Latest Financial Crime News: Finextra Research

How does society perceive the hacker in 2020?

As the methods of cyber criminals evolve, so will their motives. With this in mind, we may see a change in the way society perceives the hacker as they embrace new aims beyond simple financial gain.

15 June 2020

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Westpac worries deepen on child abuse allegations

Westpac is facing further allegations about child abuse links relating to the anti-money laundering scandal that rocked the Australian bank late last year.

12 June 2020

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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.

10 June 2020

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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

04 June 2020

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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.

29 May 2020

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Featurespace raises £30 million to fight financial crime

Financial fraud fighting outfit Featurespace has raised £30 million from a funding round led by Merian Chrysalis Investment and supported by existing investors.

13 May 2020

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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.

01 May 2020

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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.

20 April 2020

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Banks should be cautious with use of AI in cybersecurity

Cybersecurity technology is rapidly evolving and adapting to changing threats thanks to machine learning. However, AI is just one part of handling cyber threats, and financial institutions should be cautious about placing full reliance on it.

06 April 2020

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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.

02 April 2020

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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.

23 March 2020

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US charges Chinese nationals with helping North Korea launder stolen cryptocurrency

North Korean hackers stole around $250 million in cryptocurrency from an exchange and then enlisted Chinese nationals to help launder more than $100 million of it, say US authorities.

04 March 2020

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