Anti-Money Laundering/AML


Compliance Titans: Jeff Ross, Green Dot Corp.

Nearly a decade after jumping from the public to the private sector, Green Dot’s Jeff Ross remains as enthused as ever by the new challenges and complexities he faces every day as compliance head for one of the biggest players in an industry with a constantly shifting regulatory landscape and technology that’s advancing at a breakneck pace.

Sterling Bank and Trust signs for iFinancial BankWare core system

Sterling Bank and Trust, a new bank in the Bahamas, has selected the BankWare core system from UK-based International Financial Systems’ (iFinancial). The bank will be using the multi-currency accounting, exposure management, current accounts, deposits, loans, payments, and Swift modules from the BankWare portfolio of retail and wholesale banking solutions. The bank is part of […]

People on the Move: A.J. Koehn, Urban FT

A.J. Koehn has joined Urban FT Inc., a digital payments platform provider and 2017 Pay Awards winner for Startup of the Year, as its new senior vice president of compliance and program management.

Compliance Titans: Jani Gode, Payoneer

Jani Gode’s knowledge of payments compliance reaches to parts of the globe that are about as far away from the small Minnesota farm where she grew up as you can get. Gode leads the global compliance program as chief compliance officer at Payoneer, an online payments company founded in 2005 that enables businesses to send and receive cross-border payments.

Former MoneyGram Compliance Chief to Pay $250,000 Fine

A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.

A vaccination for financial crime

ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?

Proposed M-Wallet Rules Don’t Hinder Samsung Pay Launch

While the Indian government works toward a digital economy, the Reserve Bank of India is soliciting feedback through March 31 on guidelines for prepaid payment instruments that could adversely affect issuers of prepaid products, including mobile wallets.

BNP Paribas Securities Services invests in fintech start-up Fortia

BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.

Money rolls

Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!

Deutsche Bank bans texting and messaging apps on work phones

No more texting or using messaging apps such as WhatsApp on company issued phones, Deutsche Bank tells its employees. According to a memo issued by COO Kim Hammonds and chief regulatory officer Sylvie Matherat, the functionality will be switched off this quarter.

E-book: Regulatory compliance for banks – using data to unblock the road ahead

Your bank faces more competitive pressures than ever before. Regulations nowadays regularly cost financial institutions billions. You know this. What may be unclear is how IT can help, not hinder, your competitive position. As data becomes the roadblock for compliance, so too it can become your competitive advantage. The latest techniques for handling compliance processes […]

Dassault Systemes unveils seven finalists for KYC/AML start-up challenge

French software firm Dassault Systemes has named the seven finalists for its “3D FinTech Challenge” 2016 to address anti-money laundering (AML) and Know Your Customer (KYC) issues. This is its fourth annual accelerator programme in collaboration with senior finance executives, regulators and “influencers”. As Banking Technology reported in August, Dassault Systemes invited start-ups to apply. […]

Top fintech stories this week – 14 October 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard to buy French payment firm Stet? EXCLUSIVE. Payments processor could be a target. Brooks Macdonald puts IT revamp with Third Financial on hold EXCLUSIVE. All freeze for wealth management firm. Banks behaving badly in Singapore Monetary Authority […]

IBM Watson learns compliance in Promontory purchase

IBM plans to acquire Promontory Financial Group, a risk management and regulatory compliance consulting firm, to boost IBM Watson’s cognitive technology. Upon close of the deal, Promontory’s employees will train Watson, which will learn by “continuously ingesting regulatory information as it is created and through interaction in real-world applications”. Bridget van Kralingen, senior vice-president, IBM […]

Dassault Systemes launches KYC/AML challenge for start-ups

French software firm Dassault Systemes is inviting start-ups to apply to its “3D Fintech Challenge” to address anti-money laundering (AML) and Know Your Customer (KYC) issues. As part of its overall 3DExperience Lab initiative, the seven-week programme will identify and help nurture six start-ups that can provide systemic warnings and a 360-degree view of customer/support […]

Correspondent banking faces ‘existential crisis’ warns PwC

De-risking, motivated by short-term risk-reward calculations, should not be allowed to kill off one of the cornerstones of the global financial system. Rather than abandon correspondent banking relationships, banks should be thinking about investing in and automating their risk controls, according to a new whitepaper by PwC.

The emerging threat of trade-based money laundering in trade finance

Money laundering is a global phenomenon, evident in many parts of the world. Techniques have ranged from simple bulk cash movements across borders to more sophisticated techniques hidden in trade transactions. As trade between the Middle East and the rest of the world continues to grow, the threat of trade based money laundering becomes more […]

Italian Financial Police round up money-laundering gang

The Italian Financial Police (Guardia di Finanza), supported by Europol, arrested 10 members of a transnational criminal group yesterday. The criminals, mainly Nigerian citizens, were involved in laundering the proceeds of online fraud, amounting to more than €2.5 million.

Swift adds peer assessment to sanctions service

Swift has added peer assessment to its Sanctions Testing service. An optional service it will allow financial institutions to compare the performance of their sanctions filters against those of other participating institutions.

The media as a source of reputational protection, rather than risk

For better or worse, financial institutions are more risk averse than ever. This is the direct result of continuing and growing regulatory scrutiny over a broad range of activities, including the compliance of financial institutions in areas such as international sanctions, the prevention of money laundering, the funding of terrorism or the facilitation of tax evasion.

Fines drive data to top of banks’ AML concerns

Market participants are worried about data and are deeply concerned about their ability to monitor transactions following a string of major fines to global financial institutions, according to a new report by NICE Actimize.

Money laundering moving to RMB as US cracks down

Money launderers will increasingly move away from the US dollar to the renminbi as US authorities continue to crack down on international banks’ AML systems. The shift will have consequences for London’s aspirations to become a global centre for RMB clearing and settlement.

Survey: KYC action plans 2014

Looked at from a data perspective, many new regulations have overlapping requirements that come back to customer data. Banking Technology joined forces with Markit І Genpact KYC Services and regulatory specialist JWG to look at how firms are approaching the challenges this poses.

Swift boosts collaboration push with Financial Crime Compliance unit

Swift has created a dedicated Financial Compliance Services unit to manage a growing number of service offerings. The new unit will focus initially on the development of a Know Your Customer Registry planned for launch later this year as well as the integration and development of existing services.

FATCA, IGAs and AML Technology

After a long wait, the first real FATCA implementation deadlines are just around the corner. To meet the new account identification requirements, by 1 January 2014, institutions should be in the process of implementing the necessary upgrades in their onboarding and overall compliance systems and processes.

How high? Re-setting the KYC bar

Regulators are busy raising the bar for KYC systems and controls. With conflicting purposes and customer data objectives, new guidance and industry solutions are needed in 2014

Indonesian bank BCA adopts Nice Actimize AML tools

Indonesian bank PT Bank Central Asia Tbk has adopted an anti-money laundering toolkit from specialist security firm Nice Actimize, to help the bank monitor for suspicious market activity and ensure regulatory compliance.

Western Union: Expanding on all fronts

As the global payments markets changes, Western Union has plans to change with it. Massimiliano Alvisini, regional director UK, Ireland & Nordics explains how and why.

Financial crime: compliance and failure

Banks worldwide have been struggling in the battle against financial crime. Recent high-profile examples demonstrate that the rate of anti-money laundering compliance enforcement is continuing to rise.

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