27 May 2018
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Latest money laundering news

HSBC applies AI to track financial crime
Wholesale banking

HSBC applies AI to track financial crime

09 April 2018  |  14760 views  |  0 comments | 12 tweets | 20 linkedin

Having racked up billions of dollars in fines for money laundering and sanctions busting, HSBC is cleaning up its act with the global roll out of an AI tool capable of analysing data logs and tracking transactions within a customer's wider network.

India's central bank issues cryptocurrency ban
Blockchain

India's central bank issues cryptocurrency ban

06 April 2018  |  11957 views  |  0 comments | 17 tweets | 15 linkedin

The Reserve Bank of India (RBI) has banned regulated banks and its account holders from dealing in cryptocurrencies.

South Africa's central bank mulls cryptocurrency regulations
Retail banking

South Africa's central bank mulls cryptocurrency regulations

04 April 2018  |  17506 views  |  0 comments | 12 tweets | 15 linkedin

The South African Reserve Bank (Sarb) is setting up a dedicated unit to monitor cryptocurrency and fintech developments and inform future regulations and its first job will be to set up a proof of concept (PoC) for DLT-based interbank clearing and settlement.

UK could scrap 1p and 2p coins
Retail banking

UK could scrap 1p and 2p coins

14 March 2018  |  8916 views  |  1 comments | 11 tweets | 11 linkedin

With Brits increasingly turning to electronic payments, the UK government has raised the possibility of ditching 1p and 2p coins and even £50 notes.

US judge says cryptocurrencies are commodities
Blockchain

US judge says cryptocurrencies are commodities

07 March 2018  |  8726 views  |  0 comments | 13 tweets | 16 linkedin

US lawmakers continue to wrestle with how to approach cryptocurrencies, as a federal judge says the likes of bitcoin can be treated as commodities by the CFTC, FinCEN says money transmitter rules apply to ICOs, and Wyoming's state legislature clears a bill exempting some crypto assets from securities laws.

DNB tests mobile passporting for international clients
Retail banking

DNB tests mobile passporting for international clients

02 March 2018  |  7519 views  |  2 comments | 6 tweets | 13 linkedin

DNB is experimenting with a mobile app that scans user passports and faces to identify customers from across borders for ID verification and digital onboarding.

Swiss watchdog tweaks digital onboarding rules
Mobile & online

Swiss watchdog tweaks digital onboarding rules

16 February 2018  |  8747 views  |  0 comments | 17 tweets | 13 linkedin

Swiss financial markets regulator Finma has updated its rules for digital client onboarding to reflect advances in technology such as the ability to authenticate a user with a "selfie with liveness detection".

UAE banks and regulators to explore blockchain-based KYC utility
Retail banking

UAE banks and regulators to explore blockchain-based KYC utility

07 February 2018  |  7243 views  |  0 comments | 8 tweets | 15 linkedin

Regulatory authorities in Abu Dhabi are kicking off a programme with a consortium of the region's banks to develop a shared KYC utility, possibly underpinned by distributed ledger technology.

Cambridge Blockchain and IHS Markit join forces to bring DLT to KYC data collection

Cambridge Blockchain and IHS Markit have teamed up to bring distributed digital identity technology to the collection and management of know-your-customer information.

Signicat snags EUR1.6 million in EU funding to create digital ID framework
Security

Signicat snags EUR1.6 million in EU funding to create digital ID framework

25 January 2018  |  6624 views  |  0 comments | 11 tweets | 10 linkedin

Norway's Signicat has secured €1.36 million in phase two funding from the EU's Horizon 2020 programme with the objective of creating a fully-compliant ID assurance and digital onboarding toolbox for use by European financial institutions.

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