Flinks finds a fintech friend in ASAPP Online Solutions
Canadian start-ups team up for account and lending origination.
Know Your Customer/KYC
Accuity safely acquires Safe Banking Systems
With SBS it gets KYC and AML solutions.
Three ways health insurers can win over millennial small business owners
Sally Poblete, CEO of Wellthie, explores three key strategies.
PaySend adds KYC and risk management tech from 4Stop
Moving money with international money transfer platform PaySend just got a lot more secure.
Convergence of RPA and AI: the changing landscape in banking compliance
Robotic process automation and artificial intelligence are transforming the regulatory compliance landscape in banks.
US sanctions impact on Hong Kong fintech
The stakes could not be higher.
HooYu brings KYC tech to gold-as-currency enabler Glint
The appeal of gold as an investment remains strong.
Bank of Ceylon combats financial crime with CustomerXPs’ tech
Sri Lankan bank has signed for Clari5 real-time AML solution.
NICE Actimize brings AI tech to financial crime investigation
NICE Actimize has launched an artificial intelligence (AI) enabled investigation management system.
Isabel Group and norbloc to pilot blockchain KYC project
Working together with Belfius, BNP Paribas Fortis, ING and KBC.
FATF inspects UK’s defences against terrorist financing and money laundering
The Financial Action Task Force (FATF) is on the UK soil putting the country through its paces.
Eastern Caribbean Central Bank to pilot blockchain tech with Bitt
A fintech pilot using blockchain tech to be carried out in the ECCB eight member countries.
Lemon Way selects Accuity for financial crime compliance
Decision follows a period of growth for Lemon Way.
Onfido to provide digital ID verification tech to Bitstamp
Onfido has been selected by Bitcoin exchange Bitstamp to provide its ID verification during onboarding.
Fenergo and Arachnys forge strategic partnership
Client lifecycle management tech specialist Fenergo has formed a strategic partnership with regtech provider Arachnys.
White paper: The bank executive’s guide to building a better business customer onboarding experience
Understand how to build an optimized online business customer onboarding experience and get it to market fast.
Meed leverages ID verification tech from Jumio to serve the underbanked
Identity verification tech provider Jumio has teamed up with California-based fintech Meed.
Online security and user experience: finding the balance
Recent hacks and data breaches have shown that cybercriminals are tenacious, smart and well resourced.
Al Salam Bank Seychelles selects iFinancial’s AMLtrac solution
Al Salam Bank Seychelles (ASBS) has chosen International Financial Systems’ (iFinancial) anti-money laundering (AML) solution, AMLtrac, as it plans to introduce domestic banking services for local and regional SMEs and corporates. As part of that planned expansion, ASBS, an offshore financial institution, has selected the know your customer (KYC) and document management, account monitoring, transaction […]
Blockchain and Bitcoin round-up: 21 November 2017
From major crimes to KYC times. Our latest blockchain and Bitcoin round-up features Tether, Metal, Deutsche Bank and IBM. Digital currency firm Tether is feeling under the weather as it has reported that “funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker”. The amount is a rather large […]
Gibraltar Savings Bank goes live with iFinancial BankWare core system
Gibraltar Savings Bank has gone live on International Financial Systems’ (iFinancial) Bankware core system – the first phase of a three-phase implementation plan to replace its in-house legacy system.
The changing face of financial crime compliance
Paul Taylor of Swift’s Financial Crime Compliance Services Division discusses the evolving compliance landscape and the critical role of technology in helping the industry come together as a whole to combat financial crime.
Correspondent banking: it takes two to tango
The global correspondent banking network is under pressure in several countries as some financial institutions close relationships. While financial inclusion continues to climb the agenda of regulatory authorities and financial institutions pledge their support, the de-risking taking place in correspondent banking threatens to scupper inclusion.
Sibos 2017: treasurers look to tech to untangle knots
Untangling the “knots” at global treasuries, especially with regard to bank maintenance issues around know your customer (KYC) and other compliance activities, was the theme of a corporate treasury session yesterday (18 October) at Sibos.
De-risking in trade finance: time to act
As financial authorities express concern about de-risking in correspondent banking, a similar phenomenon is emerging in trade finance, driven by the high costs of KYC compliance.
KYC Registry aligns with Wolfsberg DDQ
Swift is aligning its KYC Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for correspondent banks. First issued in 2004, the DDQ was updated in response to regulatory pressure.
Regtech to the rescue
Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?
OCBC Bank, HSBC and MUFG in KYC blockchain breakthrough
OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), has become the “first consortium” in South East Asia to complete a proof of concept for a know your customer (KYC) blockchain. The parties say the development “raises the possibility” of using blockchain to make KYC “more efficient […]
Webhelp acquires regtech firm GreenPoint
Webhelp, a Paris-based customer experience and business process outsourcing (BPO) firm, has acquired fellow French tech company GreenPoint.
BitFlyer competes for Japanese Bankers Association’s blockchain experiment attention
Tokyo-based Bitcoin exchange BitFlyer has been selected as a partner vendor to provide an experimental environment for the Japanese Bankers Association’s “collaborative blockchain platform”. BitFlyer’s proprietary blockchain technology – Miyabi – will be used and the platform is scheduled to begin operation in October. Miyabi is a private blockchain “exclusively” for enterprise users. The experiment […]
Why I believe the US State Department is wrong about mobile money in Africa
The US Department of State recently released a report that identified mobile money services as particularly susceptible to money laundering in Africa. It cites services like M-PESA and M-Shwari as “services [that] remain vulnerable to money laundering activities”.
Synechron teams with R3 for KYC project on blockchain
Financial services IT consultancy Synechron is working with enterprise software firm R3 on a distributed ledger technology (DLT) collaboration to develop a know your customer (KYC) solution. The solution will be built on R3’s Corda platform – that “operates in strict privacy in an open, global network”. The project aims to improve data collection, data […]
Nordea and Danske Bank being investigated for money laundering
Nordea is now keeping people informed about an ongoing investigation by the Danish Prosecution Service into its alleged anti-money laundering (AML) violations. By way of recap, it follows criticism by the Danish Financial Supervisory Authority (DFSA) in June 2016 regarding AML transgressions by Nordea Bank Danmark. According to Danish newspaper Berlingske, the money laundering involves […]
Regtech Supplier Performance Report: ignorance is no longer bliss, it’s now criminal offence
The second edition of Regtech Supplier Performance Report, featuring some 50 regtech suppliers, published by Market Fintech Limited and supported by Banking Technology, says that with over 50,000 regulatory documents published across the G20 since 2009, and an average of 45 new documents every week, we must assume that the future of banking will be driven by technological developments.
Socure raises $14m in new funding
In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding. The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.
Hello Soda’s new platform has a pop at dark web fraud
Big data and text analytics firm Hello Soda has launched Fraud Web, a new software solution built to combat identity fraud committed through the untraceable internet. The company says Fraud Web identifies the risk of consumer data being available for sale on the dark web and issues high, medium and low risk alerts so that […]
New in regtech: digital ID verification
It’s no secret that increased regulations are a significant pain point for commercial and community banks. According to Thomson Reuters Global Cost of Compliance 2016 Survey, more than one-third of participating financial institutions reported spending at least an entire day each week keeping track of regulatory changes. The good news? Regtech, or regulatory technology, is […]
Australia calls for risk-loving fintech firms
The Risk Management Association of Australia (RMA) has partnered with KPMG and match-making firm Matchi to offer three fintech companies the opportunity to pitch their solutions to forty chief risk officers (CROs) from various Australian banks. KPMG is arranging this year’s CRO roundtable event for the RMA members with the theme “Generation Next”. Matchi says […]
Meta taps Melissa for KYC and AML initiatives
Melissa Global Intelligence, a provider of global contact data quality and identity-verification solutions, announced that its technology is fueling know your customer (KYC) and anti-money laundering (AML) initiatives for Meta Payment Systems, one of the largest prepaid card issuers in the US. Meta relies on Melissa to provide “a 360-degree view” of the customer, including […]
People on the Move: W2 Global Data
U.K.-based W2 Global Data, a provider of regulatory, KYC/AML and fraud prevention solutions, has welcomed three new hires, including Alex Lafferty, Richard Evans and Kerry Cleary.
