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Swift Selects Sword FircoSoft to Support New Centralised Sanctions Screening Service

Swift, the financial messaging provider for more than 9,700 financial institutions and corporations in 209 countries, has selected Sword FircoSoft to provide components of its new centralised Sanctions Screening service. Economic sanctions are growing in importance as a tool to fight financial crime. As a consequence, complying with evolving sanctions regulations and frequently updated lists…

FinCen Proposes New Electronic Format and Data Field Amendments for Unified Currency Transaction Reports in the US

In keeping with its work to move from paper-based to electronic reporting formats, the Financial Crimes Enforcement Network (FinCen) has published a list of proposed new data fields to be added to firms’ currency transaction reports, as required under the US Bank Secrecy Act (BSA). Industry participants have until 28 March to provide feedback on…

UK FSA Fines Scottish Equitable £2.8m for Customer Data Management Failures

The UK Financial Services Authority (FSA) has fined Scottish Equitable Plc £2.8 million for failures related to the management of its customer data that the regulator says caused “significant consumer detriment”. In the vein of other fines meted out by the FSA over the course of this year, the action against Scottish Equitable, which will…

Kingland Continues Innovation with 360 Data MDM Solutions and IBM

Kingland Systems continues to innovate its 360 Data line of Master Data Management (MDM) solutions with IBM, highlighted by an achievement last week at IBM’s Information On Demand 2010 conference in Las Vegas. Kingland’s premier financial services MDM platform, 360 Data Enterprise Hub, was one of three finalists out of more than 1,100 information management…

IBM and Norkom Technologies Sign Agreement with VTB

Bank VTB has signed an agreement with IBM to provide the bank with an integrated anti-money laundering system, based on a solution from Norkom Technologies. The new system will help the bank better manage risks associated with suspicious transactions. The project will be developed and implemented by IBM Global Business Services and Norkom Technologies. As…

US SEC Charges Broker-Dealer Pinnacle Capital Markets with AML Related Customer Data Management Failings

In a move that mirrors some of the actions being taken across the pond with regards to customer data infractions, the Securities and Exchange Commission (SEC) has charged US-based broker-dealer Pinnacle Capital Markets with failing to comply with a key piece of anti-money laundering (AML) legislation and forced it to pay out a US$25,000 fine….

UK FSA’s £5.6m Fine for RBS Group Highlights Need for Greater Investment in Customer Data Management

The UK Financial Services Authority’s (FSA) £5.6 million fine for Royal Bank of Scotland (RBS) Group this week for the group’s failure to have adequate data checks in place to conduct mandatory anti-money laundering (AML) screening is indicative of the need for firms to get a better handle on their customer data. According to the…

UK FSA Slaps London Branch of Toronto Dominion Bank with £7m Fine for Pricing Failures

In the first of what could represent an avalanche of related fines for the financial services community, the UK Financial Services Authority (FSA) has this week fined the London branch of Toronto Dominion Bank £7 million for repeated systems and controls failings around the pricing of sophisticated financial products. This is the bank’s second fine…

Lack of Consistent Sanctions and Risk Customer Screening Standards Exposes Firms to Heightened Compliance Risk

Many large financial institutions are failing to implement consistent policies and procedures for sanctions, Politically Exposed Persons (PEP) and customer risk screening due to inconsistent, legacy-based systems, according to compliance screening and data management specialists, Datanomic. Fragmented and inconsistent legacy platforms with different criteria and capabilities deployed across multiple departments and/or countries are resulting in…