RegTech Insight Financial Crime, KYC & AML The latest content from across the platform
AI AML Software Trend Continues with Deutsche Bank’s Adoption of Finantix
At the beginning of July, Finantix announced that Deutsche Bank Wealth Management selected its AI-powered Finantix KYC Solution to help enhance the bank’s client onboarding and know-your-client (KYC) processes. The solution is already up and running in Germany, Deutsche Bank’s largest wealth management centre and the bank is now set to roll it out across…
Oracle Leverages Cloud Technology to Offer AML Services to Smaller Banks
Oracle in June announced the roll-out of its Oracle Financial Services Anti Money Laundering (AML) Express Edition to small- and mid-sized banks: allowing smaller players to cost-effectively address evolving global AML regulations and guidelines, despite their smaller IT budgets and limited resources compared to global top-tier institutions. AML Express provides unified platform to efficiently detect,…
FCA Urges Greater Cyber Resilience
The number of cyber incidents financial services firms reported to the Financial Conduct Authority (FCA) soared in 2018, and the watchdog is now calling on regulated firms to develop greater cyber resilience to prevent attacks and operational resilience to recover from them. According to data recently acquired by accountancy firm RSM under the Freedom of…
Key Factors for Successful Implementation of Automation in KYC
By Nick Ford, Head of Alliances at encompass, and Matt Neill, Managing Director at Optechs. Since the financial crisis more than a decade ago, there has been a huge focus on Know Your Customer (KYC) and Anti-Money Laundering (AML) from global regulators, resulting in a stream of regulation as well as more than $23 billion…
Artesian Solutions Launches New Risk and Compliance Hub
Artesian Solutions, a UK-based client intelligence tool for financial services companies, has announced the general availability (GA) of its new Artesian Risk and Compliance Hub (ARCH), following two years of development. ARCH is designed to enable relationship managers, underwriters and frontline teams within banks, insurance companies, and other financially regulated industries to assess and understand…
Coinform to Investigate Ripple’s AML Compliance
US regtech start-up Coinfirm has signed an agreement with San Francisco-based Ripple, the company behind cryptocurrency XRP, to investigate the crypto’s compliance with AML regulations. The move comes in advance of a planned crackdown by US authorities on cryptocurrency exchanges, following an announcement by the Financial Action Task Force report in June of tighter regulation…
SIX FinTech Ventures Takes Stake in PXL Vision
SIX FinTech Ventures has acquired a stake in PXL Vision, a Zurich-based start-up offering solutions for online user verification. The company’s Daego solution supports the automatic creation and administration of secure digital identities. It is designed to help companies avoid physical verification processes when onboarding customers, reduce costs and provide a positive experience. The company…
Capital Markets AML Gaps Need Plugging with RegTech, Says FCA
There are significant gaps in anti-money laundering (AML) defences within capital markets, according to a recent UK Financial Conduct Authority (FCA) thematic review, ‘Understanding the Money Laundering Risks in the Capital Markets’. Many of the issues raised by the regulator either relate to the way financial crime technology is deployed within capital markets, or how…
Technology Overtakes Regulation as Key Driver of Change in Compliance
Compliance and the role of the compliance officer has changed significantly over the past decade as a result of escalating regulation, technology development, an increasing focus on culture and conduct risk, and the ever closer relationship between compliance and the business. Automation has also come to the fore as compliance departments working with rising volumes…
Digital Reasoning Releases AI-Enabled Voice Analytics and Partnership with Corlytics
After four years of research and development, Nashville-based Digital Reasoning has released an AI-enabled voice analytics solution for financial services communications monitoring. It has also announced a partnership with regulatory risk tech company, Corlytics, to deliver one of the highest volumes of pre-trained models for monitoring available to the financial sector, according to the companies….