Money Laundering

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Regulator tells Wells Fargo to fix AML deficiencies

/regulation

Regulator tells Wells Fargo to fix AML deficiencies

Shares in Wells Fargo fell on Thursday after the bank inked a formal agreement with the Office of the Comptroller pledging to fix deficiencies in its financial crimes risk management practices and anti-money laundering internal controls.

/ai

Zoho launches AI-enabled version of its BI and analytics platform

Zoho Corporation, a leading global technology company, today launched a new version of Zoho Analytics—Zoho's self-service BI and analytics platform. Among more than 100 other enhancements, Zoho Analytics has developed powerful new AI and ML capabilities, enabling diagnostic insights, predictive analysis, and automated report and dashboard generation. Additional advancements to Zoho Analytics include a custom ML model-building studio, seamless integration with Open AI, and third-party BI platform extensions. The new version of Zoho Analytics has added power, intelligence, and flexibility to serve a broader range of businesses and users than competitors in the market.

/identity

Crypto exchange Bitlocus selects iDenfy for biometric KYC

iDenfy, a Lithuania-based RegTech startup specializing in ID verification and fraud prevention solutions, announced a new partnership with Bitlocus, a regulated cryptocurrency exchange platform known for its comprehensive crypto-to-fiat and fiat-to-crypto solutions.

Klarna Bank criticised by FSA over money laundering risks

/regulation

Klarna Bank criticised by FSA over money laundering risks

Klarna Bank has been upbraided by the Swedish Financial Supervisory Authority for failing to adequately deal with money laundering risks.

/crime

TD Bank takes provision of $2.6 billion in anticipation of AML penalties

TD Bank Group (“TD” or the “Bank”) (TSX: TD) (NYSE: TD) today announced that the Bank continues to actively pursue a global resolution of the civil and criminal investigations into its U.S. Bank Secrecy Act (BSA)/anti-money laundering (AML) program by its U.S. prudential regulators, the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Justice (DOJ).

/ai

Macquarie invests in Hawk

Hawk, the leading provider of AI-powered technology for fraud prevention and anti-money laundering (AML), today announced a further extension of its Series B financing, with Macquarie Capital having agreed to join existing investors Rabobank, BlackFin Capital Partners, Sands Capital, DN, Picus, and Coalition.

/identity

First Abu Dhabi Bank speeds customer onboarrding with Fenergo

First Abu Dhabi Bank (FAB) and Fenergo announced their partnership in June of 2024 to speed up client onboarding and enhance anti-money laundering (AML) compliance processes for the bank with Client Lifecycle Management (CLM).

/regulation

Proven Bank deploys Fenergo transaction monitoring to bolster AML compliance

Fenergo, the leading provider of digital solutions for know your customer (KYC), transaction monitoring and client lifecycle management (CLM), today announced that Caribbean-based PROVEN Bank is deploying Fenergo’s transaction monitoring solution to streamline its anti-money laundering (AML) compliance processes.

ThetaRay boosts AI financial crime detection with Screena acquisition

/ai

ThetaRay boosts AI financial crime detection with Screena acquisition

AI-powered financial crime detection specialist ThetaRay has acquired screening company Screena. Financial terms were not disclosed.

/regulation

Fed terminates Silvergate Bank enforcement action

The Federal Reserve Board on Friday announced the termination of an enforcement action with Silvergate Bank and its holding company, Silvergate Capital Corporation, both of La Jolla, California.

FCA fines Coinbase unit £3.5m over high-risk customers

/crypto

FCA fines Coinbase unit £3.5m over high-risk customers

The Financial Conduct Authority has fined a Coinbase unit £3.5 million for enabling crypto trading services for high-risk customers.

/identity

IDenfy releases automated utility bill verification tool

iDenfy, a Lithuania-based identity verification and fraud prevention software provider, has launched its new automated utility bill verification solution.

Fed fines Green Dot $44m

/regulation

Fed fines Green Dot $44m

The Federal Reserve has fined Green Dot $44 million for "numerous" unfair and deceptive practices in the marketing, selling and servicing of its prepaid cards and its tax return preparation payment services.

Lithuania fines crypto firm EUR9.3m for Russia sanctions violations

/crypto

Lithuania fines crypto firm EUR9.3m for Russia sanctions violations

Lithuania has fined crypto outfit Payeer a record EUR9.3 million for Russia-related sanction violations and money laundering failures.

Nordea charged over Danish money laundering cases

/crime

Nordea charged over Danish money laundering cases

Denmark officially brought charges to Nordea in the country’s biggest money laundering case to date, stating the bank violated the Danish anti-money laundering act several times between 2012 and 2015.

/crypto

EBA issues 'travel rule' guidelines

The European Banking Authority (EBA) issued today new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

/regulation

First Abu Dhabi Bank bolsters CLM operations with Fenergo

Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM), announces today that First Abu Dhabi Bank (FAB) the largest bank in the United Arab Emirates (UAE), has integrated Fenergo’s software-as-a-solution (SaaS) CLM solution to speed up client onboarding and enhance its anti-money laundering (AML) compliance processes.

Rabobank joins funding round in Hawk

/ai

Rabobank joins funding round in Hawk

German RegTech Hawk has extended its Series B funding round with an additional investment from Dutch bank Rabobank.

/crime

BDSwiss signs with Trulioo for watchlist screening

Trulioo, an industry-leading identity platform with proven global coverage for person and business verification, today announced a partnership with BDSwiss for Person Match and Watchlist Screening capabilities across EMEA, Asia and the Americas.

BaFin lifts N26 customer onboarding cap

/regulation

BaFin lifts N26 customer onboarding cap

After more than two years, Germany's financial regulator BaFin has lifted a cap on the number of new customers that digital bank N26 can onboard.

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