FinTech Futures: Top five news stories of the week – 16 February 2024
Our pick of the top fintech news stories this week includes Monese, Virgin Money, Bank of America and more.
Anti-Money Laundering/AML
TransferGo hires former Western Union compliance head Simon McFeely as chief compliance officer
The UK-based fintech says the hire marks its latest effort to “spearhead rapid global expansion”.
Revolut’s head of financial crime and fraud Aaron Elliott-Gross leaves to join Wise as product compliance lead
Elliott-Gross has been appointed as Wise’s global director of product compliance this month.
Kurdistan International Islamic Bank taps Azentio for iMAL core banking platform
The bank will also utilise Azentio’s financial crime management and anti-money laundering (AML) system.
The Philippines’ UnionBank taps Informatica for MDM solution
Informatica says the solution provides an “enterprise-wide, 360-degree view of customers”.
European Commission takes aim at VAT fraud with CESOP
Data transmission to the new CESOP database will start from 1 April.
German AML regtech Hawk AI names Michael Shearer as new chief solution officer
Shearer previously served as group head of compliance product management at HSBC.
Encompass Corporation snaps up CoorpID and Blacksmith KYC from ING
Encompass is to acquire 100% of both ING companies for an undisclosed sum.
Digital ID verification firm Socure bolsters executive team with three new hires
Arun Kumar has joined from Luma Financial Technologies as the company’s new CTO.
Europe fintech funding round-up: Aria, AbbeyCross, Salv and more
A handy round-up of the recent funding endeavours of fintech companies across Europe.
Marsden Building Society taps Jade ThirdEye for AML tech
The firm will deploy Jade ThirdEye’s Transaction Monitoring and Customer Screening solution.
Canadian regulator fines RBC $5.5m for “administrative violations” of its AML rules
FINTRAC says it uncovered three administrative violations by RBC during an examination last year.
French business banking firm Qonto taps Fourthline for onboarding tech
Fourthline’s tech will help the firm authenticate identity documents, electronic signatures and biometric data.
Australian banks join forces to protect customers from scammers with new Scam-Safe Accord
The industry will also make an AUD 100 million investment towards a new confirmation of payee solution.
Contis hit with €840,000 fine by Bank of Lithuania
The fine relates to alleged AML failings over a period between 2021 and 2022.
FinTech Futures: Top five stories of the week – 24 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Binance CEO exits after pleading guilty to money laundering charges
Binance has agreed to pay $4.3bn in “one of the largest corporate penalties in US history”.
Sweden’s SEB selects Blacksmith KYC to automate corporate client data collection
Blacksmith claims to have specifically tailored the platform for SEB following a year-long pilot project.
Blue Ridge Bank set to trim BaaS fintech partnerships down to a “limited number”
The bank was flagged by the OCC last year for “unsafe or unsound” practices concerning its BaaS business.
ICYMI fintech funding round-up: Refine Intelligence, Apiture, Solvimon and more
Our weekly fintech round-up for you to get the latest funding news from around the world.
Lynx raises £15m Series A funding to fight fraud and financial crime
Created 20 years ago, Lynx leverages AI and machine learning to detect and prevent financial crime.
FCA places embattled Metro Bank on financial crime watchlist as rescue deal continues
Its position on the watchlist was revealed last week via the release of a 217-page dossier outlining a rescue deal for the bank.
Saudi Awwal Bank taps Mastercard to fight financial crime with AI
The bank is adopting Mastercard’s transaction risk management technology to tackle payment fraud.
Global enforcement fines rise to $5.65bn in Q3 2023
The first two quarters of this year saw global enforcement fines amount to $1.5bn and $2.27bn, respectively.
N26 to cease operations in Brazil within the next two months
The challenger bank wants to focus its efforts on its “core markets”, namely Germany, France, Spain and Italy.
Regtech Qomply hires former FCA regulator as director of transaction reporting
The company describes Sophia Fulugunya as “a front-line expert in transaction reporting”.
JP Morgan Payments taps Trulioo for personal and business ID verification
JP Morgan Payments will leverage Trulioo’s person match and identity document verification services.
Al Rayan Bank goes live with Confirmation of Payee solution from obconnect
The PRA directed the bank last year to instate a CoP system by 31 October 2023.
US Federal Reserve Board slaps $14.5m fine on Metropolitan Commercial Bank
The Board alleges that the bank violated customer identification rules.
How the UK’s FCA is set to scrutinise banks’ treatment of PEPs with new review
Dr Henry Balani of Encompass Corporation discusses the impact of the review on the UK banking system.
Generali Investments’ holding company taps Fenergo for AML compliance
Through the partnership, Generali Investments Holding will utilise Fenergo’s client lifecycle management solution.
Video: ComplyAdvantage at Sibos 2023 – Financial crime risk management
We chat with Andrew Davies of ComplyAdvantage about what’s shaping the financial crime landscape in banking.
Puerto Rico’s Arival Bank names Nishi Gupta as chief compliance officer and general counsel
Gupta joins Arival Bank from US-based consumer fintech company Eco, where he served as head of compliance.
Video: DTCC at Sibos 2023 – Cybersecurity and the evolving threat landscape
We speak with Jason Harrell of DTCC about the emerging cyber threats financial institutions should be prepared for.
Lithuanian P2P lending platform Savy taps Amlyze for compliance solutions
Bendras finansavimas, the operator of Savy, is expected to utilise all of Amlyze’s core modules.
PSP NomadRem taps regtech iDenfy for ID verification and AML screening
The payment service provider is to deploy the regtech’s solutions to enhance its customer onboarding processes.
Kazakhstan fintech Freedom reportedly under investigation by SEC, DOJ
According to documents seen by CNBC, the SEC’s Boston office has been investigating Freedom for months.
AI: Will it help or hinder compliance?
AI can’t replicate human nuance nor can it fully comprehend the human motivations for committing fraud.
Visa taps US security operations provider Expel for MDR capabilities
Expel’s managed detection and response (MDR) solution claims to reduce alert-to-response times “to minutes”.
Lloyds Bank taps digital identity firm Yoti for “reusable” digital identity app
The launch comes seven months after Lloyds Banking Group made a £10 million investment in Yoti.
