Featured Fintech

NCA Cites Record Number of SAR Filings, Far Fewer Investigations

UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More

Australia Has an IFTI Problem

Recent commentary on AUSTRAC and the risk of money laundering, as well as high profile investigations into banks such as Westpac and money remitters like PayPal, has raised some important points around how Australia governs funds coming into and going out of the country. At a time when… Read More

European Supervisors Outline Financial Sector’s AML Weak Spots

A recent joint report by the European Banking Authority (EBA), the European Securities & Markets Authority and the European Insurance and Occupational Pensions Authority (the Joint Supervisory Authorities, or JSAs) has highlighted current money laundering and terrorist financing risks to the EU’s financial sector participants. Transaction monitoring and suspicious… Read More
28th October 2019
Intergovernmental groups and nations must reconsider how anti-money-laundering (AML) supervision and evaluations are conducted, according to the executive secretary of the Financial Action Task Force (FATF).  In a recent interview for KYC360’s AML Talk Show, David Lewis noted that approximately 75 percent of the countries evaluated in recent… Read More
23rd October 2019
If anyone at Deutsche Bank—or at any of Europe’s other financial institutions, accounting firms, or tax offices—has evidence of wrongdoing by Donald Trump, now would be a good time to share it. Deutsche Bank, for example, has insisted that it doesn’t have copies of Trump’s tax returns. But employees of… Read More
23rd October 2019
A federal banking regulator doesn’t have the authority to grant national charters to financial technology companies, a federal judge ruled Monday, a blow to the Trump administration’s effort to offer firms a new pathway to the traditional banking system. The ruling, by a federal district court in New York, is… Read More
1st October 2019
British bank HSBC (HSBA.L) has converted a financial crime-spotting algorithm it was forced to build in the wake of a money-laundering scandal into one that can scope out new business opportunities, bank executives said. The system combines data on clients’ banking activities, with public data on company ownership… Read More
30th September 2019
Financial intelligence agency AUSTRAC is warning pubs and clubs, money remitters and fintechs offering payments services to “harden” their technology systems to help protect against organised crime, or risk being hit with public enforcement actions as the agency is emboldened after the Hayne royal commission. After last week ordering United… Read More
27th September 2019
Mexican banking regulator CNBV said on Thursday it received applications from 85 companies to formally operate in the country under its new fintech law as the government of President Andres Manuel Lopez Obrador pushes for more financial inclusion. The government has been looking to both banks and fintechs as it… Read More
26th September 2019
The Council of Europe’s anti-money laundering (AML) watchdog called on nations to take swift action against money launderers and terrorist financiers in an annual report published Wednesday.  Moneyval Chair Elzbieta Frankow-Jaskiewicz said in the report that large-scale money laundering scandals and terrorist attacks in 2018 underline the “importance and… Read More
20th September 2019
Financial intermediaries and other entities classified as “high-risk” are going to have to undergo a rigorous examination by the Financial Intelligence Analysis Unit every 18 months. A new automated system will classify entities according to their risk profile, a compliance manager with the FIAU said during a media briefing in response… Read More
19th September 2019
Automation and artificial intelligence are transforming the payments industry into one of the most dynamic sectors of transaction banking. But there are still many teething problems in an industry that has been catapulted onto centre stage. Doing business in Sudan isn’t easy, but back in 2011, it should have been… Read More
19th September 2019
Notorious Albanian gangs in the UK have a new trick up their sleeves. They are using cryptocurrencies for money-laundering operations, and it’s making life hard for the police. Albanian gangs have been heavily implicated in the UK’s cocaine market, a business estimated to be worth around £5bn ($6.23bn) annually. The… Read More