FinTech Futures: Top five stories of the week – 9 December 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Anti-Money Laundering/AML
Santander UK hit with £107.7m FCA fine for AML failures
The regulator says it found “serious and persistent” gaps in the bank’s AML controls.
Hodge Bank taps LexisNexis to streamline customer onboarding
The Cardiff-based lending and savings provider will deploy LexisNexis’ RiskNarrative platform.
ICYMI fintech funding round-up: Buckzy, FrankieOne and Ejara
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Fintechs Canada launches to drive innovation in the country’s fintech sector
The not-for-profit association is looking to work with policymakers in a “whole-of-government” approach.
Video: Socure at Money20/20 USA – Fighting synthetic identity fraud
We chat with Johnny Ayers, CEO of Socure, about how firms can tackle synthetic identity fraud.
ClearBank taps ThetaRay for cloud-native Sonar AML solution
ClearBank will utilise ThetaRay’s tech for AML monitoring, providing flexibility as it scales.
Featurespace bags funding from US, UK govs to build new financial crime detection solution
Featurespace is developing an AI-powered system to help banks and PSPs detect financial crime.
Railsr taps Featurespace to boost payment fraud and AML protections
Railsr will utilise card and payment fraud prevention and AML solutions through Featurespace’s ARIC hub.
Research: Tech blockers 2022 – cutting the costs of AML compliance
Opportunities and barriers on the road to wider adoption of effective AML screening technology.
Iceland’s Arion Bank taps Lucinity to boost AML protection
Lucinity says its AML tech helps banks and fintechs increase their compliance productivity by more than 50%.
DFSA fines Bank of Singapore $1.1m citing inadequate AML controls
The regulatory authority also says that the bank acted outside the scope of its DFSA licence.
Blockchain intel firm TRM Labs scores $70m expanded Series B
TRM will use the cash to invest in product development and new hires to meet growing demand for its services.
iBanFirst taps Fenergo for client lifecycle management solution
iBanFirst says Fenergo’s tech will allow it to offer “faster and more effective” digital customer onboarding.
With tech giants going passwordless, will banks be ready to meet new consumer expectations?
With the rise of passkeys, Big Tech firms are paving the way for a passwordless future.
DFSA introduces new “crypto token regime” to boost digital asset regulation
The DFSA says it is a “progressive regulator” that recognises the growing interest in crypto.
Target Group hires compliance veteran Kathy Griffin as chief risk officer
Griffin joins from UK challenger Monzo, where she held the position of director of compliance.
Gatehouse Bank handed £1.5m fine by FCA over “poor” AML checks
Gatehouse Bank agreed to settle early, which led to a 30% reduction to the original penalty of £2.2 million.
Digital challenger Bunq wins “landmark” case against Dutch Central Bank
The firm took the DNB to court earlier this year over the use of AI/ML technology for AML checks.
Crypto-powered banking platform BVNK secures Spanish digital asset registration
BVNK is looking to expand across the European Union and beyond.
Orange Bank takes sanctions screening real-time with SAS and Neterium
The AML-CTF platform powered by SAS and Neterium is “a game-changer”, says Orange Bank’s deputy CEO.
MFS Africa implements ThetaRay’s solution to detect financial crimes
ThetaRay says its Sonar solution helps to “effectively identify truly suspicious cases”.
Video: Incode at Sibos 2022 – Identity verification and biometric authentication
We chat with Incode’s Jonathan Andresen about the importance of effective ID verification tech.
Sibos 2022: How to avoid a digital identity crisis
Bianca Lopes makes the case why banks, FIs and regulators should be paying attention to digital identity.
FinTech Futures: Top five stories of the week – 30 September 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Revolut can offer crypto asset services after FCA AML registration
Revolut, an authorised EMI since 2018, was added to the Financial Services Register on 26 September.
How financial services are following in the footsteps of Amazon with digital identity
The financial services industry must be prepared to completely reimagine the digital experience.
Copper.co taps Fenergo for AML and client lifecycle management solution
Copper will utilise Fenergo’s tech to onboard “increasingly complex” client ownership structures.
Fraud prevention and compliance fintech Sardine nets $51.5m Series B
Sardine boasts a client list of over 135 companies including FTX, Blockchain.com and WealthSimple.
Nigerian fintech Arca taps ThetaRay for AI-powered AML solution
Arca is the first Nigerian fintech to utilise ThetaRay’s Sonar solution.
St James’s Place taps AML regtech Napier for customer screening solution
Napier offers an AI-led platform for AML and trade compliance.
Banking Tech Awards USA 2022 Winners Supplement out now
People, projects & products that demonstrated stellar results, genuine innovation and had a tangible impact.
OneBanx taps regtech PassFort for know your business solution
PassFort says the solution will enable “seamless” onboarding for business customers.
P2P lender Assetz Capital agrees £200m funding partnership with Aeon
Over the next three years, Aeon will pour the cash into SME loans arranged by Assetz Capital.
Does a recession lead to more financial fraud?
A recession brings new challenges to FIs within a changing fraud landscape.
FinTech Futures: Top five stories of the week – 5 August 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
UK challenger Monument partners Persistent to build digital banking platform
Persistent’s “building block” approach will allow the challenger to add new SaaS components as required.
Robinhood to cut 23% of staff, crypto unit fined $30m
Robinhood CEO Vlad Tenev says previous staff cuts announced in April “did not go far enough”.
Scottish Building Society taps AML firm Jade ThirdEye to upgrade security
Jade ThirdEye will upgrade the firm’s existing transaction monitoring solution.
Al Rajhi Bank Malaysia taps Feedzai for risk management platform
Feedzai’s RiskOps platform will help strengthen the security of ARBM’s upcoming digital bank offering.
