Silent Eight lands $9m to help firms tackle money laundering
The start-up says it has doubled its valuation in just over a year.
Regulation
Enveil CEO: Fragmented AML regulation creates “Russian doll effect”
Williams likens it to the “Russian doll effect”.
Video: Top fintech stories this week – 16 October 2020
FinTech Futures’ weekly news round-up.
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.
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: Industry has widespread “dissatisfaction” with transaction monitoring
Costs, compliance and confusion need to be solved by new technology, says panel.
Daily News at Sibos 2020
Download your free copy of the Sibos supplement today!
Video: Top fintech stories this week – 02 October 2020
FinTech Futures’ weekly news round-up.
US associations go after OCC’s payments charter in critical letter
The OCC is currently in the swings of introducing another special purpose national bank charter.
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”.
Crypto exchange Gemini launches in UK armed with EMI licence
UK customers can now make GBP deposits to fund their Gemini account.
The shifting ground of payments: are banks and SMEs aligned?
It’s safe to assume that in time, every business and consumer will expect immediate settlement as a norm.
Video: Top fintech stories this week – 25 September 2020
FinTech Futures’ weekly news round-up.
FinCEN Files: Legacy technology “not up to the challenge” to tackle AML
Changes could be needed on both sides to prevent another FinCEN Files.
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?
WeChat transactions ban blocked by US judge
Issues over First Amendment rights causes US magistrate to block US ban.
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.
Swift unveils expansion plans to “fundamentally transform” transaction management
The interbank network plans to revamp the way transactions are processed.
Video: Top fintech stories this week – 11 September 2020
FinTech Futures’ weekly news round-up.
Federal Reserve demands clarity on US banks’ diversity efforts
The Fed is working with other financial regulators to boost responsiveness.
JP Morgan fires staff for COVID-19 relief funds fraud
The largest bank in US clamps down on suspicious staff activity.
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.
Small challenger Jiko buys Minnesota bank
Instead of sitting in deposits, Jiko customer money sits in Treasury Bills.
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.
ROSCA: Is there a potential for entering developed markets?
It matches the needs of rural households thanks to its simplicity and informal understanding.
Nasdaq proposes IPO alternative to raise funds
Nasdaq’s proposal to the SEC pushes for alternative routes to the public markets.
Why the world needs synchronised timing
The value of timing provides the opportunity to bolster the very fabric of our vital infrastructure.
TD Bank pays $122m for obscuring overdraft penalties
US bank charged by CFPB for anti-consumer practice.
Scotiabank pays over $127m for commodities price manipulation
It also faced charges of compliance and supervision failures.
The revolution will be regulated
When it comes to digital adoption, the regulator has been the biggest driver of change in the more mature markets.
Wells Fargo compliance chief Mike Roemer steps down
The major US bank is undergoing a risk restructure.
