SEC fines HSBC and Scotia Capital over recordkeeping failures
HSBC Securities and Scotia Capital have agreed to pay penalties of $15 million and $7.5 million respectively.
Compliance
Dudley Building Society taps Jade ThirdEye for transaction monitoring solution
Over one-third of all UK building societies now use Jade ThirdEye’s tech to fight financial crime.
Swissquote taps NetGuardians for fraud prevention tech
The bank will utilise NetGuardians’ financial crime solutions to tackle growing issues such as APP fraud.
NYAG proposes new legislation to strengthen crypto regulation and protect investors
The proposed bill aims to increase transparency, eliminate conflicts of interest and protect victims of fraud.
Crypto exchange Bittrex files for bankruptcy protection in the US
The move comes just weeks after the firm announced it would be shutting down operations in the US.
Stripe unveils embeddable fiat-to-crypto onramp for Web3 businesses
The onramp has built-in fraud tools and identity verification to meet KYC and compliance requirements.
Mastercard rolls out Crypto Credential service to strengthen trust in blockchain ecosystem
Mastercard Crypto Credential defines verification standards, instilling “critical” trust in blockchain tech.
Nigerian paytech VigiPay taps ThetaRay for Sonar AML solution
Sonar will help protect the growing business against sanctions violations and other types of financial crime.
UK regtech GSS names Ruth Fletcher as joint COO and CFO
Fletcher previously served in a similar capacity as COO/CFO at international money transfer firm CurrencyFair.
UK regtech Facctum appoints two senior executives
Onkar Inamdar joins as head of engineering and Syam Chintapenta as chief development officer.
Smile Identity acquires Appruve to expand across Africa
With the acquisition, Smile Identity aims to expand its reach across Ghana and francophone Africa.
Barclays names Kirsty Everett as chief compliance officer
Everett will join Barclays on 1 July, subject to regulatory approval.
Paddle founder Christian Owens steps down as CEO
Owens, who led the firm for 11 years, has been replaced by COO Jimmy Fitzgerald.
Intellect launches new open finance-based core banking platform, eMACH.ai
Intellect claims its new cloud-based platform is the largest of its kind in the world, offering 1,214 API connections.
Regtech Kaizen acquires compliance solutions firm Red Deer
Red Deer head of product Alistair Downes says the deal will leverage both firms’ “expertise and technology”.
White paper: Solve hybrid work compliance challenges with Theta Lake and RingCentral
RingCentral and Theta Lake’s collaboration on hybrid work compliance enables firms to avoid “blind spots”.
White paper: Ensuring compliant communications in financial services
How unified communications platforms facilitate compliance, collaboration, and engagement.
Januar lands European payment licence from Danish regulator
The Danish start-up will now be able to onboard clients from across the European Economic Area (EEA).
Leek Building Society taps Jade ThirdEye to enhance AML and CTF controls
Leek Building Society will use Jade ThirdEye’s Customer Screening and Transaction Monitoring SaaS solution.
FinTech Futures: Top five stories of the week – 14 April 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Very Good Security names former Visa exec Chuck Yu as CEO
At Visa, Yu led teams across the business, including business development, sales, finance, and operations.
Webinar: How to power risk decisions faster than the competition
Hear from Allica Bank and tbi bank on mitigate risk, grow revenue, and improve the banking experience.
Societe Generale taps Lemonway for B2B marketplace payment services
The French bank plans to offer payment services for large corporates entering the B2B marketplace arena.
UK payments start-up Ryft secures FCA licence
The company raised £1.5 million in a seed funding round last year.
Malaysian fintech Soft Space raises $31.5m in Series B1 funding round
The Malaysian payments platform plans to boost its global expansion and further develop its tech.
Quantexa raises $129m Series E funding at $1.8bn valuation
The company will use the new capital to expand its global presence and hire more engineering staff.
Compliance regtech Fourthline secures €50m in fresh funding
Finch Capital increased its stake in the company after having led Fourthline’s previous funding round.
Griffin hires new CFO and CRO to bolster leadership team
Chad Ryan joins as chief financial officer and Dora Grant as chief risk officer.
FCA outlines expectations for payment firms’ customer protections
It says many firms present “an unacceptable risk of harm” to their customers.
CryptoUK calls on FCA to oppose banks banning transfers to crypto exchanges
CryptoUK says banks limiting transactions to crypto platforms is “anti-competitive and disproportionate”.
Griffin partners Cable to strengthen BaaS financial crime controls
Cable says its tech will help Griffin “monitor, identify, and address financial crime control risks”.
Crypto paytech Wirex launches multi-currency card in Australia
With one of the highest levels of crypto adoption in the world, Australia is an “important market” for Wirex.
UAE lendtech Ezra appoints new chief risk officer, Andrew Goodrich
Goodrich will lead the data engineering, predictive analytics, credit risk and fraud functions across Ezra.
Noda taps ThetaRay for Sonar AML solution
ThetaRay’s Sonar will help Noda stay up to date with shifting compliance regulations.
ComplyAdvantage names Jim Anning as chief data officer
Anning joins ComplyAdvantage from GoCardless where he was vice president of data.
LSEG’s Giact to use Mastercard’s open banking tech for account verification
Through the partnership, Giact says it will be able to deploy Nacha-compliant account verification solutions.
US credit union Golden 1 taps AML RightSource to strengthen transaction monitoring
AML RightSource’s tech will automate Golden 1’s transaction monitoring investigations and reporting.
US regtech Droit lands $23m Series B funding
The round was led by Pivot Investment Partners and UBS via its venture arm UBS Next.
RBI fines Amazon Pay’s India unit $374,000
The central bank claims Amazon Pay India didn’t comply with “certain provisions” of KYC and PPI directions.
German challenger N26 loses its chief risk officer
Thomas Grosse has quit the firm citing personal reasons. A successor has yet to be named.
