RegTech Insight Financial Crime The latest content from across the platform

All Eyes on Oracle as it Upgrades Financial Crime Capabilities

Global anti-money laundering and sanctions fines hit a record high of $5.7 billion in 2019 (compared to $3 billion in 2018 and $2 billion in 2017). Coupled with the growing threat of sophistication, and rising compliance costs, financial institutions are desperate for solutions to help them deter financial crime – and avoid massive penalties. Oracle…

Pelican Expands in South Korea

Pelican, a global provider of AI-powered payments and financial crime compliance solutions for banks and corporates, has expanded its global sales reach through a partnership with CMSoft Co in South Korea. The new strategic partnership will enable the company to bring its PelicanSecure Trade Compliance solution to the financial services industry in South Korea. “We…

Fenergo Gets $80 Million Investment from ABN Amro and DXC Technology

Dublin-based Fenergo has secured $80 million of new funding from ABN Amro and financial infrastructure specialist DXC Technology in one of the biggest RegTech financing rounds yet. The company, which specialises in solutions for AML and KYC, as well as client lifecycle management (CLM), plans to use the funds to acquire new capabilities in the…

Encompass Receives £2m Grant for AI Project

RegTech Encompass has been awarded a £2 million grant from Scottish Enterprise to develop an AI engine to accompany its KYC product offering. The funding, part of a £4.9, project, will help customers to accurately find risk relevant information about their organisations and investments, from a wide-ranging pool of data. “We have a long-standing relationship…

Moody’s to Acquire RDC in GRC Push

Moody’s Corporation has confirmed plans to buy customer screening and KYC/AML data provider Regulatory DataCorp (RDC) for $700 million, from private equity firm Vista Equity Partners. The deal continues Moody’s push into the data and compliance arena following its 2017 acquisition of BvD in a transaction valuing the company at $3 billion. It’s too early…

Financial Crime Penalties Top $36 Billion Since Financial Crisis

In December 2019, global penalties totalled $36 billion for non-compliance with Anti-Money laundering (AML), Know your Customer (KYC) and sanctions regulations, according to the latest research from client lifecycle management specialist Fenergo. Overall, financial crime violations were up by 160% over the past 15 months, while fines for Markets in Financial Instruments Directive (MiFID) and…

ComplyAdvantage Boosts Growth Plans with New COO Hire

Financial crime compliance specialist ComplyAdvantage has appointed Vatsa Narasimha as Chief Operating Officer and Chief Financial Officer, as it continues to chart an aggressive growth strategy following last year’s successful $30 million Series B financing round (led by Index Ventures and Balderton Capital), a recent doubling of headcount, and new office openings in Singapore and…

NICE Actimize Adds Cryptocurrency Element to AML Solutions Portfolio

NICE Actimize, a specialist in autonomous financial crime management, has jumped on the blockchain bandwagon with the addition of cryptocurrency intelligence platform CipherTrace to X-Sight Marketplace, its financial crime and compliance ecosystem. Founded in 2015 by three Silicon Valley entrepreneurs, CipherTrace claims to be the world’s first blockchain forensics provider, offering tracing and security services…

SIX Changes the Game with New Sanctions Data Service

Last week, Switzerland-based Six launched a new Sanctioned Securities Monitoring Service (SSMS) on the Open:FactSet Marketplace (OFM) – a move that it hopes will change the game when it comes to filling in the gaps of KYC compliance for investment professionals. The service is designed to help users mitigate risk by understanding the potential impact…

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…