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Financial Crime & Fraud
News, intelligence and resources on the global fintech industry including topics such as financial crime & fraud.
ICYMI fintech funding round-up: Firmbase, ThreatFabric, Viceversa and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
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.
Bank of Valletta taps Resistant AI for fraud prevention solution
The bank will adopt Resistant AI’s Transaction Forensics solution to help detect suspicious transactions.
Swissquote taps NetGuardians for fraud prevention tech
The bank will utilise NetGuardians’ financial crime solutions to tackle growing issues such as APP fraud.
FCA continues clampdown on unregistered crypto ATMs in Exeter, Nottingham and Sheffield
The regulator says it will review the evidence gathered and consider taking further action where necessary.
Mastercard rolls out Crypto Credential service to strengthen trust in blockchain ecosystem
Mastercard Crypto Credential defines verification standards, instilling “critical” trust in blockchain tech.
IOUpay goes into voluntary administration over suspected fraud
It took this step due to a “number of outstanding debts” with “no reasonable prospect” of repaying them.
FinTech Futures: Top five stories of the week – 28 April 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
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.
Smile Identity acquires Appruve to expand across Africa
With the acquisition, Smile Identity aims to expand its reach across Ghana and francophone Africa.
Fenergo appoints new CFO and CRO to drive global expansion
Fenergo says the new hires will play a “pivotal role” in driving its global expansion and SaaS strategy.
EU crypto “travel” regulations pass European Parliament vote
MiCA will ensure crypto transfers can be traced and suspicious transactions blocked.
FCA outlines new measures for banks to tackle money laundering via the Post Office
The NECC estimates “hundreds of millions” of pounds are laundered annually using cash deposits at the Post Office.
Swiss challenger Radicant taps NetGuardians for fraud detection software
Radicant will deploy NetGuardians’ AI-led software to enhance payment protection.
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.
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.
Chargeback Gurus appoints board member Tim Tynan as new CEO
Tynan has served on the firm’s board since August 2021 and has previously held roles at BofA and Citigroup.
BNP Paribas deploys Worldline solution to tackle SEPA direct debit fraud
BNP Paribas Cash Management will deploy Worldline’s Account Validation solution.
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.
EU drafts crypto transfer rules to fight money laundering
Under the new rules, cryptoasset transfers will have to include information on their source and beneficiary.
Compliance regtech Fourthline secures €50m in fresh funding
Finch Capital increased its stake in the company after having led Fourthline’s previous funding round.
The Co-operative Bank partners Onfido for customer onboarding solution
Onfido’s solution allows The Co-operative to meet regulatory requirements and customer preferences.
Fraud and risk detection start-up Oscilar launches from stealth
The start-up has been self-funded by its co-founders, with $20 million in capital.
Crypto exchange OKX readies for Hong Kong launch
OKX sees “immense potential” in Hong Kong and is committed to building out the local ecosystem.
FCA appoints two new joint executive directors for enforcement
Therese Chambers and Steve Smart will work as joint executive directors of enforcement and market oversight.
Case study: Powering corporate GSOCs with open-source intelligence
A Fortune 500 firm applies open-source intelligence capabilities in its global corporate security operations centre.
FCA outlines expectations for payment firms’ customer protections
It says many firms present “an unacceptable risk of harm” to their customers.
Griffin partners Cable to strengthen BaaS financial crime controls
Cable says its tech will help Griffin “monitor, identify, and address financial crime control risks”.
Norwegian B2B paytech Two nabs €18m Series A funding
The Series A funding brings the total capital raised by the firm to €28 million.
Eastnets migrates Swift and sanctions screening infrastructure to Microsoft Azure
Eastnets is one of the first Swift bureaus to migrate its full infrastructure for the Americas to the cloud.
Mastercard snaps up Swedish AI cybersecurity start-up Baffin Bay Networks
Mastercard intends to fold Baffin Bay’s automated Threat Protection tech into a global “cyber service”.
US, European agencies seize €44m worth of BTC in crypto mixer raid
The law enforcement agencies seized seven terabytes worth of data, consisting of 1909.4 BTC.
Trade finance industry body ITFA sets up fraud prevention working group
The group will be co-chaired by representatives from the banking sector as well as from fintech firm MonetaGo.
Amidst legal troubles in Kenya, Flutterwave lands two licences in Rwanda
The unicorn’s latest push in Rwanda follows its bid to expand across East Africa.
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.
Africa-focused escrow service Truzo launches in the UK
Truzo says it will close its next round of funding in Q2 2023.
Banking Tech Awards 2022 Winner: Car IQ – enabling secure, seamless vehicle payments
Targeting the $650bn market: Car IQ enables vehicles to transact securely with merchants and service providers.
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.
