Money Laundering

449 articles tagged with this keyword

/crime

MAS to stop issuing $1000 note

The Monetary Authority of Singapore (MAS) is to discontinue the issuance of large denomination $1,000 notes in an effort to curb money laundering.

/regulation

Thoma Bravo agrees AxiomSL acquisition

Private equity firm Thoma Bravo has agreed to buy a controlling stake in cloud-enabled risk management and regulatory reporting technology outfit AxiomSL. Financial terms were not disclosed.

/crime

ECB monitors cyber resilience in face of Covid-19 threat actors

Appearing at Sibos 2020, Fiona van Echelpoel, deputy director general, ECB, dove into the biggest cyber threats facing financial services as the Covid-19 pandemic continues to unfold.

/devops

Sibos 2020: Let 'promiscuous' digital workers do the dirty (data) work

On day 3 of Sibos 2020, the conversation broached the weighty topic of tech execution, drawing links between the fundamental role of data in the ability of technology to reach its potential across financial services.

/regulation

UK banks struggle to spot signs of human trafficking in AML systems

Almost half of UK banks admit that they are not confident in their systems' abilities to identify signs of human trafficking amongst transactions, according to research from vendor BAE Systems.

/security

Sibos 2020: Women, internal hiring and escape rooms may solve the cyber resource problem

In a fast paced and solution-oriented presentation, Lucy Kerner, senior principal global cybersecurity evangelist and strategist, Red Hat, outlined a clear set of goals financial institutions can and should work toward in order to address cyber security weaknesses for ‘The cyber resource problem – is it totally unsolvable?’ on day 2 of Sibos 2020.

/crime

Barclays reports sharp rise in recruitment of young money mules

Criminals are targeting cash-strapped students to act as money mules, with the number of under-21s being recruited to launder money tripling in the past three years, according to figures from Barclays.

/regulation

Jumio buys Beam AML platform

AI-powered identity verification and KYC outfit Jumio has acquired the AML platform of Beam Solutions. Financial terms of the deal were not disclosed.

/regulation

Why Railsbank wants to make lemonade from the Wirecard fiasco

Could the purchase of Wirecard Card Solutions (WCS) by Railsbank be the perfect opportunity to drive regulatory change? Railsbank founder and CEO Nigel Verdon thinks so, but stability must come first.

/crime

Westpac hit with record fine for AML breaches

Australian bank Westpac has become the latest institution to fall foul of anti-money laundering rules after it was slapped with a record fine of A$1.3bn ($0.9bn) by the Australian regulator.

/crime

Finance employees deemed least trustworthy

Employees working in the financial services sector are 30% less trustworthy than colleagues in other sectors.

/crime

FinCen leaks throw doubt on banks' AML efforts

A remarkable leak detailing 17 years' worth of confidential transaction reporting has cast doubt on banks' anti-money laundering (AML) efforts by suggesting that leading banks continued to transfer money even when they knew it could be connected to fraud.

/crime

Fintech bids for Wirecard's Aus and NZ businesses

The break-up of the various international businesses of disgraced payments processing company Wirecard continues after it emerged that Australian payments firm Change Financial is set to buy its Australian and New Zealand businesses for $7.8m.

/payments

Visa faces EU scrutiny over digital wallet licencing rules

The European Commission has opened a preliminary investigation into Visa's rules regarding staged digital wallets.

/regulation

PRA challenges business models of new banks in consultation paper

In a recent consultation paper, the Prudential Regulation Authority (PRA) set out its proposed approach to the supervision of both new and growing non-system UK banks.

/crypto

US seizes bitcoin linked to terror groups

US authorities have seized millions of dollars in cryptocurrency linked to online terrorist financing campaigns involving Hamas, al-Qaeda and ISIS.

/crime

Bank AML fine values in 2020 already outstripping 2019

The world's banks are continuing to struggle in their obligations to combat financial crime, with AML fine values in 2020 already surpassing 2019 as firms are repeatedly sanctioned for the same failings, according to a study by Duff & Phelps

/regulation

Regtech kompany raises €6 million

Business verification and KYC regtech kompany has raised almost €6 million in a funding round led by Fairway Global Investment together with Global Brain.

/regulation

ComplyAdvantage raises $50m for financial crime platform

AI-based financial crime detection startup ComplyAdvantage has closed a $50 million Series C funding round to fuel its international expansion plans.

/people

Westpac hires new IT head

Australian bank Westpac has appointed former ANZ technology chief Scott Collary to lead the consolidation of its technology and operations division.