White paper: Scalable, actionable anti-money laundering infrastructure
Open source AML solutions offer lower costs, rapid technology evolution, and broad community-based innovation.
Regulation
OCC issues guidance on US banks’ stablecoin activities
The US regulator issues clarification for FIs dealing with crypto.
Gaming friendly challenger Xace lands FCA licence
The start-up is active in both the UK and wider Europe.
Report: What keeps AML & CFT professionals awake at night?
Do your peers share your compliance challenges and professional pains?
Revolut faces lawsuit in Romania over blocked account
Revolut faces 3,911 complaints so far this year, as compared to its 2,487 for the whole of 2019.
WeChat transactions ban blocked by US judge
Issues over First Amendment rights causes US magistrate to block US ban.
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.
Swift unveils expansion plans to “fundamentally transform” transaction management
The interbank network plans to revamp the way transactions are processed.
FCA calls for input on retail investment sector “not working as it should”
UK regulator wants input on how better to regulate the sector.
Fraudsters rake in £58m during COVID-19 by impersonating banks
Impersonation scams have risen 84% in 2020.
FCA shuts down half its money-laundering investigations in 2020
It stopped seven of the 14 investigations into money laundering since January.
Hong Kong virtual bank Livi picks Wolters Kluwer for regulatory reporting
New bank wants OneSumX to cover its compliance.
European Commission resumes LSE-Refinitiv antitrust probe
The EC had paused proceedings in July as it waited for data.
EBA calls for EU-wide set of anti-money laundering rules
European regulator says national rules have had “an adverse effect” on AML.
Video: Top fintech stories this week – 11 September 2020
FinTech Futures’ weekly news round-up.
Federal Reserve demands clarity on US banks’ diversity efforts
The Fed is working with other financial regulators to boost responsiveness.
JP Morgan fires staff for COVID-19 relief funds fraud
The largest bank in US clamps down on suspicious staff activity.
GAO urges FDIC to stop examiners fishing for bank jobs
Congress’s investigative branch calls on bank regulator to do more.
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.
HMRC reveals £3.5bn in furlough payments sent in error
Around 5-10% of the scheme’s payouts have been made in error, says government body.
US Department of Justice mulls changes to bank merger legislation
Any amendments would be the first for 25 years.
UK Finance scheme stops £19m of fraud in 2020
The Banking Protocol teams up police and bank staff to stop fraudsters in branches.
Banking Technology September 2020 issue out now
Tipping point: Google vs Oracle showdown.
The PRIIPs EU stalemate: the story so far
The fate of the current PRIIPS Key Information Documents (KIDs) remains uncertain.
Small challenger Jiko buys Minnesota bank
Instead of sitting in deposits, Jiko customer money sits in Treasury Bills.
Philippines central bank to publish digital bank framework this month
A basic digital bank will require a minimum capitalisation of $8.2 million.
Citigroup first US bank to snag Chinese custody licence
Citi China can now open up custodian banking services.
Risky business
Everyone will have a part to play, but the risk teams will set the tone for what comes next.
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.
Making Tax Digital policy changes explained
UK gov’s initiative, Making Tax Digital (MTD), aims to make tax administration simpler.
ROSCA: Is there a potential for entering developed markets?
It matches the needs of rural households thanks to its simplicity and informal understanding.
Nasdaq proposes IPO alternative to raise funds
Nasdaq’s proposal to the SEC pushes for alternative routes to the public markets.
FCA accused of rushing consultation to minimise own failings
The complaints commissioner criticises the timing and lack of promotion.
Nordic fintech Open Payments raises €3m in second seed round
The firm plans an EU expansion in 2021.
Belgium investigates Credit Suisse over hidden accounts
It follows allegations that the bank helped 2,650 Belgians hide their accounts from tax authorities.
Why the world needs synchronised timing
The value of timing provides the opportunity to bolster the very fabric of our vital infrastructure.
Malaysia and Indonesian regulators sign fintech cooperative agreement
The two countries will share innovations and foster cross-border start-up development.
UK watchdog green lights $5.3bn Visa-Plaid deal
CMA finds no competition issues with Visa’s mega-deal.
iSignthis files AUD 264m against Australian Securities Exchange
The feud has its roots in ASX’s removal of iSignthis shares from trading.
