Latest Money Laundering News: Finextra Research

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.

28 November 2019

News/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.

26 November 2019

News/regulation

Regtech Tookitaki raises $19.2m

Singapore-based, AI-powered regtech startup Tookitaki has topped up its Series A funding round to a total of US$19.2 million.

25 November 2019

News/regulation

Westpac faces hefty fines for breaching anti-money laundering rules

Westpac could face unprecedented civil penalties, having been accused of contravening AML/CTF laws on over 23 million occasions by Australia’s anti money-laundering and terrorism financing regulator, Austrac.

20 November 2019

News/regulation

PayPal invests in cryptocurrency compliance startup TRM

PayPal has joined a $4.2 million funding round for cryptocurrency compliance and risk management platform TRM Labs.

19 November 2019

News/Money Laundering

Russian accused of running carding forum extradited to US

A Russian man accused of running a website selling stolen payment card details has been extradited from Israel to the US.

15 November 2019

News/regulation

Standard Chartered invests in regtech startup Silent Eight

Standard Chartered’s innovation, fintech and ventures unit, SC Ventures, has participated in a Series A funding round for regtech Silent Eight.

14 November 2019

News/Money Laundering

The CIO’s blueprint for streamlining digital business agreements

80% of financial institutions will become irrelevant by 2030 due to their inability to compete with digitally-savvy rivals, according to research by Gartner.

13 November 2019

News/Money Laundering

Will trust woes undermine Open Banking under PSD2?

In a roundtable discussion held Wednesday in London hosted by digital payments firm PPRO, industry leaders met to explore the impact PSD2 has imposed on key players in Open Banking and the changes needed to achieve the regulation’s objective in 2020 and beyond.

06 November 2019

News/Money Laundering

OneCoin scam renews calls for crypto regulation

The trial of crypto scam OneCoin's lawyer has renewed calls for robust regulation of cryptocurrency to address weaknesses of "human failure and human criminality".

06 November 2019

News/regulation

FATF zeroes in on digital ID as key to AML compliance

Issuing a draft Guidance Paper last week, the Financial Action Task Force (FATF) urges financial institutions to ready themselves for the impending global expansion of digital identification systems.

04 November 2019

News/regulation

Regtech zooms in on the severe penalties of 6AMLD

The European Union’s Sixth Anti-Money Laundering Directive (6AMLD) is due to take effect on 3rd December 2020 and brings with it a suite of substantial penalties for non-compliance. Here’s what you need to be aware of in the run up to the fast-approaching deadline.

25 October 2019

News/regulation

Global stablecoins pose monetary sovereignty risk - G7 working group

Global stablecoins, such as Facebook's Libra, pose risks to financial stability, anti-money laundering efforts, anti-trust policy, and even monetary sovereignty, a new G7 working group has warned.

18 October 2019

News/Money Laundering

Incumbents vs neobanks: Leverage new technology or risk crumbling

Financial institutions are focusing heavily on digital transformation driving innovation, better customer experience and cost reduction as they shift gears from simply meeting regulatory and compliance needs to remain relevant in a digital world.

20 September 2019

News/Money Laundering

Dutch banks join forces to tackle money laundering

Five of the biggest banks in the Netherlands are looking into the creation of a joint body to monitor payment transactions and fight money laundering.

18 September 2019

News/security

Cyber-crime best tackled by international co-operation

Joining day two of the World Conference of Banking Institutes, Ian Dyson - Commissioner of the City of London Police addresses the challenges of cyber-crime in this period of digital disruption. In addition to the uncertainty surrounding Brexit and the potential no-deal outcome, the question of balancing privacy with data protection remains a critical priority for financial institutions in 2019.

18 September 2019

News/Money Laundering

Chinese official voices digital coin plans

More details have emerged around China's plans to issue its own digital coin following a lecture given by a senior official at the central bank.

06 September 2019

News/Money Laundering

Singapore to accept first digital bank applications

Two months after announcing plans to issue digital banking licences, the Monetary Authority of Singapore (MAS) is set to accept the first applications.

29 August 2019

News/Money Laundering

Aussie regulator turns to tech in new strategy

Australia's capital markets regulator has vowed to expand its use of new technology and behavioural data as part of a strategic plan to strengthen its enforcement.

28 August 2019

News/regulation

Indonesian regulator OJK shuts down 826 fintechs – Bloomberg

The Indonesian Financial Services Authority, known as OJK, has shuttered a staggering 826 fintech startups operating without a license in this year alone, despite the increased appetite for the industry in the Southeast Asian nation.

02 August 2019