AML

Refinitiv to deploy its anti-money laundering solutions for STC Pay

RegTech company Refinitiv has been tapped by STC Pay, the financial arm of the Saudi Telecom Company, to help it comply with know your customer and anti-money laundering regulations.

How will RegTech evolve in the future?

The financial market is global and constantly dealing with new technologies and weighed down with ever-expanding regulations. So where does that leave the future of RegTech?

Fenergo reveals new cloud-based onboarding and anti-money laundering solution

FinTech Fenergo has unveiled a new cloud-based remote account opening solution ahead of schedule in order to assist US small businesses in accessing PPP emergency loans.

Anti-money laundering and know your customer fines totalled $5.6bn so far this year

The total value of fines issued so far in 2020 against companies failing to comply with anti-money laundering and know your customer rules totalled $5.6bn, with APAC regulators dramatically increasing their sanctions.

Firms paid $10.4bn in fines over the last year for breaking money laundering, privacy...

The total volume of fines levied against firms for breaking money laundering, data privacy, MiFID and know your customer rules jumped by 141% and amounted to $10.4bn in total so far this year.

ComplyAdvantage extends AML program to US and Canadian FinTechs

Financial crime detection firm ComplyAdvantage has expanded its anti-money laundering (AML) program ComplyLaunch to help FinTech startups in the US and Canada.

The dark link between money laundering and modern slavery

Money laundering and modern slavery may not seem to have many clear connections at first glance. However, there is more than meets the eye on this topic.

FCA hands out £2m fine to The TJM Partnership

The Financial Conduct Authority (FCA) has fined The TJM Partnership £2m for failing to ensure it had effective systems and controls to identify and cut the risk of financial crime.
Mitigating financial crime: A closer look at adverse media screening

Mitigating financial crime: A closer look at adverse media screening

Adverse media screening has become an integral component in the finance industry, especially in relation to Anti-Money Laundering (AML) compliance. RegTech company Alessa recently...
AML within wealth and asset management - major questions resolved

AML within wealth and asset management – major questions resolved

Anti-money laundering (AML) strategies in the wealth and asset management (WAM) sector are undergoing significant transformations to combat financial crimes more effectively.
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Dropzone

Dropzone AI secures $16.85m in Series A to boost cybersecurity operations

Dropzone AI, a pioneering cybersecurity company, has successfully secured $16.85m in Series A funding round.
Elavon, a prominent global payments provider, announces an expanded collaboration with FreedomPay to transform payments for hospitality and retail in Europe.

Elavon and FreedomPay partner to transform hospitality and retail payments in Europe

Elavon, a prominent global payments provider, announces an expanded collaboration with FreedomPay to transform payments for hospitality and retail in Europe.
Zilch, the world’s first ad-subsidised payments network, has extended its collaboration with Amazon Web Services (AWS) to expedite the implementation of Artificial Intelligence (AI) advancements throughout its offerings.

Zilch selects Amazon Web Services to accelerate AI innovation

Zilch, the world’s first ad-subsidised payments network, has extended its collaboration with Amazon Web Services (AWS) to expedite the implementation of Artificial Intelligence (AI) advancements throughout its offerings.
National Bank of Iraq empowers digital transformation with Temenos’ core banking system

National Bank of Iraq empowers digital transformation with Temenos’ core banking system

National Bank of Iraq (NBI), a significant component of the Capital Bank Group, has partnered with Temenos, a Swiss-based software company that specializes in banking and finance software, serving a global clientele with innovative FinTech solutions.
Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”

Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK

Flutterwave, Africa’s leading payments technology company, and Acquired.com, a specialist in payment processing, have entered into a strategic partnership.
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