Deutsche Bank fined $186m by US Federal Reserve
The Fed says it found that Deutsche Bank made “insufficient remedial progress” in fixing its AML controls.
Know Your Customer/KYC
Spend management platform EnKash launches Olympus solution for businesses
The solution targets MMEs that lack experience and accessibility of financial and non-financial products.
Banking Tech Awards USA 2023 winner: Fincom – 90% cost reduction in AML sanctions screening
Fincom’s AML Sanctions Screening solution won the AML & Compliance Tech of the Future at the awards.
UK fintech Suits Me looks to revive face-to-face banking with new digital service
The service’s arrival is a response to the failings of chatbots.
Checkout.com launches AI-led ID verification solution
The company claims its new solution can identify “nearly every citizen in the world”.
Romania’s BRD extends digital banking partnership with Backbase
Backbase will enhance BRD’s digital banking services and customer experience.
Video: Strands and Akbank at Money20/20 Europe – Business financial management for SMEs
Strands and Akbank discuss how they are working together to support SMEs with their banking needs.
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”.
Capital Union Bank taps Avaloq for new online banking platform
The bank’s CEO says Avaloq’s solution will enable its clients to have “even more control over their assets”.
Socure snaps up ID verification start-up Berbix for $70m
Socure has integrated Berbix’s tech to launch its new predictive document verification solution, DocV 3.0.
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.
NYAG proposes new legislation to strengthen crypto regulation and protect investors
The proposed bill aims to increase transparency, eliminate conflicts of interest and protect victims of fraud.
Stripe unveils embeddable fiat-to-crypto onramp for Web3 businesses
The onramp has built-in fraud tools and identity verification to meet KYC and compliance requirements.
Smile Identity acquires Appruve to expand across Africa
With the acquisition, Smile Identity aims to expand its reach across Ghana and francophone Africa.
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.
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.
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.
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.
Blockchain-based BaaS provider Scallop partners tell.money for open banking compliance
Scallop will utilise tell.money’s gateway service to ensure PSD2 open banking compliance.
Griffin partners Cable to strengthen BaaS financial crime controls
Cable says its tech will help Griffin “monitor, identify, and address financial crime control risks”.
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.
ComplyAdvantage names Jim Anning as chief data officer
Anning joins ComplyAdvantage from GoCardless where he was vice president of data.
Central Bank of Nigeria publishes open banking guidelines
The central bank had first begun work on the adoption of open banking in June 2017.
Tintra taps Temenos to power new bank for emerging markets
Tintra plans to link emerging market clients with global financial opportunities.
Socure lands $95m credit facility from JP Morgan, SVB and KeyBanc
CEO Johnny Ayers says the firm plans to invest in “new solutions, verticals, and strategic acquisitions”.
Equiniti unites trio of businesses under new lendtech brand, Lenvi
Lenvi is a combination of Equiniti’s EQ Credit Services, EQ Riskfactor, and EQ KYC Solutions.
RBI fines Amazon Pay’s India unit $374,000
The central bank claims Amazon Pay India didn’t comply with “certain provisions” of KYC and PPI directions.
Quantifind bags $23m in funding to help firms combat financial crime
Quantifind’s SaaS solutions help banks and financial institutions tackle money laundering and fraud.
Power to the people: How Zenus Bank aims to democratise access to banking
FinTech Futures sits down for a chat with Mushegh Tovmasyan, founder of Zenus Bank.
Should digital banking platforms be fraud prevention solutions by design?
Banks should look to use technology to not only curb financial crime but to gain a competitive advantage.
FinTech Futures: Top five stories of the week – 24 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Hong Kong proposes tighter rules for digital asset exchanges
The proposed framework will bring virtual assets in line with securities brokers and automated trading venues.
Facing the FCA armed with data
Fintechs are finding themselves subject to increasing scrutiny by regulators regarding AML compliance.
UK fintech funding round-up: Omnio, Landytech & Sikoia
A handy round-up of the recent funding endeavours of fintech companies across the UK.
AI regtech WorkFusion names Arthur Mueller VP of financial crime
Mueller joins from Rabobank North America where he served as AML and sanctions officer for more than six years.
