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TD

TD Bank faces $3bn fine for historic AML compliance failures

TD Bank has been slapped with a staggering $3bn fine after admitting to breaches of US anti-money laundering regulations.
Amwins has partnered with Floodbase to create a new municipal flood insurance program aimed at addressing the growing financial risk posed by atmospheric river flooding to municipalities in California.

Amwins and Floodbase partner to launch parametric flood insurance for California municipalities

Amwins has partnered with Floodbase to create a new municipal flood insurance program aimed at addressing the growing financial risk posed by atmospheric river...
UK

TWG publishes AI deployment blueprint for UK’s investment management sector

The Technology Working Group, chaired by Michelle Scrimgeour and supported by the Investment Association, has unveiled its third and final report titled "Intelligent Investment: AI Deployment Strategies for UK Investment Management Firms."
Cytora, a leading digital risk processing platform, has announced a partnership with Kroll, an independent global firm specialising in risk and financial advisory solutions.

Kroll and Cytora collaborate to streamline asset valuation in commercial insurance underwriting

Cytora, a leading digital risk processing platform, has announced a partnership with Kroll, an independent global firm specialising in risk and financial advisory solutions. This...
AI

How financial institutions can leverage AI to transform data into gold

Data management remains a pivotal challenge for financial institutions, encompassing a myriad of complexities.
Mastering KYC compliance: Strategies for Australian businesses

Mastering KYC compliance: Strategies for Australian businesses

In today's digital landscape, the importance of identity verification extends beyond mere procedure; it's a critical safeguard against escalating fraud risks.
Stream Claims, an InsurTech startup specialising in AI-powered medical document review for workers’ compensation, has secured $5.3m in a seed funding round.

InsurTech startup Stream Claims secures $5.3m seed funding led by Spark Capital

Stream Claims, an InsurTech startup specialising in AI-powered medical document review for workers’ compensation, has secured $5.3m in a seed funding round. The investment was...

Doconomy unveils carbon footprint tool on Citibank Hong Kong’s Wealth360 App

Doconomy has unveiled its carbon footprint measurement feature within Citibank Hong Kong's latest Wealth360 offering.
Citi, a leading global bank, has partnered with Mastercard, a global payment technology company, to enable real-time cross-border payments to debit cards.

Citi and Mastercard partner to offer real-time cross-border debit card payments

Citi, a leading global bank, has partnered with Mastercard, a global payment technology company, to enable real-time cross-border payments to debit cards. This partnership aims...
Farther, a technology-centric financial advisory firm, has successfully closed a $72m Series C funding round.

Farther raises $72m Series C to revolutionise wealth management

Farther, a technology-centric financial advisory firm, has successfully closed a $72m Series C funding round. The round was co-led by CapitalG, Alphabet's independent growth fund,...
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News Stories

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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