Search Results for: financial practices

Malta Financial Services Authority (MFSA) Encourages Sector-Wide Alignment to Banking Risk, Capital Disclosure Practices

The MFSA is urging sector-wide alignment to banking risk as well as capital disclosure practices. The MFCA noted in a recent update that it is calling for enhanced consistency as well as more transparency among credit institutions. The Malta Financial Services Authority (MFSA) has issued… Read More

Treasury and Financial Services Sector Coordinating Council Release Resources on Practices for Secure Cloud Adoption

The U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) published a suite of resources to share with financial services institutions on effective practices for their secure cloud adoption journey. These deliverables are the result of a year-long public-private partnership of… Read More

European Supervisory Authorities (ESAs) Identify Good Practices for Financial Education Initiatives on Scams, Cybersecurity

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a joint thematic Report on national financial education initiatives on digitalization, with “a focus on cybersecurity, scams, and fraud.” The Report identifies good practices “that national competent authorities and other public entities can… Read More

Open Banking: Australian Financial Institutions Plan to Fully Support Responsible Customer Data-Sharing Practices by Nov 2022

The introduction of Australiaā€™s Consumer Data Right (CDR) laws on July 1, 2020 marked the initial phase of Open Banking in the country, which may improve the services offered by the local banking sector. More than 6 months into CDR and Open Banking in Australia… Read More

Australian Securities and Investments Commission (ASIC) Calls Out Superannuation Trustees for Weak Scam and Fraud Practices

ASIC has recently written to superannuation trustees urging them to strengthen anti-scam practices, or risk ex”posing members to harm.” The open letter, which is reportedly signed by ASIC Commissioner Simone Constant, outlines their guidance for superannuation trustees in “preventing, detecting and responding to scams and… Read More

Impossible Cloud Network’s Wawrzinek: Open Sea Data Leak Indictment of Lax Web3 Data Practices

The faults that contributed to the massive data leak on the NFT platform Open Sea back in 2022 came home to roost on Monday when more than seven million email addresses were publicly released. Impossible Cloud Network co-founder Kai Wawrzinek itā€™s a ā€œsad indictment of… Read More

Financial Infrastucture Fintech Plaid Reveals 2025 Business Expansion Plans

Fintech Plaid has reportedly selected Triangle for its next office, along with plans to hire more staff in 2025. Plaid CEO and cofounder Zach Perret, said that you may think of the company as the “plumbing that connects banks to the app and the app… Read More

Strise CTO Patrick Skjennum’s 2025 Financial Crime Predictions

The following information was provided by Patrick Skjennum, the co-founder and CTO of anti-money laundering company Strise 1. Evolving sanctions evasion tactics will drive advanced AML capabilities As criminal networks increasingly leverage decentralized finance platforms, unregulated cryptocurrencies, digital twins and synthetic identities to evade sanctions,… Read More

IDB Invest Supports VPC Debt Fund to Enable Fintech Growth and Financial Inclusion

IDB Invest approved an investment of up to $50 million in Victory Park Capital (VPC) Investor Fund W, L.P., a debt fund in Latin America and the Caribbean committed to offering financial solutions for Fintechs. The fund will focus on expanding access to financing for… Read More

Jaya Vaidhyanathan, CEO at BCT Digital, Shares Insights Focused on RBI’s Financial Stability Report

The Reserve Bank of India (RBI) has recently released its Financial Stability Report. The update highlights key developments in the country’s financial ecosystem and what we can expect in 2025. Jaya Vaidhyanathan, CEO, BCT Digital has shared insights with CI on the nation’s banking sector…. Read More

US Department of Justice Files Complaint Against Fintech Firm Dave, CEO Jason Wilk Alleging “Deceptive” Practices in Violation of Federal Law

The US Department of Justice (DOJ), together with the Federal Trade Commission (FTC), announced a civil enforcement action against Dave Inc. and its co-founder, President, Chief Executive Officer, and Chairman of the Board of Directors, Jason Wilk, for alleged violations of the FTC Act and… Read More

Alif Secures $20m Debt Investment to Boost Financial Inclusion in Uzbekistan

Fintech firm Alif has announced securing a $20 million debt investment from Accial Capital, a U.S.-based impact private credit fund manager, to strengthen its Nasiya installment service and expand financial inclusion in Uzbekistan. The transaction was facilitated with advisory support from Nairang Capital and TMT… Read More

Financial Services Regulatory Authority of ADGM, UAE Ministry of Interior to Combat Financial Crime Related to Virtual Assets

The Financial Services Regulatory Authority of ADGM (FSRA) has signed a Memorandum of Understanding (MOU) with the UAE Ministry of Interior, to enhance coordination in combating financial crime related to virtual assets. The agreement aims to facilitate the exchange of information, strengthen risk mitigation frameworks,… Read More

CFPB Announces Actions to Protect Consumers from “Illegal” Credit Card Practices

The Consumer Financial Protection Bureau (CFPB) announced actions in order to protect consumers from “illegal” credit card practices and help people save money on interest and fees. In a circular to other law enforcement agencies, the CFPB warned that some credit card companies operating rewards… Read More

ThetaRay Taps Microsoft to Enhance AI-Based Financial Crimes Tool

ThetaRay, a provider of AI-powered financial crime detection technology, announced the deployment of its new GenAI Financial Crime Detection Suite through a collaboration with Microsoft. By integrating Microsoft Azure OpenAI Service, ThetaRay cited such benefits as enhanced risk assessment, operational efficiency, and better reporting of… Read More

Digital Identity Verification Is Playing Key Role in Digital Transformation of Financial Services – Report

Digital identity verification is a term that is evolving and often given different definitions, according to an update from Juniper Research. Juniper Research considers digital identity to be defined more formally as follows: ā€˜A digital representation of an entity; this can be one or more… Read More

France’s AMF Encourages Financial Institutions to Improve Transparency of Taxonomy Reporting

Faced with “dense” and complex information, the AMF in France is encouraging financial institutions to continue their efforts to “improve the transparency of their Taxonomy reporting.” In a report covering the first alignment reporting of seven French banks and insurers, the AutoritĆ© des MarchĆ©s Financiers… Read More

Representative French Hill Expected to Take Over Powerful House Financial Services Committee

Representative French Hill is slated to take over the powerful House Financial Services Committee following the exit of popular Chairman Patrick McHenry. Multiple news outlets are reporting the selection of Hill, who has edged out several others interested in the chairman position. The Digital Chamber… Read More

Malta Financial Services Authority (MFSA) Assesses Investment Firmsā€™ Knowledge of European Regulations

With the aim of attaining “high” compliance standards within the financial service industry, including the investment sector, the Malta Financial Services Authority (MFSA) conducts a range of supervisory activities using a set of diversified tools, such as “on-site Inspections, off-site work and meetings.” As a… Read More

European Regtech Salv Launches Tool to Improve Transaction Monitoring and Curb Financial Crime

European Regtech Salv announced the launch of its Collaborative Scenario Library, a tool designed to help AML teams improve their transaction and customer monitoring in order to catch more financial crime. The Collaborative Scenario Library, which is a feature of the Salv Monitoring solution, is… Read More

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