banks can balance UX and security amid a pandemic
How face-based biometrics and AI can deliver smooth digital onboarding and stamp out fraud.
ROSCA: Is there a potential for entering developed markets?
It matches the needs of rural households thanks to its simplicity and informal understanding.
Belgium investigates Credit Suisse over hidden accounts
It follows allegations that the bank helped 2,650 Belgians hide their accounts from tax authorities.
UK watchdog green lights $5.3bn Visa-Plaid deal
CMA finds no competition issues with Visa’s mega-deal.
