No mystery as BB&T invests $5m in data firm Enigma
This is BB&T’s first outlay of its $50m fintech commitment.
Anti-Money Laundering/AML
IdentityMind unveils regtech webstore
Will let companies integrate compliance and regulatory technologies into their solutions.
Big data start-up Quantexa raises $20m for big plans
Series B funding round led by Dawn Capital.
Accuity safely acquires Safe Banking Systems
With SBS it gets KYC and AML solutions.
Cyber solution provider ThetaRay gets $30m funding
Investment takes company’s total equity capital to more than $60 million.
Blockbid teams turns to LexisNexis for AML compliance
Blockbid shoring up its AML safeguards by turning to LexisNexus Risk Solutions’ ThreatMetrix.
Temenos on M&A trail to grow US business
Anti-money laundering (AML), fraud and wealth management are the focus areas.
NICE Actimize brings AI tech to financial crime investigation
NICE Actimize has launched an artificial intelligence (AI) enabled investigation management system.
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.
Onfido to provide digital ID verification tech to Bitstamp
Onfido has been selected by Bitcoin exchange Bitstamp to provide its ID verification during onboarding.
Meed leverages ID verification tech from Jumio to serve the underbanked
Identity verification tech provider Jumio has teamed up with California-based fintech Meed.
Top fintech stories this week – 22 December 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Online security and user experience: finding the balance
Recent hacks and data breaches have shown that cybercriminals are tenacious, smart and well resourced.
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.
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?
Infographic: Common Reporting Standard (CRS) – a year on
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA related global tax transparency regulations.
Payments: where have all the correspondents gone?
At the recent G20 meeting in Germany, Financial Stability Board (FSB) briefed leaders on its efforts to arrest the decline in correspondent banking relationships. FSB also presented the results of a survey of more than 300 banks in 50 countries, supplemented by Swift payments data, which showed that the number of correspondent banking relationships continues to decline globally.
Webinar: Lessons learned from the first year of CRS reporting obligations
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA (AEOI) related global tax transparency regulations. A year on from our first FATCA and CRS survey, Thomson Reuters and Banking Technology joined forces to survey the industry – to assess the challenges faced by financial institutions […]
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 […]
Belize’s central bank selects Swift to combat financial crime
The Central Bank of Belize has chosen Swift’s Sanctions Screening solution to combat financial crime and put in compliance controls. The bank says: “Implementing the right compliance controls within an organisation is not only a regulatory responsibility, but also a priority for global security.” Juan Martínez, managing director Latin America and the Caribbean, Swift, says […]
The Bancorp Strengthens Operations, Risk Management with New Leadership Team
The Bancorp Inc. has created a new senior-level team, it says, will strengthen its operations and risk management functions by developing a more productive and efficient operating environment.
Blockchain and Bitcoin round-up: 10 July 2017
Reading doesn’t have to be a trial. Our latest blockchain and Bitcoin round-up keeps it ultra-brief. Featuring Mt. Gox, less than smooth criminals, the Council of the European Union and Coinsource. Mark Karpeles, the former CEO of collapsed Bitcoin exchange Mt. Gox, will go on trial in Tokyo next week on charges stemming from the […]
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.
Compliance Titans: Jeff Ross, Green Dot Corp.
Nearly a decade after jumping from the public to the private sector, Green Dot’s Jeff Ross remains as enthused as ever by the new challenges and complexities he faces every day as compliance head for one of the biggest players in an industry with a constantly shifting regulatory landscape and technology that’s advancing at a breakneck pace.
Sterling Bank and Trust signs for iFinancial BankWare core system
Sterling Bank and Trust, a new bank in the Bahamas, has selected the BankWare core system from UK-based International Financial Systems’ (iFinancial). The bank will be using the multi-currency accounting, exposure management, current accounts, deposits, loans, payments, and Swift modules from the BankWare portfolio of retail and wholesale banking solutions. The bank is part of […]
People on the Move: A.J. Koehn, Urban FT
A.J. Koehn has joined Urban FT Inc., a digital payments platform provider and 2017 Pay Awards winner for Startup of the Year, as its new senior vice president of compliance and program management.
Compliance Titans: Jani Gode, Payoneer
Jani Gode’s knowledge of payments compliance reaches to parts of the globe that are about as far away from the small Minnesota farm where she grew up as you can get. Gode leads the global compliance program as chief compliance officer at Payoneer, an online payments company founded in 2005 that enables businesses to send and receive cross-border payments.
Former MoneyGram Compliance Chief to Pay $250,000 Fine
A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.
A vaccination for financial crime
ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?
Proposed M-Wallet Rules Don’t Hinder Samsung Pay Launch
While the Indian government works toward a digital economy, the Reserve Bank of India is soliciting feedback through March 31 on guidelines for prepaid payment instruments that could adversely affect issuers of prepaid products, including mobile wallets.
DTCC sells Clarient Global and Avox to Thomson Reuters
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
U.K. Slaps Deutsche Bank with $200 Million Penalty over Money Laundering Case
The U.K.’s Financial Conduct Authority has fined Deutsche Bank £163 million (US$204.7 million) for failing to maintain adequate anti-money laundering controls between Jan. 1, 2012, and Dec. 31, 2015, according to Paybefore sister publication Banking Technology.
BNP Paribas Securities Services invests in fintech start-up Fortia
BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.
Money rolls
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!
Deutsche Bank bans texting and messaging apps on work phones
No more texting or using messaging apps such as WhatsApp on company issued phones, Deutsche Bank tells its employees. According to a memo issued by COO Kim Hammonds and chief regulatory officer Sylvie Matherat, the functionality will be switched off this quarter.
