SEC hands fintech investment advisor Titan $850,000 penalty for misleading clients
The SEC says the fine should serve as “a warning for all advisers to ensure compliance”.
Reporting
FullCircl reinforces compliance suite with W2 Global Data Solutions acquisition
Under the terms of the deal, W2 will now trade as ‘W2 by FullCircl’.
WealthKernel confirms Aqsa Tariq as new chief financial officer
Tariq joins WealthKernel from FNZ Group, where she was group head of business intelligence for three years.
Singapore’s MVGX launches carbon SaaS subsidiary, appoints ex-BSI exec to take the lead
Frank Zhang, “a fintech, ISO standard certification and sustainability veteran”, will lead the new subsidiary.
SEC brings the hatchet down on Wall Street’s bad recordkeeping with $289m in fines
The SEC has leveraged 30 enforcement actions to date against firms failing to comply with recordkeeping requirements.
US climate tech start-up Persefoni secures $50m in Series C-1 funding round
The company has now raised more than $150 million to date.
FCA asks UK banks to hand over data on bank account closures
The UK’s largest banks and building societies have until 25 August to supply the information.
FinTech Futures: Top five stories of the week – 11 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Italy’s government to tax banks on profits from interest rate rises
The Italian parliament has 60 days to bring the proposed tax into law.
FCA warns consumers against loan fee fraudsters amid rising summer borrowing
The average loss to loan fee fraud in the UK is £260.
European Commission brings in Moody’s Analytics to help fight fraud
Moody’s Analytics’ Orbis database is set to strengthen the European Commission’s anti-fraud efforts.
Clearstream migrates regulatory reporting to Regnology’s Rcloud platform
Rcloud was the result of Regnology’s November 2022 partnership with Google Cloud.
The FCA’s Consumer Duty clamps down on unfair savings rates
The regulator’s 14-point plan seeks fairer interest rates on UK savings accounts.
Principles, practices and persistence: the Consumer Duty deadline arrives
The regulation is set to completely transform the relationship between financial services firms and consumers.
FinTech Futures: Top five stories of the week – 28 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
NatWest chief exec Alison Rose steps down with immediate effect
The group’s board of directors says Rose has “agreed by mutual consent to step down”.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
Banco Santander, BBVA and CaixaBank team up to tackle fraud with FrauDfense
FrauDfense is a new company set up to enable the exchange of information between the three banks.
UK challenger Atom Bank records first ever annual operating profit
The bank has seen its customer count jump from around 123,000 during FY22 to 224,000 at present.
ThetaRay’s Sonar goes live on Microsoft Azure Marketplace
ThetaRay currently engages around one billion end users and monitors over 15 billion transactions per year.
US accounting fintech Jirav raises $20m Series B funding
With the funds, Jirav plans to fuel product development, expand its customer base and attract new talent.
Melton Building Society taps Finastra for digital transformation
This is the third building society client deploying Finastra’s Essence solution.
CFIT appoints Stephen Ingledew and Alex Marsh as independent non-executive directors
Stephen Ingledew is chairman of FinTech Scotland and Alex Marsh is the former head of Klarna UK.
Regnology in talks to acquire French regtech Invoke
The deal will mark the fifth acquisition by Regnology in less than a year.
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.
US credit union Golden 1 taps AML RightSource to strengthen transaction monitoring
AML RightSource’s tech will automate Golden 1’s transaction monitoring investigations and reporting.
Facing the FCA armed with data
Fintechs are finding themselves subject to increasing scrutiny by regulators regarding AML compliance.
Corlytics acquires regulatory lifecycle platform ING SparQ in €5m deal
Corlytics’ CEO John Byrne says the deal “sets the runway for further strategic acquisitions”.
CFPB outlines public registry proposal for nonbank terms and conditions
Firms would need to submit information on terms and conditions that “waive or limit” consumer rights.
What’s in store for ESG in 2023?
Over the next few years, many organisations will transform their business models and put ESG front and centre.
ICYMI fintech funding round-up: Paper.id, Opensee, Nilus and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Bank of Lithuania taps Regnology for supervisory tech solutions
Regnology will help the central bank transform its data management capabilities and regulatory reporting platform.
Regnology acquires Belgian regtech b.fine
Regnology CEO says they were attracted to the “strong synergies” between the two companies’ offerings.
FinTech Futures Jobs: This is why remote work makes imposter syndrome worse
Explore thousands of open roles on the FinTech Futures Job Board today.
Sibos 2022: A problem defined is a problem solved – untangling ESG data
With a range of taxonomies, sources and utilities, ESG data is still some way from being standardised.
La Banque Postale automates regulatory reporting with Regnology
Abacus360 Banking will become the bank’s single platform for the European and French reporting regimes.
How ESG reporting fuels financial success
ESG management, fuelled by innovation, can have a positive impact on a firm’s financial performance.
US consumer finance regulator to outline credit card-like BNPL protections
The CFPB will set out guidance to hem BNPL firms much closer to credit cards in terms of regulation.
Fitch Group to acquire majority stake in data and analytics firm dv01
The acquisition, for an undisclosed sum, is expected to close by the end of Q3.
Compliance regtech SteelEye raises $21m Series B funding
SteelEye claims the $21m Series B marks the largest raise by a European regtech firm in 2022.
