MAS releases use case for AI combating greenwashing
The Monetary Authority of Singapore (MAS) has released the first use case of its NovA!, which aims to combat greenwashing.
90% of financial services see rising compliance costs – SteelEye survey finds
Nine in ten financial services firms have reported an increased compliance cost over the past five years, with 10% saying costs have doubled, according to research from RegTech firm SteelEye.
RegTech duo Compliancy Services and Portman Compliance merge
Compliance consultancy and RegTech provider Compliancy Services has merged with Portman Compliance, a fellow compliance support service.
Why compliance teams need to focus on transaction monitoring
Payment fraud is accelerating rapidly. A report from Merchant Savvy found that payment fraud tripled from $9.8bn in 2011 to $32.4bn in 2020. This is then expected to reach $40.6bn by 2027.
The EBA issues guidelines for AML/CTF compliance officers
The European Banking Authority (EBA) has issued guidelines for the roles and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CTF) compliance officers.
Regnology buys Tax Information Reporting software from PwC UK
RegTech solution provider Regnology has acquired Tax Information Reporting (TIR) software from PwC UK.
43% of large financial institutions have adopted open banking
Nearly half (43%) of large financial institutions have adopted open banking, according to a report from identity management company Curity.
Why Schwarzthal Tech is backing KYN to replace broken KYC
Founded in 2019, Schwarzthal Tech is a UK-based RegTech startup that is developing Wunderschild Know Your NetworkTM, an AI-driven platform that provides financial crime intelligence and speeds up the look-up process for beneficiaries. Two years into its existence, what is next for the company?
How digital onboarding is crucial for customer-centricity
Companies are facing increasing pressures to streamline customer-facing processes. The digital ecosystem emphasizes a world where people want things completed instantly and poor experiences mean switching to other providers. Chor Teh - financial crime compliance industry practice lead at Moody’s Analytics - has explored why customers should be at the front of onboarding processes.
Why automating identity verification for onboarding is imperative
The automatic verification of someone’s ID is undoubtedly the first building block in the onboarding process of a digital customer. However, what is needed in this process and what should you be looking for in a tool?