Compliance

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pulled apart due to the ever-hastening digitalisation of our world, traditional brick-and-mortar business has become outdated.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.

With the future regarding UK corporate governance and audit reform seemingly as murky as ever, businesses are being forced to prepare compliance measures, for potential legislature reform that they don't know will be indefinitely implemented. Diligent tries to unpick the jargon, and shed some light onto parliamentary proceedings.