FinTech News

AML

Beyond rules-based systems: The future of AML compliance with AI and federated learning

From traditional methods to advanced AI technologies, anti-money laundering (AML) compliance has experienced significant transformation.
SEC

Understanding the impact of the SEC’s Marketing Rule on financial advisors in 2024

In late 2022, the SEC implemented Rule 206(4), marking a significant change in compliance requirements for Investment Advisers (IAs).
Celcoin secures $125m largest LATAM FinTech deal in H1 2024

Average LATAM FinTech deal size tripled, resulting in funding growth of 15% in H1

Key LATAM FinTech investment stats in H1 2024: LATAM FinTech funding increased by 15% YoY Average deal value rose by almost 3x as investors...
This week's overall FinTech funding surpassed $1bn as the sector continued its forward momentum.

FinTech funding surpasses $1bn on strong week for the sector

This week's overall FinTech funding surpassed $1bn as the sector continued its forward momentum. Overall, 21 deals took place over the past seven days, with...
Intelligent AI and BCIS launch AI-driven platform to revolutionise property rebuild cost assessments

Intelligent AI and BCIS launch AI-driven platform to revolutionise property rebuild cost assessments

Intelligent AI, an InsurTech leader, has formed a strategic partnership with the Building Cost Information Service (BCIS), a renowned entity with over six decades of expertise in compiling and analysing construction costs.
Lakeside Bank partners with Volante Technologies to revolutionise real-time payments

Lakeside Bank partners with Volante Technologies to revolutionise real-time payments

Lakeside Bank and Volante Technologies have embarked on a strategic partnership aimed at transforming Lakeside's payment processing capabilities.
Relyance AI's $32m funding boost aims to revolutionize AI data governance in enterprises

Relyance AI’s $32m funding boost aims to revolutionize AI data governance in enterprises

Relyance AI, a leader in AI-powered data governance, announced a significant $32.1m Series B funding round led by Thomvest Ventures, with substantial contributions from M12, Microsoft Ventures Fund.
AI-driven Numeric raises $28m to enhance real-time accounting solutions

AI-driven Numeric raises $28m to enhance real-time accounting solutions

Numeric, an innovative AI accounting automation platform headquartered in San Francisco and New York, has successfully closed a $28m Series A funding round.
Duck Creek Technologies, an intelligent solutions provider reshaping the future of property and casualty (P&C) insurance, has acquired Risk Control Technologies (RCT), in a bid to revolutionise how insurance carriers manage risk and prevent loss.

Duck Creek Technologies expands capabilities with acquisition of Risk Control Technologies

Duck Creek Technologies, an intelligent solutions provider reshaping the future of property and casualty (P&C) insurance, has acquired Risk Control Technologies (RCT) in a bid...
Akur8, the next-generation insurance pricing and reserving platform, has been selected by RSM to enhance its insurance pricing process.

Akur8 selected by RSM to bolster its insurance pricing process

Akur8, the next-generation insurance pricing and reserving platform, has been selected by RSM to enhance its insurance pricing process. The partnership is aimed at enabling...
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Diverse week for FinTech as $1.1bn raised across 17 deals

Diverse week for FinTech as $1.1bn raised across 17 deals

It was a diverse week for FinTech funding, with deals closing across nine different countries.  There were a total of 17 FinTech funding rounds covered...
Sift enhances fraud insights with new metrics in industry benchmark tool

Sift enhances fraud insights with new metrics in industry benchmark tool

Sift, a leading AI-powered fraud prevention platform, has introduced significant updates to its Fraud Industry Benchmarking Resource (FIBR), a free online tool designed to provide key fraud metrics across various industries, geographies, and timeframes.
Bitsight acquires Cybersixgill in $115m deal to enhance cyber threat intelligence

Bitsight acquires Cybersixgill in $115m deal to enhance cyber threat intelligence

Bitsight, a global leader in cyber risk management, has announced its $115m acquisition of Cybersixgill, a prominent cyber threat intelligence (CTI) provider. This strategic move...
FinCEN issues alert on deepfake fraud schemes targeting financial institutions

FinCEN issues alert on deepfake fraud schemes targeting financial institutions

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to assist financial institutions in identifying and addressing fraud schemes involving deepfake media created with generative AI (GenAI) tools.
change communication methods during a verification check.Some identity verification solutions may also flag possible attempts to circumvent verification checks, such as the use of third-party webcam plugins, which can let a customer display previously generated video rather than live video. Use of Deepfake Media in Phishing Attacks and Scams Criminals may also target financial institution customers and employees through sophisticated, GenAI-enabled social engineering attempts in support of other scams and fraud typologies, such as business email compromise (BEC) schemes, spear phishing attacks, elder financial exploitation, romance scams, and virtual currency investment scams.24For example, in family emergency schemes, scammers may use deepfake voices or videos to impersonate a victim’s family member, friend, or other trusted individual.25Similarly, criminals have reportedly used GenAI tools to target companies by impersonating an executive or other trusted employee and then instructing victims to transfer large sums or make payments to accounts ultimately under the scammer’s control.26 Financial Red Flag Indicators of Deepfake Media Abuse FinCEN identified the following red flag indicators to help financial institutions detect, prevent, and report potential suspicious activity related to the use of GenAI tools for illicit purposes.As no single red flag is necessarily indicative of illicit or suspicious activity, financial institutions should consider the surrounding facts and circumstances before determining whether a specific transaction is suspicious or associated with illicit use of GenAI tools. A customer’s photo is internally inconsistent (e.g., shows visual tells of being altered) or is inconsistent with their other identifying information (e.g., a customer’s date of birth indicates that they are much older or younger than the photo would suggest). A customer presents multiple identity documents that are inconsistent with each other.

Folks Finance secures $3.2m in Series A to advance crosschain DeFi solutions

Folks Finance, a DeFi platform specialising in lending, borrowing, and managing digital assets across multiple blockchains, has announced it raised $3.2m in an oversubscribed Series A funding round.
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