Daily News at Sibos 2020
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Know Your Customer/KYC
Banks’ rapid digitalisation leaving compliance teams in “no man’s land”
Regulators need to understand the challenges facing compliance teams.
Jumio acquires Beam Solutions’ AML technology
Identity firm plans to boost its KYX platform.
FinCEN Files: Legacy technology “not up to the challenge” to tackle AML
Changes could be needed on both sides to prevent another FinCEN Files.
Westpac agrees to record AUD 1.3bn fine for AML failures
Australian bank on the receiving end of the country’s largest civil penalty.
White paper: Scalable, actionable anti-money laundering infrastructure
Open source AML solutions offer lower costs, rapid technology evolution, and broad community-based innovation.
Report: What keeps AML & CFT professionals awake at night?
Do your peers share your compliance challenges and professional pains?
Leaked FinCEN files show banks allowed $2trn in suspicious transactions
Major leak of suspicious activity reports shows “mind blowing” scale of money laundering issues.
US regulator plans major refresh for AML laws
FinCEN wants to update the Bank Secrecy Act to reflect modern threats.
EBA calls for EU-wide set of anti-money laundering rules
European regulator says national rules have had “an adverse effect” on AML.
Regulators’ “fast and furious” AML fines don’t tell the whole compliance story
FinTech Futures speaks to Fenergo’s Rachel Woolley about the rise in penalties.
How government and businesses can protect minors online in a post-pandemic world
Any organisation that profits from selling age-restricted products and services should be held accountable.
How banks can balance UX and security amid a pandemic
How face-based biometrics and AI can deliver smooth digital onboarding and stamp out fraud.
Gemini picks Eventus Systems for trade surveillance
Popular cryptocurrency exchange boosts its monitoring.
White paper: Enhancing trust with AI-driven biometrics
Learn how to improve every aspect of the identity lifecycle with intelligent ID.
Live webinar: The role of digital identity in a physically distanced world
Novel approaches to digital identity verification to securely onboard and engage with consumers – and at a distance.
EBA looks into adoption of regtech across EU
The banking questionnaire covers initiatives that could support the uptake of regtech solutions.
Regtech firm kompany raises $6m in venture funding
The firm plans to use its new cash to develop KYC solutions.
Streamlining manual processes amid COVID-19
Find out how to digitise manual documentation processes with Foxit Software.
Sokin picks Jumio to power customer authentication
Payments start-up praises Jumio technology.
Talk like an Egyptian: a brief history of data encryption
Can today’s PKI encryption techniques fill the promise of inherently secure data?
AI and correspondent banking: de-risking doesn’t need to mean goodbye
Correspondent banking represents one of the most vexing dilemmas for financial institutions and regulators.
Accuity partners with Encompass to automate client KYC
Encompass technology implemented into Accuity’s Bankers Almanac solution.
Latvian regulator fines Signet Bank €906k for AML issues
FCMC fines Latvian private bank after on-site inspections.
Hummingbird raises $8.2m led by Flourish Ventures
Flourish Ventures led the round, with new support from Stripe alumni Lachy Groom and Jon Zieger.
Webinar: Streamlining manual processes amid COVID-19
Experts from Banco Santander, Foxit Software and Xendoo discuss digitising paperwork during the coronavirus crisis.
Five ways it pays to go beyond ID-only verification
Identity verification serves many benefits to organisations seeking to build trust in their online channels.
Why remote onboarding is going to make or break banks
A number of onboarding steps can be automated, streamlined and simplified to deliver a better customer experience.
How financial institutions can capitalise on open banking benefits
The median open banking spending lies between €50-€100 million according to Tink.
Deutsche Bank faces $150m fine for Jeffrey Epstein ties
“The bank’s failure to recognise this risk constitutes a major compliance failure.”
IDnow hopes to bring video authentication to UK banks’ onboarding
Customers include Commerzbank, solarisBank, N26, and UniCredit.
SEB fined $107m by regulator for Baltic AML failures
The Swedish bank failed to identify risk among its subsidiaries.
Adverse media screening: a key pillar of financial crimes compliance
Can we leverage AI to enhance the effectiveness and efficiency of adverse media screening?
Lanistar partners with Jumio ahead of “polymorphic” debit card launch
Lanistar landed a $2.5 million seed investment in March.
Aviva taps Fenergo to revamp client onboarding systems
Fenergo will switch out Aviva’s KYC, AML, and CDD services.
Five ways to streamline your online checkout process
The commercial case for streamlining the online payments process is clear.
Data privacy versus data security: why is it so hard to have both?
Blockchain and other DLT secure data by making it immutable.
Commerzbank fined £37.8m by FCA for AML failings
The London branch of the bank dragged up for issues between 2012 and 2017.
Muniy chooses HooYu for KYC and raises £200,000
The fintech says it will allow merchants to pay a lower transaction processing cost.
Banking Technology June 2020 issue out now
Real-time payments and fraud: balancing customer relationships and security.
