Compliance Management

Deutsche Bank has been fined €8.6m by BaFin due to weaknesses relating to controls of Euribor, the Euro Interbank Offered Rate benchmark used in the financial industry.

RegTech firm PassFort and identity verification company Trulioo have partnered to offer regulated businesses a way to digitally transform their KYC and KYB processes.

Denmark-based ComplyCloud, which has built its own digital software lawyer, has landed a €4.5m investment from SEED Capital.

Verofax, an asset digitalisation and traceability solutions provider, has received a $1.5m pre-Series A funding round.

A recent blogpost by PassFort has summarised what is driving the increased adoption of RegTech solutions and what trends the industry may see in 2022.

After a tough 2020, the world looked to 2021 with the optimism of a new beginning and hoped for respite from the Covid-19 pandemic. While the pandemic still looms large, businesses globally are learning how to operate in this new normal. With in-person interactions still a stretch for many, RegTech solutions are being given their time to shine.

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.

Leveraging Communications Data as an Enterprise Strategic Asset

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.