Tagged: financial crime

March 17, 2021 @ 10:25 pm By Omar Faridi  |  

Six New Hampshire residents are reportedly facing federal indictment because of an elaborate scheme that allowed people to exchange over $10 million for digital currencies like Bitcoin (BTC) and Ethereum (ETH). The US District Court indictment alleges that the co-conspirators had tricked or deceived financial… Read More

March 15, 2021 @ 10:45 pm By Omar Faridi  |  

Banking Circle, a financial infrastructure developer, notes that McKinsey has found that around $800 billion to $2 trillion has been laundered annually via the international banking system. Banking Circle reveals that criminals keep using more sophisticated methods to launder funds, which may put the reputations… Read More

March 14, 2021 @ 6:56 pm By Omar Faridi  |  

Earlier this year, the team at Elliptic, which works to assist with categorizing financial crime typologies while protecting legitimate crypto-asset users from illicit activities, had explained how proper and effective compliance can prevent (potential) money laundering activities using Bitcoin (BTC) or other digital currencies. Elliptic… Read More

February 25, 2021 @ 11:52 pm By Omar Faridi  |  

Dublin-based Fenergo, a Fintech company focused on supporting digital transformation initiatives, has announced the appointment of a new Asia Head of Sales who will be leading growth operations and executing on Fenergo’s innovative Cloud strategy in the APAC region. Fenergo has hired Gary Brookes to… Read More

February 19, 2021 @ 5:49 pm By Omar Faridi  |  

Accuity and LexisNexis Risk Solutions have confirmed that they’re planning to merge their business operations. Accuity will reportedly become a part of the LexisNexis Risk Solutions Group which currently operates in over 100 different countries. Both companies are a part of RELX, a multinational provider… Read More

January 20, 2021 @ 11:51 pm By Omar Faridi  |  

Payments platform Adyen (AMS: ADYEN) explains that their approach to engineering and development involves open-sourcing their technology stack or building various solutions in-house. Burak Yildirim, Team Lead, Adyen, writes in a blog post that being the most “money-involved domain” of Fintech, payment processing platforms such… Read More

January 20, 2021 @ 6:34 pm By Omar Faridi  |  

Blockchain analysis firm Chainalysis notes that 2020 was an “incredible” year for Bitcoin (BTC) and the larger cryptocurrency market. Despite the devastation and socioeconomic problems resulting from the global Covid-19 pandemic, Bitcoin, the flagship digital currency, managed to shatter its previous all-time highs. The Bitcoin… Read More

January 6, 2021 @ 9:04 pm By Omar Faridi  |  

Singapore-based Silent Eight, a Regtech firm that leverages AI to prevent money laundering and terrorism financing activities, has revealed that it has agreed to a multi-year partnership with HSBC which aims to assist the bank with improving its compliance measures and related operations. HSBC chose… Read More

December 8, 2020 @ 5:52 pm By Omar Faridi  |  

ACAMS has introduced a certification program for Fintech firms that aim to fulfill regulatory guidelines or requirements in an “evolving” market environment. The new Regtech solution from ACAMS has been developed with assistance from specialist consultancy FINTRAIL. Referred to as the Certified (anti-money laundering) AML… Read More

September 21, 2020 @ 11:49 pm By Omar Faridi  |  

Ajit Doval, the National Security Adviser (NSA) to the Prime Minister of India, recently warned that financial crime and fraudulent activities have increased significantly and could continue to rise, because more consumers are conducting transactions online following the COVID-19 outbreak. Doval said that the country… Read More

September 15, 2020 @ 8:22 am By Omar Faridi  |  

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, has released an updated report, titled, Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing. Published on September 14, 2020, the report notes that… Read More

July 31, 2020 @ 7:33 am By Omar Faridi  |  

The US Securities and Exchange Commission (SEC) revealed on July 29, 2020 that it’s planning to award a single-source contract to blockchain security firm CipherTrace, a Menlo Park, California based business that recently introduced real-time predictive risk scoring for cryptocurrencies. The SEC said that CipherTrace… Read More

July 29, 2020 @ 11:35 pm By Omar Faridi  |  

The global Fintech ecosystem is growing steadily. The financial technology sector is projected to reach $460 billion within the next five years. But financial losses due to fraudulent activities have reached $42 billion, globally, during the past two years. The billions of dollars stolen due… Read More

July 28, 2020 @ 11:18 pm By Omar Faridi  |  

Leading blockchain analysis firm, Chainalysis, which recently secured $49 million in capital through a Series B round, announced on July 27, 2020, that it has launched Market Intel, its newly designed website for asset managers and regulatory agencies. The new site may be used to… Read More

July 24, 2020 @ 9:03 am By Omar Faridi  |  

Quantexa, a platform that aims to prevent financial crime, has acquired $64.7 million in funding with support from financial giants HSBC and ABN Amro Ventures. Quantexa’s recent investment round was led by Evolution Equity Partners. Accenture Ventures,  AlbionVC, British Patient Capital, and Dawn Capital also… Read More

July 6, 2020 @ 7:47 am By Omar Faridi  |  

The use of stolen and synthetic identities to carry out fraudulent activities increased significantly in 2019, and the COVID-19 crisis might be making the problem even worse, according to a recently published  Identity Fraud Report from Javelin Strategy & Research. Financial losses due to identity… Read More

June 15, 2020 @ 9:13 am By Omar Faridi  |  

Authorities in China’s Guangdong province have reportedly frozen around 4,000 bank accounts which might be linked to money laundering operations through Bitcoin (BTC) and other cryptocurrencies. Local sources said that Guangdong police officials have identified bank accounts that allegedly belong to virtual currency over-the-counter (OTC)… Read More

June 13, 2020 @ 10:39 am By Omar Faridi  |  

The US Federal Bureau of Investigations (FBI) has warned that there could be an increase in financial crime due to the rise of digital banking. The warning is a reminder from the FBI that mobile banking providers and financial institutions must protect their clients from… Read More

June 10, 2020 @ 11:46 pm By Omar Faridi  |  

Featurespace, an established provider of Enterprise Financial Crime prevention software, confirmed that Australia’s Fintech Hay has chosen its ARIC Risk Hub to help identify and prevent potentially fraudulent financial activities and money laundering on its mobile-first solution. Hay builds digital infrastructure from the ground up… Read More

June 3, 2020 @ 11:47 pm By Omar Faridi  |  

Private identity solution provider, Incognia, has introduced a location-based behavioral biometrics software product that aims to reduce or eliminate the growing rates of mobile fraud. According to a press release shared with CI, Incognia’s anti-fraud software development kit (SDK) and APIs aim to improve standard… Read More