Video: Top fintech stories this week – 16 October 2020
FinTech Futures’ weekly news round-up.
Regulation
Morgan Stanley fined $60m for improper disposal of personal data
The OCC found examples in 2016 and 2019 of failure to oversee third party companies.
OCC issues $85m penalty to USAA Federal Savings Bank
Military-supporting lender found to have failed risk management.
Klarna under investigation by UK regulator for ‘unsolicited’ emails
The Information Commissioner’s Office (ICO) is investigating the claims.
FIMBank Malta taps Fiserv to improve financial crime risk management
Maltese bank to implement Fiserv AML Risk Manager.
Rabobank outsources regulatory reporting with BearingPoint
BearingPoint to take on a slice of Rabobank’s European reporting needs.
The intersection of digital identity verification and customer empowerment
Mobile onboarding must deliver an experience that is secure and friction-free.
Citi to pay $400m OCC fine for risk management failures
“The heavy lift will be the technology upgrade, which [the regulators] will micromanage.”
Sibos 2020: BNP Paribas chairman says COVID-19 “not a banking crisis”
The work of banks, regulators and governments has kept things calm, says Jean Lemierre.
Banking Technology October 2020 issue out now
Educate, advocate, invest: It’s not enough for companies to pay lip service.
FCA to ban the sale of crypto-derivatives to retail customers
UK regulator aims to clamp down on products “ill-suited” to the public.
Sibos 2020: Industry has widespread “dissatisfaction” with transaction monitoring
Costs, compliance and confusion need to be solved by new technology, says panel.
Daily News at Sibos 2020
Download your free copy of the Sibos supplement today!
Video: Top fintech stories this week – 02 October 2020
FinTech Futures’ weekly news round-up.
Banks’ rapid digitalisation leaving compliance teams in “no man’s land”
Regulators need to understand the challenges facing compliance teams.
South African association predicts the death of the cheque
PASA says it’s willing to help banks make the transition.
US associations go after OCC’s payments charter in critical letter
The OCC is currently in the swings of introducing another special purpose national bank charter.
Why do some fintech start-ups experience high exec churn rates?
“Many founders enter the mindset that an hour lost is an hour gained by the competition”.
Crypto exchange Gemini launches in UK armed with EMI licence
UK customers can now make GBP deposits to fund their Gemini account.
The shifting ground of payments: are banks and SMEs aligned?
It’s safe to assume that in time, every business and consumer will expect immediate settlement as a norm.
Video: Top fintech stories this week – 25 September 2020
FinTech Futures’ weekly news round-up.
FinCEN Files: Legacy technology “not up to the challenge” to tackle AML
Changes could be needed on both sides to prevent another FinCEN Files.
Webinar: What does the future hold for “traditional” banking models?
How banks can thrive amid uncertainty and increased competition.
Westpac agrees to record AUD 1.3bn fine for AML failures
Australian bank on the receiving end of the country’s largest civil penalty.
White paper: Scalable, actionable anti-money laundering infrastructure
Open source AML solutions offer lower costs, rapid technology evolution, and broad community-based innovation.
OCC issues guidance on US banks’ stablecoin activities
The US regulator issues clarification for FIs dealing with crypto.
Gaming friendly challenger Xace lands FCA licence
The start-up is active in both the UK and wider Europe.
Report: What keeps AML & CFT professionals awake at night?
Do your peers share your compliance challenges and professional pains?
Revolut faces lawsuit in Romania over blocked account
Revolut faces 3,911 complaints so far this year, as compared to its 2,487 for the whole of 2019.
WeChat transactions ban blocked by US judge
Issues over First Amendment rights causes US magistrate to block US ban.
Leaked FinCEN files show banks allowed $2trn in suspicious transactions
Major leak of suspicious activity reports shows “mind blowing” scale of money laundering issues.
US regulator plans major refresh for AML laws
FinCEN wants to update the Bank Secrecy Act to reflect modern threats.
Swift unveils expansion plans to “fundamentally transform” transaction management
The interbank network plans to revamp the way transactions are processed.
FCA calls for input on retail investment sector “not working as it should”
UK regulator wants input on how better to regulate the sector.
Fraudsters rake in £58m during COVID-19 by impersonating banks
Impersonation scams have risen 84% in 2020.
FCA shuts down half its money-laundering investigations in 2020
It stopped seven of the 14 investigations into money laundering since January.
Hong Kong virtual bank Livi picks Wolters Kluwer for regulatory reporting
New bank wants OneSumX to cover its compliance.
European Commission resumes LSE-Refinitiv antitrust probe
The EC had paused proceedings in July as it waited for data.
EBA calls for EU-wide set of anti-money laundering rules
European regulator says national rules have had “an adverse effect” on AML.
Video: Top fintech stories this week – 11 September 2020
FinTech Futures’ weekly news round-up.
