AI-driven financial services must also champion fraud prevention, FCA warns
Cybersecurity must develop in tandem with AI, the regulator’s chief executive said this week.
Anti-Money Laundering/AML
Unregistered crypto ATM operators continue to feel the wrath of the FCA
Investigations have been carried out at sites in East London, Leeds, Exeter, Sheffield and Nottingham.
James Dixon named as new Allied Payment Network CISO
Dixon intends to “ensure fast and secure payments” and bolster Allied’s information security practices.
China imposes hefty fines on Ant Group and Tencent as it looks to normalise supervision
Ant Group and its subsidiaries have received a penalty of $984.3m, and Tenpay has been slapped a fine of $413m.
Thieves make away with $20m from Revolut following payment flaw
Flaws in its US and European payment systems meant that some declined transactions were wrongly refunded.
FinTech Futures: Top five stories of the week – 7 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Britcoin privacy preserved as Bank of England taps Nuggets for identity layer
The layer will maintain user privacy and offer protection from fraudulent activity and money laundering.
Bank of Lithuania revokes EMI licence of PayrNet
The central bank says it took the decision due to “serious, systematic and multiple violations of legal acts”.
Risk and compliance fintech Unit21 bags $45m Series C
The company says the funding has fueled the growth of its Fintech Fraud DAO consortium, launched last fall.
Google Cloud launches AI-powered AML offering for financial institutions
Google Cloud claims its AML AI solution helps increase risk detection and lower operational cost.
FIS acquires BaaS start-up Bond for undisclosed sum
In an internal memo, FIS shares that it completed the Bond acquisition on 8 June.
Regtech start-up Consilient names Jeremy Kedziora director of data science
Consilient, a US-based regtech, aims “to transform how the industry prevents financial crime”.
ICYMI fintech funding round-up: Ballerine, Trébol & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Join the elite panel of judges for Banking Tech Awards 2023
Apply to become a judge for the Banking Tech Awards 2023!
Dudley Building Society taps Jade ThirdEye for transaction monitoring solution
Over one-third of all UK building societies now use Jade ThirdEye’s tech to fight financial crime.
Bank of Valletta taps Resistant AI for fraud prevention solution
The bank will adopt Resistant AI’s Transaction Forensics solution to help detect suspicious transactions.
Swissquote taps NetGuardians for fraud prevention tech
The bank will utilise NetGuardians’ financial crime solutions to tackle growing issues such as APP fraud.
IOUpay goes into voluntary administration over suspected fraud
It took this step due to a “number of outstanding debts” with “no reasonable prospect” of repaying them.
Nigerian paytech VigiPay taps ThetaRay for Sonar AML solution
Sonar will help protect the growing business against sanctions violations and other types of financial crime.
UK regtech Facctum appoints two senior executives
Onkar Inamdar joins as head of engineering and Syam Chintapenta as chief development officer.
Fenergo appoints new CFO and CRO to drive global expansion
Fenergo says the new hires will play a “pivotal role” in driving its global expansion and SaaS strategy.
EU crypto “travel” regulations pass European Parliament vote
MiCA will ensure crypto transfers can be traced and suspicious transactions blocked.
FCA outlines new measures for banks to tackle money laundering via the Post Office
The NECC estimates “hundreds of millions” of pounds are laundered annually using cash deposits at the Post Office.
Leek Building Society taps Jade ThirdEye to enhance AML and CTF controls
Leek Building Society will use Jade ThirdEye’s Customer Screening and Transaction Monitoring SaaS solution.
IFGS 2023: How crisis creates opportunity for fintechs
Funding Circle CEO Lisa Jacobs and Zopa CEO Jaidev Janardana took to the stage at IFGS 2023 in London.
FinTech Futures Jobs: Five of the best fintech career paths, and what you can earn
Explore thousands of open roles on the FinTech Futures Job Board today.
Societe Generale taps Lemonway for B2B marketplace payment services
The French bank plans to offer payment services for large corporates entering the B2B marketplace arena.
UK payments start-up Ryft secures FCA licence
The company raised £1.5 million in a seed funding round last year.
Quantexa raises $129m Series E funding at $1.8bn valuation
The company will use the new capital to expand its global presence and hire more engineering staff.
EU drafts crypto transfer rules to fight money laundering
Under the new rules, cryptoasset transfers will have to include information on their source and beneficiary.
Compliance regtech Fourthline secures €50m in fresh funding
Finch Capital increased its stake in the company after having led Fourthline’s previous funding round.
The Co-operative Bank partners Onfido for customer onboarding solution
Onfido’s solution allows The Co-operative to meet regulatory requirements and customer preferences.
Crypto exchange OKX readies for Hong Kong launch
OKX sees “immense potential” in Hong Kong and is committed to building out the local ecosystem.
FCA outlines expectations for payment firms’ customer protections
It says many firms present “an unacceptable risk of harm” to their customers.
CryptoUK calls on FCA to oppose banks banning transfers to crypto exchanges
CryptoUK says banks limiting transactions to crypto platforms is “anti-competitive and disproportionate”.
US, European agencies seize €44m worth of BTC in crypto mixer raid
The law enforcement agencies seized seven terabytes worth of data, consisting of 1909.4 BTC.
Crypto paytech Wirex launches multi-currency card in Australia
With one of the highest levels of crypto adoption in the world, Australia is an “important market” for Wirex.
Noda taps ThetaRay for Sonar AML solution
ThetaRay’s Sonar will help Noda stay up to date with shifting compliance regulations.
ComplyAdvantage names Jim Anning as chief data officer
Anning joins ComplyAdvantage from GoCardless where he was vice president of data.
Tintra taps Temenos to power new bank for emerging markets
Tintra plans to link emerging market clients with global financial opportunities.
