Transaction Monitoring

As more and more people move online, financial crime is increasing – subsequently increasing the opportunities for cases of money laundering. As industry players continue to search for the silver bullet to tackle financial crime, RegTech firm Lucinity is focused on helping to clean up the financial world.

In a world that is continuing to become more connected and less restricted by place, there are growing challenges surrounding the increasingly fluid nature of financial crime. Prior to 2020, financial crime in the digital world was already growing. However, with the onset of the pandemic, this practice was set to skyrocket.

A major digital cash heist has led to cryptocurrency valued at over $600m being stolen from a digital ledger used by players of the Axie Infinity online game.

The European Parliament has slapped down a proposed rule change that would have banned bitcoin mining in the EU.

The International Organization of Securities Commissions (IOSCO) has published a consultation paper identifying several concerns over the surge in retail trading.

Hawk AI, Germany-based software provider of anti-money laundering surveillance technology for banks, payment firms and FinTechs, has partnered with Weavr to deliver contextual risk management for embedded finance.

The Bank of Canada and the Massachusetts Institute of Technology (MIT) will collaborate on a 12-month project exploring central bank digital currencies (CBDCs).

Silent Eight, an AI-powered economic sanctions enforcement and financial crime prevention solutions, has bagged $40m in its Series B.

Italy’s data privacy watchdog has given US-based RegTech firm ClearView AI a €20m fine over controversies surrounding its facial recognition software.

As the fighting between Russia and Ukraine forces continue, national governments globally are increasingly imposing severe sanctions on Russia and its financial sector.