Featured Fintech

Why the EU anti-money laundering list is so short

The EU, last week, told a black-and-white tale of 20 sinful states who posed a money-laundering threat to Europe’s law-abiding single market. But the real story of the EU and money laundering is more complicated. And the EU’s new dirty-money blacklist revealed more by its omissions than by its inclusions. Read More

Wirecard revamps management board, taps ex-FinCEN chief to head compliance

Wirecard (WDIG.DE) Chief Executive Markus Braun apologised to shareholders on Friday as the company announced a reshuffle of its management board and appointed a new compliance officer, days after the hedge fund TCI demanded Braun’s removal. Wirecard faces allegations including accounting irregularities and disclosure violations, which it denies. In… Read More

The Art of the SAR

If filing a suspicious activity report is more of an art than a science, it should be remembered that not all art is equal. Like a painting hung in a museum, a good SAR must be the product of focus and intention if it’s to engage its intended audience. For… Read More
6th May 2020
At the start of the pandemic, banks scrambled to increase remote capacity to allow employees to work safely from home. Transaction bankers have had to grapple with an extra layer of complexity: helping large multinational corporations and their vendors within the supply chain adapt to the huge disruption caused by… Read More
8th April 2020
The HKMA (Hong Kong Monetary Authority) has issued circulars to authorised institutions and SVF (stored value facility) licensees encouraging the use of technology to enable remote onboarding and account opening services. “We believe the use of FinTech will provide significant opportunities to manage some of the challenges presented by the… Read More
1st April 2020
One subject never fails to light up the eyes of senior bankers and regulators when they’re questioned about their efforts to end the money laundering-related scandals that have spread across northern Europe over the last two years: technology.  There can be no more damning indictment of the integrity of… Read More
9th March 2020
The FATF (Financial Action Task Force) has released a guidance paper on digital identity systems, to help governments, financial institutions, VASPs (virtual asset service providers) and other regulated entities determine whether such systems are appropriate for CDD (customer due diligence) purposes. The guidance paper was adopted at last month’s… Read More
6th March 2020
In June, Singapore’s regulator will hand licences to three new wholesale digital banks in a bid to better serve under-banked SMEs. Euromoney talks to Arival Bank, a fintech firm aiming to snag a licence and use it to fuel its global ambitions. And so to the next stage of digital… Read More
25th February 2020
Digital bank Revolut mistakenly froze the accounts of a French company, trapping thousands of euros, in a blunder that has raised questions over its compliance processes as it grows at breakneck speed. Priorité Energie, which helps low-income families in Paris to insulate their homes under a government initiative, was told… Read More
24th February 2020
Among Britain’s digital app-based banks that are attracting moneyed urban millennials is Monese, which also courts customers neglected by the country’s established lenders. In early 2000, Estonia-born entrepreneur Norris Koppel arrived in Britain and spotted a major gap in UK banking for newly-arrived foreigners who had trouble opening traditional accounts. Read More
27th January 2020
Reports of suspicious transactions submitted by banks and betting firms in Denmark have increased tenfold in recent years, straining anti-money laundering authorities which drew heavy criticism on Friday from a state auditor. Banks across the Nordic region are facing increasing scrutiny by regulators after a string of money laundering scandals,… Read More
23rd January 2020
A year-long crackdown on Latvian banks’ reputation for money laundering and sanctions dodging appeared to have paid dividends January 22 with official recognition of its success from an important international organization. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – MONEYVAL is a… Read More
23rd January 2020
Belgium’s four major banks, Belfius, BNP Paribas Fortis, ING Belgium and KBC, will now use a blockchain to simplify their customer services, the Isabel Group announced on Wednesday. The four will use the Kube application, which will allow them to share businesses’ data between them and thus facilitate the verification… Read More