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AML Specialist SmartSearch Slams FinCen Leak

John Dobson, CEO at AML experts SmartSearch, has expressed outrage at the revelations contained in the FinCEN files of criminal cash being moved around by the world’s biggest financial institutions, including the UK’s HSBC. “This is nothing short of a betrayal for all those thousands of businesses doing their bit in the global fight against money laundering…

Recorded Webinar: How Financial Institutions can adjust to working in the New Normal

The very sudden impact of Covid-19 and resultant shutdown of physical sites has stress-tested financial institutions and vendors to their limits. Now banks and firms are slowly starting to re-open offices. But what will the new normal look like and what steps should you be taking now to make the most of this situation? This…

ComplyAdvantage Partners with sync. On Financial Crime Compliance

Screening specialist ComplyAdvantage has won a new mandate with fast-growing digital banking app sync. to improve the latter’s AML and anti-fraud capabilities using the RegTech’s AI-driven platform. The partnership will allow the open banking app to run its compliance and risk management processes more smoothly, and to better monitor its customers’ activity; while the relationship…

AML Penalties Increase in APAC as Regulators Rev their Engines

By the end of July 2020, AML, KYC and sanctions fines for global financial institutions reached $5.6 billion, according to the latest findings from client lifecycle management specialist Fenergo. Notably however, although overall penalties were actually down by a third compared to the same period last year, fines issued by APAC regulators related to AML…

Cross-Sector Data Platform Hopes to Revolutionise the Fight Against Financial Crime

Last week, a consortium of businesses, banks and the UK Financial Conduct Authority (FCA) announced a pioneering new AI-driven data access platform set to launch in 2021, led by RegTech firm RegulAItion. The AIR Platform promises to transform the way in which data is accessed by regulated industries, providing a digital infrastructure for scalable, automated…

SmartSearch Launches US Operations

UK-based anti-money-laundering (AML) firm SmartSearch on July 14 launched operations in the US, following a period of sustained growth. According to CEO John Dobson: “We have developed a bespoke product for the American market so that US firms using SmartSearch have the same absolute confidence as those in the UK, that their AML checks are…

Dutch Banks to Share Data in Fight Against Financial Crime

Dutch banks ING, ABN Amro, and Rabobank plan to join forces to share transaction data in a bid to reduce money laundering. Along with Volksbank and Triodos Bank they intend to launch a new agency to monitor all transactions, making it easier to detect unusual patterns. According to Dutch banking association NVB, around €16 billion…

Recorded Webinar: The Transformation of Buy-Side Market Surveillance

Asset managers, hedge funds, insurance firms, and other buy-side firms globally are becoming more active in their approach to market surveillance, as regulatory pressure to up their game mounts. Buy-side firms are now building out their surveillance infrastructure as they seek to respond to the requirements posed by Dodd-Frank, MiFID II and the Market Abuse…

Delta Capita Claims Major Cost Savings with CLM Solution

Delta Capita, a global provider of Fintech solutions, managed services and consulting, claims that its latest client lifecycle management (CLM) platform could help financial institutions to cut their operational costs by up to 40%. With technology and operating costs typically running into the millions of pounds per year, banks have traditionally deployed thousands of people…

Commerzbank Fined £37.9m for Money Laundering Failures

The UK’s Financial Conduct Authority (FCA) has issued its second-largest fine ever to Commerzbank London due to put anti-money laundering failures 2012 and 2017, which the regulator concluded had “created significant risk”. Although the FCA raised concerns three times during the period, the bank still failed to “take reasonable and effective steps to fix them.” “Commerzbank…