Tagged: financial crime

January 25, 2023 @ 8:37 am By Omar Faridi  |  

2022 was an impactful year in “the fight against ransomware,” according to an update from Chainalysis. Ransomware attackers extorted “at least $456.8 million from victims in 2022, down from $765.6 million the year before.” As always, they have to caveat these findings by noting “that… Read More

January 25, 2023 @ 8:28 am By Omar Faridi  |  

Criminals have always found efficient ways “to launder the proceeds of their crimes and avoid increasingly stringent anti-money laundering regulations,” according to an update from CertiK. One such technique, uncovered by CertiK, poses “a direct threat to Web3 projects.” Criminal organizations are using this scheme… Read More

January 23, 2023 @ 10:42 pm By Omar Faridi  |  

CIMB Bank Berhad and CIMB Islamic Bank Berhad announced that it has introduced a self-service ‘Lock Clicks ID’ feature which acts as a ‘kill switch’ for both its CIMB Clicks App and CIMB OCTO App “effective 16 January 2023.” The new feature will enable customers… Read More

November 30, 2022 @ 8:13 am By Omar Faridi  |  

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

November 24, 2022 @ 9:35 am By Omar Faridi  |  

Featurespace, which claims to be the leader in machine learning fraud and financial crime prevention technology, has secured funding from UK and US governments “to build a new type of artificial intelligence (AI) system to help banks and payments service providers (PSPs) detect financial crime… Read More

November 22, 2022 @ 11:55 am By Omar Faridi  |  

UK’s professional services firm Evelyn Partners revealed “a significant move to strengthen its Forensic Services team with the appointment of Annabel Kerley FCA as Head of Fraud and Financial Crime.” As a Partner specializing in investigations Annabel will “build and grow Evelyn Partners’ Forensic Services… Read More

November 14, 2022 @ 11:25 pm By Omar Faridi  |  

ComplyAdvantage, a global data technology company transforming financial crime risk detection, announces a training program “designed to help compliance teams navigate potential threats when onboarding customers.” Financial institutions must legally “vet new clients for money laundering, terrorist financing, sanctions evasion, and corruption before providing access… Read More

October 23, 2022 @ 3:07 pm By Omar Faridi  |  

A new academy focused on tackling financial crime will be formed under a partnership agreement between Griffith University and the Commonwealth Bank of Australia (CBA). Building on CBA’s existing capability to combat financial crime and Griffith University’s considerable expertise in business and accounting structures, criminology… Read More

October 23, 2022 @ 12:30 pm By Omar Faridi  |  

Diebold Nixdorf (NYSE: DBD), a key player in automating, digitizing and transforming the way people bank and shop, and Featurespace, a firm focused on enterprise financial crime prevention, announced that the companies are partnering “to integrate its highly specialized, fraud prevention technology into Diebold Nixdorf’s… Read More

October 13, 2022 @ 12:29 pm By Omar Faridi  |  

Temenos (SIX: TEMN) recently announced that it is the first to market with a SaaS offering that enables banks “to manage financial crime mitigation (FCM) with composable banking services on a secure, continually evolving, self-service platform.” Temenos’ FCM-as-a-Service “delivers pre-built configurations aligned to global industry… Read More

October 12, 2022 @ 10:47 pm By Omar Faridi  |  

Binance is pleased to announce the signing of a Memorandum of Understanding (MoU) between Binance and the Financial Monitoring Agency of the Republic of Kazakhstan. The agreement “expresses signatories’ mutual interest in the safe development of virtual asset markets in Kazakhstan and creation of a… Read More

October 12, 2022 @ 9:01 pm By Omar Faridi  |  

Resistant AI, the AI and machine learning financial crime prevention specialists, and ComplyAdvantage, which claims to be one of the financial industry’s leading sources of AI-driven financial crime risk data and detection technology, announced “the general availability of their solution for fighting financial crime across… Read More

August 26, 2022 @ 12:47 pm By Omar Faridi  |  

Jack Henry (Nasdaq: JKHY) announced the development of Jack Henry Financial Crimes Defender, the company’s financial crimes platform. The platform, planned to launch in early 2023, will aim to “deliver community and regional financial institutions the enhanced capabilities they need, including AI/ML, to gain visibility into… Read More

August 24, 2022 @ 11:29 pm By Omar Faridi  |  

SEB (Skandinaviska Enskilda Banken AB) is recruiting Nicklas Lundh, from the Swedish Police, and Ravi Shankar Sharma, Head of Intelligence Development, Investigations and Analytics at Nordea, to jointly “lead a new Financial Intelligence unit within SEB’s Financial Crime Prevention unit (FCP).” Nicklas Lundh and Ravi… Read More

August 23, 2022 @ 10:47 pm By Omar Faridi  |  

PassFort, A Moody’s Analytics Company that provides a SaaS Regtech platform that automates anti-financial crime and compliance processes, announced that OneBanx the shared banking innovator, “has chosen to use PassFort’s Know Your Business (KYB) workflow solution to create a seamless onboarding experience for business customers.”… Read More

August 22, 2022 @ 8:43 am By Omar Faridi  |  

The past 12 months have seen phishing attacks rise 29% globally to reach a new record of 873.9M attacks, with the highest uptake of over 400% in the retail and wholesale industries, according to the 2022 ThreatLabz Phishing Report by ZscalerTM. The United States, Singapore,… Read More

August 17, 2022 @ 9:37 am By Omar Faridi  |  

Assetz Capital is pleased to enter a partnership with LexisNexis Risk Solutions in order to adopt the LexisNexis® RiskNarrativeTM platform across its business. The platform uses automation, AI and machine learning to offer an enhanced, configurable and accessible financial crime lifecycle management service. This should… Read More

July 13, 2022 @ 9:15 pm By Omar Faridi  |  

SymphonyAI, which claims to be a leader in “high-value” enterprise AI SaaS for strategic industries, announced it is acquiring financial crime detection firm NetReveal from BAE Systems. This acquisition marks “a significant step in SymphonyAI’s expansion strategy within the financial vertical.” Today’s banking regulatory landscape… Read More

July 7, 2022 @ 8:07 am By Omar Faridi  |  

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

June 13, 2022 @ 9:24 am By Omar Faridi  |  

ComplyAdvantage, a global data technology company transforming financial crime detection, announced that Mark Watson has been “named as the company’s Chief Technology Officer and newest addition to the leadership team.” In his role, Mark will “lead all engineering and technical innovation efforts including the expansion… Read More