RegTech Insight Financial Crime The latest content from across the platform

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

Date: 8 September 2020 Time: 10:00am ET / 3:00pm London / 4:00pm CET 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…

Upcoming Webinar: The Transformation of Buy-Side Market Surveillance

Date: 7 July 2020 Time: 10:00am ET / 3:00pm London / 4:00pm CET 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…

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…

Santander Selects ThetaRay’s AML Solution to Boost Data Lineage Capabilities

Banco Santander has joined forces with ThetaRay, a provider of AI-based big data analytics, to utilise its AML solution for correspondent banking. The rules-free solution uses machine learning algorithms to identify anomalies in SWIFT and KYC data that point to money laundering, enabling early resolution. The system will analyse the bank’s SWIFT traffic, risk indicators…

Using Artificial Intelligence to Know Your Customers, not your Criminals

By Hugo Chamberlain, smartKYC. How can just searching for ‘adverse media’ on your customer mean you are getting to ‘know’ them at all? In this article we ask, are we really harnessing the full power of KYC technologies? With an abundance of mounting regulations, it is only natural that Know Your Customer screening has been…

Danish Regulator Reports Danske Bank for Market Abuse, Launches AML Enquiry

Denmark’s Financial Supervisory Authority (FSA) has reported the country’s largest lender, Danske Bank, for violating the prohibition on market manipulation. The regulator alleges that the bank facilitated “wash trades” (where the same entity both buys and sells securities) between 2016-19, as well as failing to properly monitor and report transactions. Danske’s chief compliance officer Philippe…

Quantifind and OpenCorporates Expand Partnership to Fight Financial Crime

Quantifind, a software company providing solutions that boost the effectiveness and efficiency of anti-money laundering (AML) and fraud investigations, has expanded its collaboration with OpenCorporates, the largest open database of companies in the world. Building on their existing partnership, Quantifind plans to integrate the complete OpenCorporates database of more than 180 million companies from over 130…

Recorded Webinar: Overcoming the Barriers to Implementing RegTech Solutions: The View from Either Side of the Fence

RegTech holds the promise of targeted, agile and often low-cost solutions to the real-world problems faced by financial institutions across the board. So why is it so difficult to get RegTech projects off the ground? RegTech solutions providers complain that it’s difficult to get access to decision-makers, and even when they do it’s tough to…

EU Launches Dedicated New Unit in Financial Crime Crackdown

The EU has set up a new division to fight an expected surge in financial crime and money laundering as a result of the coronavirus crisis, with a focus on the protection of public funding. The unit has been set up in response to the potential increase of financial and economic crime and the involvement…