Allica Bank taps SurePay for Confirmation of Payee solution
With Confirmation of Payee, Allica customers will be protected from fraud and misdirected payments.
Financial Crime & Fraud
Quantifind bags $23m in funding to help firms combat financial crime
Quantifind’s SaaS solutions help banks and financial institutions tackle money laundering and fraud.
Tudi taps ThetaRay for transaction monitoring solution
Through the partnership, ThetaRay will provide Tudi its Sonar transaction monitoring solution.
Should digital banking platforms be fraud prevention solutions by design?
Banks should look to use technology to not only curb financial crime but to gain a competitive advantage.
ICYMI fintech funding round-up: Siren, DirectID, Gimo & HedgeFlows
A handy round-up of this week’s fintech funding news from across the world.
Banesco USA taps AML RightSource for automated due diligence solution
Banesco will deploy AML RightSource’s Automated EDD (Enhance Due Diligence) solution.
European paytech Lyra taps Napier for transaction monitoring
Lyra will utilise Napier’s transaction monitoring solution to ensure its compliance with regulatory requirements.
Mizuho International taps SymphonyAI to help fight financial crime
Mizuho will use SymphonyAI Sensa to boost AML protection within its European capital markets division.
Icelandic neobank Indó taps Lucinity for AML protection
With the partnership, Indó will have access to Lucinity’s transaction monitoring and case manager solutions.
Solving the cybersecurity puzzle
FinTech Futures speaks to City University of London’s Raj Muttukrishnan and Crossword’s Stuart Jubb.
AI regtech WorkFusion names Arthur Mueller VP of financial crime
Mueller joins from Rabobank North America where he served as AML and sanctions officer for more than six years.
Dubai’s VARA outlines new virtual asset framework
VARA says the new framework will offer “regulatory certainty”, giving market participants greater clarity.
African ID verification platform Smile Identity nabs $20m Series B
The latest funding round brings Smile Identity’s total capital raised to date to $31 million.
Digital asset exchange Gate.io taps Coinfirm for AML/CFT platform
Gate.io says the Coinfirm partnership will give the firm “a solid foundation” and shore up its compliance.
Digital asset security firm Coincover bags $30m in funding
The funding will be used to boost recruitment, forge new partnerships and develop new products.
Digital financial crime platform Themis names Matthew Hurn as chairman
Hurn has been a Themis investor and board member since June 2020.
Fraud prevention platform Seon acquires AML firm Complytron
Thanks to the acquisiton, Seon will be able to offer “a vital single source” to fight fraud holistically.
Bank of Nevis International taps Tookitaki for AML tech
The Caribbean bank will deploy Tookitaki’s Anti-Money Laundering Suite (AMLS).
Turkey’s Quick Finans taps Provenir for data and risk decisioning platform
Quick Finans selected Provenir’s tech to enhance its customer onboarding process.
Don’t click this link: how authID aims to protect you from yourself
AuthID leverages the “human factor” to remediate today’s social engineering attacks, CEO Tom Thimot says.
Why 2023 is time for us to tackle financial crime properly
The impact of financial crime continues to be severe, but 2023 could be a breakthrough year.
US fraud detection start-up Inscribe raises $25m in Series B funding
With the new capital, Inscribe plans to further develop its fraud detection capabilities.
German AML regtech Hawk AI lands $17m Series B
The round saw participation from investors including Sands Capital, DN Capital, Coalition and BlackFin Capital.
Finora Bank taps regtech iDenfy for automated customer onboarding
The partnership will help Finora Bank manage fraud risks and gain insights into its financial operations.
US DoJ charges crypto exchange founder over alleged illicit fund transfers
The DoJ alleges Bitzlato processed more than $700m in illicit funds.
SEC charges Genesis, Gemini over alleged sale of unregistered securities
The SEC alleges that the Gemini Earn program “constitutes an offer and sale of securities under applicable law”.
Get recognition at this year’s Banking Tech Awards USA
Nominations for the 2023 awards are now open – apply today!
Crypto firm Nexo denies allegations made by Bulgarian prosecutors
Nexo intends to file claims “for all financial and non-pecuniary damages suffered as a result of illegal actions”.
FCA fines Al Rayan Bank £4m for inadequate AML controls
Al Rayan did not dispute the FCA’s findings and agreed to settle.
JP Morgan sues Frank founder for allegedly inflating user figures
JP Morgan acquired the student loan application fintech for $175 million in 2021.
Swiss payment app Twint taps NetGuardians for fraud prevention boost
Software leverages behavioural analytics, machine learning and artificial intelligence to detect anomalous payments.
Progressive Building Society taps Jade ThirdEye to fight financial crime
Progressive says it wants to enhance its ability to detect money laundering and financial crime.
The art of preventing APP scams
Banks need to leverage more insights from more data to effectively prevent APP scams.
Decentralised paytech Clowd9 taps Netcetera as payment security provider
Netcetera’s 3D secure server solution reduces the risk of non-authenticated transactions.
FinTech Futures: Top five stories of the week – 6 January 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Coinbase hit with $50m fine for “significant” compliance failures
Coinbase has also been ordered to invest an additional $50m into its compliance programme over the next two years.
Finnish crypto firm Coinmotion lands Bank of Spain authorisation
The Bank of Spain has initiated registration for crypto providers as it seeks to clamp down on money laundering.
Coinbase lands virtual asset provider licence from Central Bank of Ireland
Coinbase’s Ireland operations will also now be headed up by Cormac Dinan, its new country director.
Financial institutions will need to redefine their risk-based strategies in 2023
In 2023, FIs will look to strengthen their approach to fighting financial crime.
NetGuardians tapped by Bank of Africa for fraud prevention software
NetGuardians says building out an “anti-fraud culture” is essential to the growth of pan-African banking.
