RegTech Insight Financial Crime The latest content from across the platform

FCA Sees Suspicious Transactions Decline for 2019

The UK financial watchdog has seen the number of suspicious transactions and order reports (STORs) go down for the first time since 2016, according to its latest STORs report for December 2019. The regulator suggests that more robust steps taken by firms to tackle financial crime risks could be part of the reason for the…

Skills and Systems Investment Surging in Financial Services, Finds TR Regulatory Intelligence Report

The right talent plays a crucial role in leveraging the benefits of RegTech within financial services firms, according to the fourth edition of Thomson Reuters’ annual regulatory intelligence report, released today. ‘Fintech, Regtech & the Role of Compliance in 2020: The Shifting Regulatory Role’ urges regulators and policymakers to ensure they have the appropriate up-to-date…

Nice Actimize Builds out X-Sight Marketplace with Acuris Addition

Financial crime specialist Nice Actimize has added anti-money laundering and data intelligence capabilities to its financial crime and compliance ecosystem through two new partnerships. Acuris Risk Intelligence and Sayari Labs will provide customised solutions for X-Sight Marketplace, a platform connecting financial services organizations with data, applications, tools and service providers. “Change in financial crime has…

Singapore Bank Selects NICE Actimize’s AML Essentials to Launch Digital Platform

TONIK, a Singapore-based pure play licensed digital bank, has selected the Essentials Anti-Money Laundering solutions suite from NICE Actimize to support the development of a secure banking environment for its new customer base following approval to establish a regulated bank in the Philippines. One of the first digital-only banks in the region in the Southeast…

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…