Money Laundering

449 articles tagged with this keyword

/regulation

AML startups Lucinity and Hummingbird raise funds

Lucinity, an anti-money laundering software startup founded by a former Citigroup compliance tech expert, has raised $6.1 million in funding. Separately, another AML outfit, Hummingbird RegTech, has closed a $8.2 million Series A round.

/people

Libra Association names Credit Suisse exec Daines chief compliance officer

As it looks to get regulators onside, the Libra Association has brought in Credit Suisse's head of financial crime compliance, Sterling Daines, as chief compliance officer.

/crime

Crypto crime reaches $1.4bn so far in 2020

Just under $1.4bn was stolen through various crypto-related scams in the first five months of 2020, according to a report from cyber security firm CipherTrace

/regulation

Westpac blames technology and human error for AML failure

Australian bank Westpac has blamed the failure of its anti money laundering (AML) processes on a mixture of technology and human error rather than any intentional wrongdoing, according to a report commissioned by the bank's former chairman Lindsay Maxsted.

/regulation

Swedish banks join forces to fight money laundering

The five largest banks in Sweden have teamed up with the country's police to launch an anti-money laundering initiative.

/payments

First Data agrees $40m FTC settlement

First Data Merchant Services and one of its former executives will pay more than $40.2 million to settle US charges that they knowingly processed payments and laundered, or assisted laundering of, credit card transactions for scams that targeted hundreds of thousands of consumers.

/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.