RegTech Insight Financial Crime, KYC & AML The latest content from across the platform
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…
Singapore’s Tookitaki Drives Forward AI in Anti-Money Laundering
Enterprise software specialist Tookitaki closed its Series A Funding Round at $19.2 million last week, following a further $11.7 million injected in November. The latest round was co-led by venture funds Viola Fintech and SIG Asia Investment, along with Nomura Incubation Investment. They join existing investors including Illuminate Financial, Jungle Ventures and SEEDs Capital, an…
Regulatory Data Use Cases for Privacy-Enhancing Technology
Privacy-enhancing technology (PET) is emerging as a new way for financial services firms to share and compare confidential data without compromising competitiveness or data privacy compliance. Several new use cases are emerging. Improving MiFID II reference data For example, a new industry initiative that uses advanced information security techniques looks set to enable European and…
Introducing the Alliance for Innovative Regulation: Driving Change through Collaboration
Last month saw the official launch of a new model designed to connect fintech leaders, financial institutions, regulatory agencies—and their innovation teams— with the goal of modernising the financial regulatory system. With $2 million already raised from a range of FinTech entrepreneurs and ventures capital firms, the Alliance for Innovative Regulation (AIR) is off to…
Elliptic Introduces AML Solution for XRP
Crypto compliance specialist Elliptic has a mission: to prevent, detect and pursue criminal activity in cryptocurrencies. In such a rapidly developing sector and with opacity around regulation across jurisdictions, transparency and accountability are vital in tracking crypto transactions – and it is an area in which RegTech is fast spreading its wings. The firm provides…
EastNets Partners with Refinitiv for AML, Compliance Solution
EastNets, a provider of automated compliance and payment solutions, today announced a tie-up with financial markets data and infrastructure giant Refinitiv, which will provide enhanced automated access to software and data to enable real-time risk management and enhanced compliance capabilities. The partnership will deliver an enhanced integration of Refinitiv’s Risk Intelligence data within EastNets’ cutting-edge…