RegTech Insight Financial Crime The latest content from across the platform

Monetary Authority of Singapore Plans Shared Data Platform to Combat Money Laundering

The Monetary Authority of Singapore (MAS) plans to introduce a digital platform and enabling regulatory framework that will allow financial institutions to share data on customers and transactions with the aim of preventing money laundering, terrorism financing, and proliferation financing – a means of raising, moving or making available financing, funds, assets or other economic…

How Blockchain Can Help Reduce the Threat of Trade-Based Money Laundering

By Henry Roxas, Head of Trade Finance, R3. The amount of money laundered globally in a single year has been estimated at as much as $2 trillion. Despite billions of dollars of investment in preventative measures, financial institutions are only managing to intercept less than 0.1% of illicit funds. Evidently, money laundering is a booming…

Recorded Webinar: Adverse media screening – how to cut exposure to criminal activity, from money laundering to human trafficking

Screening for adverse media coverage of counterparties presents an incredible opportunity for financial institutions to limit risk exposures and identify bad actors early. It is required by regulations such as the EU’s sixth Anti-Money Laundering Directive (AML 6), and is one of the most effective ways to steer clear of potential connections with sanctioned activity…

SIX Fintech Ventures Leads $8 Million Funding for Crypto RegTech Coinfirm

SIX Fintech Ventures, the corporate venture arm of Swiss exchange operator and data vendor SIX, has co-led an $8 million Series A funding round for Coinfirm, which operates a blockchain-based AML Platform for crypto assets designed to protect against ransomware hacks, human trafficking, sanctions evasion and terrorist financing by risk scoring entities, addresses and transactions. As part of the…

PassFort Raises $16.2 Million to Fund Expansion

Financial crime compliance automation specialist PassFort has raised $16.2 million through its recent Series A funding. The company, whose SaaS-based platform automates financial crime and compliance processes, will use the funds to realise its global growth plans. The funding round was led by the US growth equity fund, Level Equity, with participation from PassFort’s existing…

Australia’s Identitii Launches SaaS-Based AML/CTF Platform to Reduce Regulatory Risk

Australia-based Identitii, which specialises in helping regulated entities including banks and other ‘money services’ providers manage regulatory risk, has launched a SaaS-based reporting and compliance platform aimed at addressing AML and counter-terrorist financing (CTF) reporting obligations. The cloud-based platform delivers end-to-end reporting automation and future proofs compliance by accepting any payment file format used today…

LexisNexis Scoops Up Crime and Onboarding Specialist TruNarrative

LexisNexis Risk Solutions UK has swooped in to acquire TruNarrative, a Leeds-based provider of financial crime and client onboarding solutions. The deal widens the scope of LexisNexis capabilities to include corporate customers as well as financial services firms of all types. TruNarrative, founded in 2016, provides a cloud-based orchestration platform that allows for simplified and…

New Approaches to Surveillance and Due Diligence Post-Pandemic Feature Heavily at A-Team’s RTSV Conference

Surveillance in the new ‘work from anywhere’ environment and the drift toward continuous KYC due diligence emerged as key industry challenges during panel sessions at A-Team’s RegTech Summit Virtual online conference earlier this month. Delegates heard how surveillance professionals were struggling to deal with the mushrooming use of new collaboration channels and video-conferencing platforms. At…

Recorded Webinar: Fighting fraud and financial crime with RegTech

Financial fraud and crime continue to escalate causing significant damage to companies, countries and the global economy despite enormous efforts by firms and organisations in the financial services sector to identify and expel bad actors. As these bad actors use increasingly sophisticated techniques to break into financial institutions and extract both money and data, so…

Rising AML Costs Driven by Regulatory Initiatives Rather than Crime Threat, LexisNexis Survey Finds

Regulation itself is the primary driver behind an expected rise to £30 billion in UK financial institutions’ annual AML costs to £30 billion by 2023, a survey from LexisNexis Risk Solutions has found. The increase, from £28.7 billion in 2020, appears set to be invested in personnel rather than technology, however, with the survey –…