RegTech Insight AML, KYC & Financial Crime The latest content from across the platform
Moody’s to Acquire RDC in GRC Push
Moody’s Corporation has confirmed plans to buy customer screening and KYC/AML data provider Regulatory DataCorp (RDC) for $700 million, from private equity firm Vista Equity Partners. The deal continues Moody’s push into the data and compliance arena following its 2017 acquisition of BvD in a transaction valuing the company at $3 billion. It’s too early…
Financial Crime Penalties Top $36 Billion Since Financial Crisis
In December 2019, global penalties totalled $36 billion for non-compliance with Anti-Money laundering (AML), Know your Customer (KYC) and sanctions regulations, according to the latest research from client lifecycle management specialist Fenergo. Overall, financial crime violations were up by 160% over the past 15 months, while fines for Markets in Financial Instruments Directive (MiFID) and…
ComplyAdvantage Boosts Growth Plans with New COO Hire
Financial crime compliance specialist ComplyAdvantage has appointed Vatsa Narasimha as Chief Operating Officer and Chief Financial Officer, as it continues to chart an aggressive growth strategy following last year’s successful $30 million Series B financing round (led by Index Ventures and Balderton Capital), a recent doubling of headcount, and new office openings in Singapore and…
NICE Actimize Adds Cryptocurrency Element to AML Solutions Portfolio
NICE Actimize, a specialist in autonomous financial crime management, has jumped on the blockchain bandwagon with the addition of cryptocurrency intelligence platform CipherTrace to X-Sight Marketplace, its financial crime and compliance ecosystem. Founded in 2015 by three Silicon Valley entrepreneurs, CipherTrace claims to be the world’s first blockchain forensics provider, offering tracing and security services…
SIX Changes the Game with New Sanctions Data Service
Last week, Switzerland-based Six launched a new Sanctioned Securities Monitoring Service (SSMS) on the Open:FactSet Marketplace (OFM) – a move that it hopes will change the game when it comes to filling in the gaps of KYC compliance for investment professionals. The service is designed to help users mitigate risk by understanding the potential impact…
Are You Keeping Up With The Regulator?
By Dr Bimal Roy Bhanu, Group CEO at Ai XPRT. Not many things in life are certain, but in the financial services industry it’s obvious to all participants that regulators are continually tightening the national and international governance, risk and compliance requirements. The ultimate aim for firms in 2020 is to stay one step ahead…
Regulatory Ramp-up: AML Penalties Double, UK Legislation Goes Live
Last year saw 58 Anti-Money Laundering (AML)-related penalties handed down globally, totalling $8.14 billion – double the amount and almost double the value of 2018 figures (29 penalties at $4.27 billion), suggesting that not only are regulators cracking down with more rigour, but the stringency of their sentencing is also increasing. In this punishing environment,…
Firms Must Act Now on 5MLD Compliance – Are You Ready?
On December 20, 2019 the UK Government quietly introduced the Fifth EU Money Laundering Directive (5MLD) into UK law, coming into force on January 10, 2020 – in other words, this Friday. The Directive was introduced as part of ‘The Money Laundering and Terrorist Financing (Amendment) Regulations 2019’, and is an amendment to existing regulation,…
Simplifying Compliance Tracking with User Behaviour Analytics
By James Wooster, COO, Glue42. Spending IT budget on compliance solutions is never satisfying. While the impact of fines is easy to measure, the uncertainty of the risk means that other business cases always look more attractive. The scope of MiFID II and CAT compliance has placed additional burdens on financial institutions as both require…
Industry Demands Clarity Over 5AML
With less than a month to go before the fifth EU anti-money-laundering (5AML) rule comes into force, serious concerns are being raised regarding the lack of direction from the UK Government – with no final regulation yet transposed into national law. In an open letter to the Chancellor of the Exchequer, SmartSearch CEO John Dobson…