Tagged: anti money laundering

NOW Money Selects ThetaRay AI Tech to Prevent Financial Crime

NOW Money, the GCC’s first mobile banking solution focused on financial inclusion, and ThetaRay, a provider of AI-powered transaction monitoring technology, announced a collaboration to implement ThetaRay’s cloud-based AML solution “to monitor cross-border payments and support in the prevention of financial crimes and money laundering… Read More

ClearBank Selects ThetaRay AI Monitoring Tech to Support Business Growth

ClearBank, which claims to be the largest next-generation clearing and embedded banking platform in the UK, and ThetaRay, provider of AI-powered transaction monitoring technology, announced they will “collaborate in cloud-native anti-money laundering (AML) monitoring to protect ClearBank against financial crime with ThetaRay’s robust and industry-leading… Read More

Perspective: Acknowledging the Trust Fallacy Surrounding KYC Verified Accounts

There’s no doubt in the minds of financial organizations and anti-laundering regulators that Know Your Customer (KYC) verified accounts prevent fraudulent activity– and that’s exactly the problem. In the early 1990s, governments around the globe had a growing concern about preventing the increasingly connected banking… Read More

UK’s FCA Issues Final Notice to Former Sonali Bank CEO for AML Failings

The Financial Conduct Authority has publicly censured Mohammad Ataur Rahman Prodhan, the former Chief Executive Officer of Sonali Bank (UK) Limited (SBUK) “for anti-money laundering (AML) failings.” Prodhan was “the senior manager at SBUK with responsibility for the establishment and maintenance of effective AML systems… Read More

HM Treasury Provides Update on UK’s AML/CTF Guidelines

HM Treasury had introduced a consultation in July of last year, entitled “Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022.” This consultation outlined how the UK Government intended “to amend the UK’s Money… Read More

Dublin based Regtech Fenergo Introduces Financial Crime Risk SaaS Solution

Fenergo, the provider of digital solutions for Know Your Customer (KYC) and client lifecycle management (CLM), recently announced the launch of FinCrime Risk. This application programming interface (API)-first software as a service (SaaS) solution will “allow financial institutions to centralize and automate risk assessment processes… Read More

UK Regtech Credas Technologies, an AML Checks Provider, Reports Steady Growth in Operations

Credas Technologies, which claims to be the “leading” anti-money laundering (AML) checks provider, has set “a new record in volume.” Its estate agency customers are now “carrying out an AML check every five seconds via its platform.” Credas’s customers reportedly “include Connells, Purplebricks, Strike, Minerva,… Read More

CoinDCX Enhances AML Protection with Assistance from Solidus Labs

CoinDCX, India’s first crypto unicorn which claims to be the country’s “safest” crypto exchange, announced that it has chosen crypto-native risk monitoring company Solidus Labs as a strategic compliance partner. With the goal to protect its clients from known forms of market abuse and a… Read More

What the Investigation Into Binance Means for Money Laundering

The role that cryptocurrency plays in money laundering is hotly debated. Some say that the anonymity afforded by currencies like Bitcoin makes it easier for criminals to shift funds undetected, while others argue that the blockchain and it’s unchangeable, publicly visible ledger actually provide far… Read More

European Banking Authority (EBA) Introduces Central Database for AML/CFT

The European Banking Authority (EBA) has introduced its central database for anti-money laundering and counter-terrorist financing (AML/CFT). This European reporting System for material CFT/AML weaknesses, EuReCA, will be key to coordinating ongoing efforts by relevant authorities and the EBA to prevent and combat money laundering… Read More

Regtech: Uppsala Security Launches TOMS 2.0, an Updated Version of Threat Reputation Database On-Premise Management System

Uppsala Security has announced the launch of TOMS 2.0, which is an updated version of the already deployed Threat Reputation Database On-premise Management System (introduced at the end of March 2021). As mentioned in a release, the product was initially created to “address an increased… Read More

Regtech Firm Uppsala Security to Expand its Operations to Cover NFT Custody Area

Uppsala Security, a provider of security tools and services for Crypto AML/CTF, Transaction Risk Management, Regulatory Compliance, Transaction Tracking, and Cyber Security announced the expansion of their business in the NFT Custody area, a service that was “not available until now in South Korea.” As… Read More

UK’s FCA Fines HSBC Bank plc £63.9M for “Deficient” Transaction Monitoring Controls

The UK’s Financial Conduct Authority (FCA) has fined HSBC Bank plc £63,946,800 for “failings in its anti-money laundering processes.” As noted in an update from the FCA, HSBC used automated processes to “monitor hundreds of millions of transactions a month to identify possible financial crime.”… Read More

UK FCA Regulated Digital Securities Platform, Archax, Chooses Scila Surveillance, AML Tools

Archax, which claims to be the only UK Financial Conduct Authority (FCA) regulated digital securities platform, broker and custodian, has chosen Scila Surveillance and Scila AML for the effective monitoring of its markets, offered by the Stockholm-headquartered independent surveillance, risk and anti-money laundering tech provider,… Read More

FTX US, a US-Regulated Crypto Exchange, Implements Anti-Financial Crime Compliance, Risk Management Tools

FTX US, a US-regulated crypto exchange, announced it has implemented a comprehensive suite of anti-financial crime compliance and risk management tools created by TRM Labs, a blockchain intelligence provider. FTX US, the US division of FTX, has reportedly integrated TRM’s Transaction Monitoring and Forensics tools… Read More

AML Software Provider, SmartSearch, Is Looking to Recruit Talented Professionals to Support Steady Business Growth

Anti-money laundering specialist SmartSearch is planning to hire 20 new staff members before the end of 2021. The Regtech firm says that it’s onboarding new talent so that they can support their business growth. There are many roles currently available. They range from graduate and… Read More

Financial Institutions are Increasingly Adopting AI for Supporting AML as Fintech Adoption Rises: Report

There has been a special focus on anti-money laundering (AML) in the industry during August 2021, with accelerations in the use of artificial intelligence for AML, as well as certain updates made to regulatory guidelines, according to a report from Banking Circle. Payments specialist Banking… Read More

UK Regtech SmartSearch Introduces Service to Address Money Laundering Issues

UK-based anti-money laundering (AML) specialist SmartSearch has introduced a new service in order to address the problem of “dirty” cash being cleaned across the globe via various activities like acquiring property. Organized criminal organizations and fraudsters are responsible for around $2 trillion a year in… Read More

Financial Risk Management Platform Feedzai Buys Revelock

Financial risk management platform Feedzai has acquired Revelock a biometric ID platform. Revelock technology will be immediately integrated into the core Feedzai platform with historical behavioral biometric intelligence available.  Feedzai claims the purchase has created the world’s largest AI-powered financial risk management platform calling the… Read More

European Union Creates New EU Authority to Fight Money Laundering: No More Anonymous Crypto Transactions

The European Commission has updated the European Union’s anti-money laundering and countering terrorism financing (AML/CFT) rules. Included in the new policy is a requirement that anonymous crypto asset wallets will be prohibited. Along with the new policy on AML/CFT is the creation of a new… Read More