Money Laundering

449 articles tagged with this keyword

/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.

/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.

/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.

/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.

/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.

/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.

/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.

/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.

/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".

/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.

/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.

/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.

/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.

/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.

/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.