RegTech Insight Financial Crime, KYC & AML The latest content from across the platform
Global Financial Institution Fines for AML, Data Privacy and MiFID Rise 26%
CLM specialist Fenergo has released its annual findings on global financial institution fines which show that for the year to date, penalties have totalled $10.4 billion for non-compliance with AML, KYC, data privacy and MiFID regulations. The total volume of fines levied to financial institutions for these breaches was 198, a year-on-year increase of 141%….
Know Your Customer Partners with Refinitiv on AML/KYC Solution
RegTech provider Know Your Customer has confirmed a new partnership with Refinitiv, to integrate Refinitiv’s World-Check risk intelligence data into its own client onboarding solutions. The partnership will enable clients to leverage both Refinitiv’s and Know Your Customer’s solutions through one integrated interface. Compliance professionals will now be able to access Refinitiv’s world-leading financial crime…
To Buy or Build: Four Considerations for CIOs
By: Niall Twomey, CTO, Fenergo. Before embarking on a CLM (Client Lifecycle Management) digital transformation program, most financial institutions (FI) are faced with the ‘buy versus build’ conundrum; to buy something from a third-party vendor or completely build something internally. There are several factors that need to be considered in this decision making process including…
Five Misconceptions About KYC Compliance in 2020
By Ian Henderson, CEO, Kyckr. Know Your Customer compliance suffers from a problem of unintentional secrecy. Everyone knows that organizations are responsible for meeting their KYC and AML obligations and keeping up with KYC best practices, but that’s becoming harder and harder to do. KYC is not simply a matter of going down a list and…
Kyckr Launches Company Watch
San Francisco-based RegTech firm Kyckr this week launched the international rollout of its new SaaS technology platform, Company Watch, which gives clients notification of material changes at a frequency that suits them, enabling them to move from periodic to perpetual, event-driven KYC and remove unnecessary customer interaction. The launch expands the firm’s KYC solutions suite from…
Kompany Joins TruNarrative App Store
RegTech platform TruNarrative has partnered with business verification & KYC specialist kompany to add the Austrian RegTech’s digital onboarding solutions to the TruNarrative App Store.TruNarrative’s partnership with the kompany data network means its customers can now access entity information directly from the primary source, reducing manual KYB processes and enabling a low friction digital onboarding…
A-Team Group Introduces 2021 Innovation Awards
Here at A-Team Group we have been working hard on plans to celebrate innovative projects and teams with the launch of our A-Team Innovation Awards. The awards are designed to reward teams that have found innovative ways to make use of new and emerging technologies to solve challenges at financial institutions in capital markets. The…
Refinitiv Acquires GIACT to Boost Risk and Compliance Capabilities
Earlier this month, Refinitiv signed a definitive agreement to acquire Giact System (GIACT), a US-based specialist in digital identity, payments verification and fraud prevention, in order to boost its existing risk and compliance capabilities. RegTech Insight spoke to the key participants in the deal to learn more. The acquisition of GIACT comes at a time…
Making the Case for Ongoing KYC: Why the Time for Change is Now
By John O’Neill, senior vice president, Silent Eight. If you work in financial services then you’re already aware that knowing your customer (KYC) is not just an essential process, it is also a legal requirement. It’s part of the essential tasks banks perform to tackle anti-money laundering (AML) and other financial crimes. Back in June…
Are You Ready for the RegTech Summit Virtual 2020?
Hope might be in sight with the advent of an effective new vaccine, but the global pandemic has changed the way we work forever, and it is becoming increasingly clear that the business environment will be irrevocably changed by the 2020 experience. Remote engagement has become more important than ever, and agility and versatility have…