Latest Financial Crime News: Finextra Research

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.

19 October 2020

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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.

09 October 2020

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Regulators lose patience with Citi over risk management flaws

Federal regulators have slammed Citigroup for failing to correct deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls, hitting the bank with a $400 million fine and cease and desist order.

08 October 2020

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Sibos 2020: Is 'Ransomware-as-a-Service' a symptom of innovation?

Drilling down into the biggest threats facing financial services during Covid-19, industry heavyweights provide their perspectives on the changing face of cyber threats and where our biggest vulnerabilities reside during day 3 of Sibos 2020.

07 October 2020

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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.

07 October 2020

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Ransomware victims who pay up could face fines of up to $20m

Companies traumatised by ransomware could face fines of up to $20 million if they pony up to extortionists already listed on financial crime sanctions lists, the US Treasury Department has warned.

02 October 2020

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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.

01 October 2020

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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.

24 September 2020

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Finance employees deemed least trustworthy

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

23 September 2020

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UK's Tech Nation announces latest fintech cohort

Thirty one UK scaleups have been selected to participate in the third cohort of Tech Nation's fintech programme.

23 September 2020

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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.

21 September 2020

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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.

14 September 2020

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