Money Laundering

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/ai

Formica AI tackles financial fraud

Developed entirely by Turkish engineers, Formica AI has become a leader in Turkey and the nearby geography in areas such as fraud detection and prevention, AML, KYC, internal audit and compliance with legal regulations.

/crime

IDB Bank signs with ThetaRay for financial crime compliance

ThetaRay, a global leader in Cognitive AI Financial Crime Compliance and IDB Bank, a New York-based private and commercial bank, have announced a strategic partnership.

Block hit with $255m in penalties over Cash App failings

/regulation

Block hit with $255m in penalties over Cash App failings

Block has been ordered to pay a combined $255 million by state regulators and the CFPB over AML and fraud failures connected to the Cash App.

Google fund invests in KYB verification startup Arva AI

/ai

Google fund invests in KYB verification startup Arva AI

Google's early-stage AI fund has led a $3 million seed round for Arva AI, a startup that helps banks and fintechs automate AML and KYB compliance.

/people

AML RightSource appoints Steve merink as CEO

AML RightSource, the global leader in financial crime compliance solutions, today announced the appointment of Steve Meirink as the company’s new Chief Executive Officer, effective immediately, and that he has been named to the Board of Directors.

Chainalysis buys AI fraud detection firm Alterya

/ai

Chainalysis buys AI fraud detection firm Alterya

Blockchain analysis giant Chainalysis has acquired generative AI-powered fraud detection startup Alterya.

/regulation

OCC hits Bank of America with cease and desist order over sanctions screening violations

The Office of the Comptroller of the Currency (OCC) today issued a cease-and-desist order (order) against Bank of America, N.A. (bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs.

AML firm Themis raises £7.25m

/ai

AML firm Themis raises £7.25m

Financial crime prevention platform Themis has raised £7.25 million in scale-up funding.

Klarna fined $50 million over AML violations

/payments

Klarna fined $50 million over AML violations

Klarna has been fined Skr500 million ($50 million) by Sweden’s Financial Supervisory Authority, for anti-money laundering defects.

ThetaRay partners Microsoft for GenAI financial crime detection suite

/ai

ThetaRay partners Microsoft for GenAI financial crime detection suite

ThetaRay has integrated with Microsoft Azure OpenAI Service to develop a GenAI financial crime detection suite.

/regulation

Creand Crèdit Andorrà to upgrade AML kit with Nice Actimize

NICE Actimize, a NICE (NASDAQ: NICE) business, has been chosen by Creand Crèdit Andorrà to upgrade and modernise its anti-money laundering (AML) solutions strategy by integrating an advanced suite of NICE Actimize’s financial crime solutions into its operations to address the world’s AML regulations more effectively.

/regulation

Innovative Systems opens one-stop shop for AML compliance

Innovative Systems, Inc., a leading provider of enterprise data, compliance, and integration solutions, has launched FinScan Marketplace, a groundbreaking platform designed to serve as a one-stop shop for anti-money laundering (AML) compliance.

/crime

Themis launches AML firm in Saudi Arabia

Themis, a global leader in financial crime prevention, announces the official launch of Tathabbat.

/regulation

Saudi Arabian AML outfit Tathabbat launches

Themis, a global leader in financial crime prevention, announces the official launch of Tathabbat. This marks a significant step in Saudi Arabia’s compliance landscape, aligning with Vision 2030 and the country’s push to adopt world-class Know-Your-Finance (KYF) standards.

Wise entered European remediation plan over AML controls - FT

/regulation

Wise entered European remediation plan over AML controls - FT

Money transfer giant Wise was ordered by European regulators to put in place a formal remediation plan over issues with its anti-money laundering controls, according to the Financial Times.

/crime

Salv unveils Collaborative Scenario Library for fighting financial crime

European RegTech scale-up Salv has announced the launch of its Collaborative Scenario Library, an innovative tool designed to help AML teams improve their transaction and customer monitoring in order to catch more financial crime.

AI adoption in UK FS sector grows but understanding lags

/ai

AI adoption in UK FS sector grows but understanding lags

Three quarters of financial services firms in the UK are already using artificial intelligence, yet nearly half of these users have only a "partial understanding" of the AI they are deploying, according to a Bank of England and FCA survey.

/identity

10x combines core platform with ID and fraud prevention tech from Alloy

10x Banking, the cloud-native core banking platform, has partnered with Alloy, a leading identity and fraud prevention platform, to deliver a next-generation customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning platform for financial institutions globally.

Metro Bank slapped with £16.7 million fine for four-year financial crime lapse

/crime

Metro Bank slapped with £16.7 million fine for four-year financial crime lapse

The UK's Financial Conduct Authority has fined Metro Bank £16.7 million for financial crime failings after a new transaction monitoring system implemented in 2016 went on the blink.

/ai

Sandbar and Greenlite team up on AI-powered AML compliance

Greenlite, the leading generative AI platform for banks and fintechs, today announced a partnership with Sandbar, the comprehensive activity monitoring platform for anti-money laundering (AML).

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