Daily News at Sibos 2021
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Regulation
NatWest pleads guilty to £365m money laundering failure
UK bank faces rare criminal proceedings in December.
Regulate or ban: EU’s proposed AI credit scoring framework hears feedback
The EU has been receiving recommendations on its proposed Artificial Intelligence Act.
Coastal Community Bank picks Finzly to modernise payments processes
Coastal Community Bank has more than $2 billion in assets under management.
Privacy-focused data collaboration platform Duality raises $30m
Duality will invest further in privacy-preserving machine learning technologies.
NatWest chair warns against “gambling” with cryptocurrency
Sir Howard Davies says the “damned stuff” should be banned.
Fraud prevention platform Alloy hits unicorn status with $100m investment
Investment will go towards building out an evolving customer identity profile offering.
Monzo withdraws US licence application after two years of negotiation
UK challenger bank to refocus its business after aborted US entry.
UK sanctions enforcement: fintech in the spotlight
Fintechs cannot afford to neglect sanctions compliance and should ensure they understand their obligations.
EBF head calls for EU banking regulation reform to compete with US
Santander’s Ana Botín also calls for further banking integration across the bloc.
Sopra Banking Software acquires asset risk management provider Luminosity
Sopra says the acquisition will complement its software financing platform.
ComplyAdvantage tapped by Hampshire Trust Bank for AML solution
RegTech’s AI-driven financial crime solutions will protect HTB at a time of rapid growth.
Swiss crypto institution SEBA Bank granted collective investment scheme licence
The granting of the CISA licence to a digital asset-focused bank is the first in Switzerland.
Bahrain’s Bank ABC taps Fenergo for client management solution
Bank ABC operates across the Middle East, North Africa, Europe, the Americas and Asia.
Aberdeen Report: Customer operations in financial services – how to maximise client value and optimise efficiency
The findings from the survey of 218 financial firms, highlighting best in class customer operation programmes.
Western Union taps Salt Edge for European digital bank pilot
Salt Edge’s software will ensure the firm’s upcoming digital banking pilot is PSD2 compliant.
Leveraging best practice to maximise the benefits of cloud technology
Firms must assess and refine their cloud adoption strategy to ensure regulatory compliance and overall resiliency.
Cobo raises $40m Series B funding for DeFi-as-a-Service platform
The Singaporean crypto platform will also use the $40m raised to secure regulatory licences.
SME bank Recognise given green light by UK regulator
The new bank can now start offering personal savings accounts and business loans.
UK community lender Barrow & District Credit Union goes bust
Local savings provider with 1,200 members falls into administration.
Open banking’s unstoppable momentum
Regulation directives continue to push the financial industry towards a more open model.
ICYMI funding round-up: TomoCredit, Lightyear, X-Margin, Coinfirm & more
More funding deals you may have missed during a busy week of news.
Elizabeth Warren calls on Fed to break up Wells Fargo
Senator cites the bank’s “longstanding ungovernable behaviour”.
White paper: Five key qualities of a successful AML compliance programme
An effective AML compliance programme will protect your company from regulatory fines and prosecution.
SDX receives FINMA approval to launch Swiss digital asset trading platform
The authorisation will enable SDX to go live with a fully regulated offering.
Mastercard acquires blockchain security start-up CipherTrace
Payments giant aims to integrate CipherTrace’s crypto security and fraud detection capabilities.
Australian challenger Avenue lands restricted banking licence
The digital business bank wants to make it easier for SMEs to grow their businesses.
SEC threatens suit over Coinbase crypto lending product
Coinbase’s CEO and chief legal officer admonish US markets regulator over lack of clarity.
PayPal increases transaction fees between UK and Europe
A new 1.29% charge will come into force before the end of the year.
Hamburg Commercial Bank goes live on Broadridge payments system
German lender aims to revamp its processing capabilities.
How can identity security help solve the compliance conundrum?
Evolving tech has led to a growing number of cyber threats for FIs, as well as more compliance requirements.
Major Indian banks launch Account Aggregator project
New programme aims to extend financial services to millions of new customers.
BitConnect faces $2bn SEC fraud charge
SEC alleges BitConnect and founder Satish Kumbhani siphoned investor funds into digital wallets.
FCA says crypto exchange Binance is “not capable” of supervision
UK regulator issued a now-revealed warning to Binance in June.
Risk as an opportunity: fintech’s gold standard
How can fintechs continue to grow while also meeting increasingly stringent regulatory requirements?
LexisNexis acquires onboarding and risk platform TruNarrative
TruNarrative will join LexisNexis’ business solutions group.
Open banking: a new global standard?
How are different countries actually approaching open banking adoption?
Is a change of approach required to benefit from cloud services as critical infrastructure?
It’s a fine balancing exercise of facilitating and encouraging innovation and adoption of cloud integrated services.
Circle announces plans to become a national digital currency bank
The firm says it will operate under the supervision of US financial regulators.
Plaid agrees $58m settlement over data privacy class action
The plaintiffs alleged Plaid stored and used bank account information without consent.
