USAA hit with $140m fine from FinCEN for Bank Secrecy Act violations
USAA admitted to failing to accurately report in a timely manner thousands of suspicious transactions to FinCEN.
Regulation
Credit Libanais, Codebase Technologies and Visa team for financial inclusion in Lebanon
Credit Libanais launches an instant, fully e-KYC onboarding mobile application for a virtual prepaid card.
Regtech provider Encompass raises $33m to fuel global growth
There will be “extensive recruitment” at the company’s new offices in New York and Amsterdam.
Payoneer taps cybersecurity firm ThetaRay for AI-powered transaction monitoring
Payoneer will deploy ThetaRay’s Sonar solution from Q2 2022.
BNY Mellon first GSIB to integrate Chainalysis crypto compliance software
BNY Mellon is building a multi-asset digital custody and admin platform for traditional and digital assets.
Digital ID verification start-up OCR Labs expands to North America with $30m funding
OCR Labs has raised $46 million through its combined Series A and B.
Virgin Money revamps customer onboarding with HooYu
Virgin Money implements a new account opening journey for its customers.
Fintech momentum is growing in Cyprus, but challenges must be resolved
The fintech scene in Cyprus is growing rapidly, but there are still some hurdles to overcome.
Seven ways “saving” has changed during the pandemic
Seven changes we’ve seen during the pandemic that will drive long-term changes for savings providers.
Mashreq Bank implements ThetaRay’s transaction monitoring tech for correspondent banking
Mashreq Bank is Israel-based ThetaRay’s first customer in the UAE.
Round and round: how circular economy fintechs are aiming to save the planet
Twig CEO Geri Cupi thinks the circular economy is now at a tipping point in terms of mainstream acceptance.
Trulioo acquires HelloFlow to create “end-to-end identity platform”
HelloFlow is a no-code builder of client onboarding, monitoring, and digital workflow solutions.
UK challenger Revolut secures Aussie credit licence
Revolut Australia CEO says the firm is creating the “world’s first truly global financial platform”.
Compliance tech provider Sardine raises $19.5m in Series A
New funding came from Andreessen Horowitz, NYCA and Experian Ventures.
Suffolk Building Society signs for TruNarrative’s regtech
TruNarrative’s technology will digitise mortgage customer onboarding and help prevent financial crime.
The urgency needed for banks to enter the BNPL space
Banks have an opportunity to get ahead in the BNPL space as authorities introduce new regulations.
Video: fintech news pick of the week – Diem, SAP & FTX
Our top pick of news from the world of finance and tech in bitesize video format, every week.
White paper: Anti-money laundering regulations in 2022
A closer look at some of the changes in the AML regulatory landscape in seven countries around the globe.
Meta drops crypto project Diem due to regulatory roadblocks
The Diem Association has sold its intellectual property and tech assets to Silvergate Capital in a $182m deal.
CoinTracker lands unicorn status with $100m Series A round
Users collectively track over $50 billion in crypto assets on CoinTracker.
Monzo warned by CMA over retail banking order breach
The agency says Monzo has taken adequate steps to end the breach and prevent a recurrence.
Financial crime fighter ACAMS acquired by PE firm Wendel for $500m
ACAMS has a global membership base of 90,000+ members in 175 countries.
Santander enters BNPL market with launch of new platform Zinia
Already live in Germany, Santander now plans to roll out the service in the Netherlands and Spain.
Greece’s Epirus Bank taps Profile Software to boost risk management
Cooperative bank picks RiskAvert to automate capital calculation and report production processes.
Technology and collaboration – the formula for reconceiving trade finance
Digitisation and collaboration across global trade are vital to upgrading this centuries-old industry.
Video: fintech news pick of the week – Amazon, Visa, Bolt & Lunar
Our top pick of news from the world of finance and tech in bitesize video format, every week.
UK’s Payment Systems Regulator fines Mastercard £31.5m for competition law violations
Five prepaid card companies admitted to cartel behaviour while supplying local authorities.
Regtech ComplyAdvantage reports record year, makes senior hires
Nabeel Vilcassim joins as chief financial officer (CFO) and Oliver Furniss as chief product officer (CPO).
House of Lords committee says UK digital pound is “solution in search of a problem”
The Economic Affairs Committee cited financial, privacy and data concerns over UK CBDC.
UK’s Financial Conduct Authority hands out £568m worth of fines in 2021
The scrutiny of large financial services giants formed part of the FCA’s broader strategy.
Trulioo hires product veteran Michael Ramsbacker as its first chief product officer
Ramsbacker will be developing intelligent workflow systems designed to maximise verification rates.
The 10th NextGen Payments and Regtech Forum
The event will be hosted between 9 March – 10 March in Dublin, Ireland.
The focus on ESG: Spotlight on data
As regulatory pressure grows, effective ESG reporting is now essential for businesses across the world.
The carrot and the stick: How regulators are driving a data quality revolution
Beyond the threat of fines, regulators can help financial firms by highlighting the benefits of high data quality.
Fintech predictions for the year ahead
IBM’s Paolo Sironi and Anthony Lipp make three predictions for the financial services industry in 2022.
Four fintech trends to watch in 2022 and beyond
The rise of Web3, instant checkout, and embedded finance are just a few reasons 2022 will be a pivotal year for fintech.
What the FinTech? Podcast | Season Two’s Jailed Buzzwords
We run down all the buzzwords our podcast guests wanted gone from the industry this year.
2021: Top five movers and shakers
FinTech Futures takes a look back at some of the year’s seminal hires and appointments.
PRA fines Standard Chartered £46.55m for reporting failures
The penalty is the PRA’s highest ever fine in a PRA-only enforcement case.
FCA fines HSBC £64m for failings in its AML processes
The FCA says HSBC’s transaction monitoring systems showed “serious weaknesses” between 2010 and 2018.
