Money Laundering

443 articles tagged with this keyword

/regulation

ISX loses legal bid to suppress ASX reasons for share suspension

ISignthis, a provider of payment verification technology to help banks meets AML reporting obligations, has lost the first round its legal battle with the Australian Securities Exchange over the suspension of its shares, after a Federal Court over-ruled its attempt to prevent the ASX from outlining the reasons for its actions.

/crime

Learning from Swedbank: Scrutinise AML processes to prepare for 6AMLD

In a report released March this year, Swedbank was found to have carried out €37 billion of high-risk payments over a five-year period.

/identity

FATF promotes digital ID during Covid-19

With countries around the world in lockdown during the Covid-19 pandemic, the Financial Action Task Force (FATF) is promoting the use of digital identity technology to securely enable remote financial services onboarding and transactions.

/crime

Swedbank management savaged over money laundering failings

Swedbank's board and management have been savaged in a report from law firm Clifford Chance over serious money laundering failings between 2014 and 2019.

/regulation

FCA head of RegTech: Prioritise female hires across the industry

Francesca Hopwood Road, head of regtech at the FCA drilled down on how the hiring process structurally worked against the employment of females in regtech during the Regtech Women’s event ‘Cracking Communications: Be effective, be confident, be compliant’.

/regulation

Transformative regulation finds its feet in 2020

The true benefits and complexities of transformative regulation across financial services is set to become reality in 2020, as firms work to prepare and implement systems to meet compliance standards while maintaining a competitive edge.

/Money Laundering

FCA reports a drop in suspicious transactions

The number of suspicious transaction and order reports (STORs) recorded by the UK's Financial Conduct Authority (FCA) has reduced for the first time since records began in 2016

/Money Laundering

Euro agencies to develop blockchain forensics

Two defence agencies in Austria and France are joining forces to improve cryptocurrency security and tackle the rising rate of crime in the crypto market.

/regulation

FCA flags regulatory gaps and IT outages as key areas of focus

In its annual Sector Views report, the UK's Financial Conduct Authority warns of the growing risks to consumers in the retail banking and payments sector, as regulatory protection struggles to keep pace with technology-driven innovation and incumbents grapple with legacy limitations.

/payments

Swift gpi transferred $77 trillion in 2019

Almost doubling the $40 trillion transferred in 2018, Swift’s transmission of $77 trillion in cross-border payments messages over the gpi platform during 2019 implies that demand for the programme is becoming entrenched in the bank-to-bank space.

/crypto

Wells Fargo invests in crypto monitoring firm Elliptic

Wells Fargo has invested $5 million in Elliptic, a London-based cryptocurrency surveillance technology provider.

/regulation

ABN Amro joins $80m Fenergo funding round

ABN Amro has joined an $80 million funding round for Fenergo which values the Dublin-based fintech firm at about $800 million.

/regulation

FS firms hit with $36bn in AML, KYC and sanctions fines since financial crisis

Financial services firms have been hit with a total of $36 billion in fines since the financial crisis for non-compliance with anti-money laundering, know your customer and sanctions regulations around the world.

/crime

AML penalties skyrocket during 2019, doubling 2018 figures

A record number of AML-related fines were issued globally in 2019, totalling £6.2 billion in financial penalties at an average of $145.33 million per fine.

/regulation

RBI paves the way for remote customer onboarding

Indian banks and fintech startups have been given the go-ahead to use video calls to complete KYC compliance checks, following a ruling by the country's central bank.

/crypto

EU fires Libra warning

In the latest shot across the bow of Facebook's Libra project, European authorities are warning that no global stablecoin systems will be allowed to operate in the EU until legal, regulatory and oversight issues have been addressed.

/regulation

Ex-TransferWise staffers raise $2m for AML startup

Salv, an anti-money laundering (AML) startup founded by a gaggle of former TransferWise staffers, has raised $2 million in a seed round led by Fly Ventures.

/Money Laundering

NatWest's Bó forced to fend off fraudsters in early days

Bó, NatWest's new app-based bank has been actively targeted by fraudsters within weeks of its public launch.

/Money Laundering

Westpac hires Promontory to run AML review

Westpac has hired IBM subsidiary Promontory to undertake an independent review into the failings that led to the bank breaching AML/CTF laws on over 23 million occasions.

/Money Laundering

Westpac chief Hartzer quits over money laundering scandal

Westpac CEO Brian Hartzer has resigned and chairman Lindsay Maxsted has announced his early retirement in the wake of a money laundering scandal that is threatening to engulf the Australian bank.