AML

The Financial Crimes Enforcement Network (FinCEN) has issued a consultation that is seeking comments on ways to modernise, streamline and update the US AML/CFT regulatory regime.

The Securities and Exchange Commission (SEC) has fined JPMorgan $125m due to ‘widespread and longstanding failures’ by the bank to maintain and preserve written communications.

Innovations in anti-money laundering (AML) are leading to many businesses reenvisioning how they approach compliance. As financial institutions welcome modern technologies to better adhere to regulations, they realise other benefits from automating their AML practices, says QuantaVerse Founder David McLaughlin.

The European Banking Authority (EBA) has launched a public consultation on its draft guidelines for the use of remote customer onboarding solutions.

A four-month long operation conducted by Interpol between June and September this year has led to the arrest of 1,003 individuals and capturing of $27m in illegal cash.

The Hong Kong Monetary Authority (HKMA) has disciplined four banks due to anti-money laundering (AML) violations for a total imposed penalty of HKD$44.2m.

A recent whitepaper by KYC and AML software providers Themis and Encompass Corporation has found financial services’ companies worldwide lost over £1m due to financial crime deficiencies last year.

ComplyAdvantage has launched a new anti-money laundering (AML) guide for digital banks to provide them with a better understanding of the topic.

Founded in 2014, FinTecSystems is specialised in open banking infrastructure and data analysis to help companies make data-driven and automate decisions. At a time when companies are scrambling to protect their assets from criminal actors, could FTS’ open banking infrastructure be a flood barrier against the rising wave of financial crime?

New Zealand-based RegTech firm First AML has secured $21m from a Series B funding round.