Increased regulatory burden is hampering smooth and timely onboarding of customers, as banks struggle with technology implementation and budget parameters, according to financial industry professionals surveyed in a new paper by Finextra Research.
Compliance and KYC specialist Accuity has integrated its financial crime screening suite with R3's distributed ledger technology platform, Corda.
The Australian government has announced plans to strengthen its anti-money laundering rules with new reforms that will include digital currencies for the first time.
Commonwealth Bank of Australia has blamed a three-year coding error in its intelligent deposit machines (IDM) for breaches of anti-money regulations.
A US jury has indicted a Russian man arrested earlier this week in Greece accused of helping to launder more than $4 billion in bitcoin, including some obtained from the infamous Mt. Gox hack. In a coordinated move, the bitcoin exchange he operated has been slapped with a $110 million fine by American authorities for AML law violations.
As the 4th EU AML Directive comes into force today, a pair of studies suggests that while most UK FS industry financial crime professionals think the new rules will make it easier to prevent money laundering, they are likely to cost banks millions in inefficient KYC checks.