Compliance

Sibos 2023 concluded under the amiable autumn skies of Toronto, bringing together financial leaders, such as Victor Dodig from CIBC and others from Santander, State Bank of India, DBS, CLS, and EY, to discuss the resilience of banks and financial institutions amidst geopolitical disruptions. Fenergo attended the panel to understand how some of the big financial leaders are handling financial crime. 

Ripple will no longer acquire chartered trust company Fortress Trust, following the news that Fortress lost $15m worth of customers' digital assets.

Financial institutions play a pivotal role in preventing money laundering. Over the past 18 months, government bodies have frequently highlighted shell companies as significant red flags in anti-money laundering (AML) activities. Consequently, one must ask, is your institution actively identifying shell companies in its transactions? More importantly, can it detect shell companies with tangible sanctions and watchlist links?

Goldman Sachs & Co. has settled charges with the Securities and Exchange Commission (SEC) for neglecting to supply comprehensive and precise securities trading details, otherwise known as blue sheet data. The prominent financial institution has consented to a penalty of $6m to conclude the SEC's allegations.

FairPlay, the world's first Fairness-as-a-Service company, is announcing a new partnership with FS Vector, in a bid to introduce fair lending to more financial service firms.

Theta Lake Inc has revealed that it has extend its existing partnership with RingCentral to bolster its compliance suite.

With the traditional business landscape being pulled apart due to the ever-hastening digitalisation of our world, traditional brick-and-mortar business has become outdated. We now operate in a world thriving on third party relationships, but that extra complexity comes with extra risk.

Identifying the legitimacy of businesses and merchants is not just a routine procedure – it's an essential protective measure for banks and financial institutions. But how can you verify if a business is legitimate? Fenergo delves into the concept of KYB.

Finastra has teamed up with financial crime specialists Fincom and ThetaRay to offer pre-packaged compliance screening for banks delivering instant payments.

Salesforce has announced a series of new features for its Net Zero Cloud sustainability management solution, aimed to help streamline the ESG reporting process.