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AML
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441

FrankieFinancial signs Australian neo banks to RegTech platform

via Finextra

RegTech startup FrankieFinancial has signed Australian neo banks Xinja and Novatti Group to its financial systems aggregator platform, which provides a single point of access to ID verification, KYC, AML, fraud and credit tools from 114 vendors and data sources. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, RegTech, Security

May 15, 2019

662

Varo Money gets NICE anti-fraud tech

via FinTech Futures

Varo Money, the US challenger bank, has selected NICE Actimize to implement its financial crime strategy for anti-money laundering (AML) protections, including know-your-customer (KYC) requirements, sanctions screening and transaction monitoring capabilities.

Varo will integrate NICE Actimize’s AML Essentials, a software-as-a-service (SaaS) AML solution that detects and scores a range of banking activities, including customer due diligence, transaction monitoring, watch list filtering and Suspicious Activity Report (or SAR) filings. (more…)

Banks, Fintech news, Mobile-first banks, Security

April 9, 2019

461

FICO and Equifax Forge Strategic Partnership

via Finovate blog 

A new strategic partnership between FICO and Equifax will help financial institutions better manage risk, marketing, and fraud. The two companies have introduced the Data Decisions Cloud: an end-to-end data and analytics suite that integrates Equifax Ignite, a data and analytics management solution, with FICO Cloud applications and Decision Management Suite, FICO’s digital decisioning platform. (more…)

AI / Machine Learning / Big Data, Fintech news, Security

March 28, 2019

550

Everest to supply KYC platform in Samoa for cross-border transactions

via FinTech Futures 

Asian Development Bank (ADB) has selected Everest, a California-based firm that uses blockchain for know-your-customer (KYC) purposes, to fix a cross-border issue in Samoa, Australia and New Zealand.

The contract with ADB was signed on 1 March this year, with the implementation starting immediately and expected to be finished in Q3 of this year, Everest CEO and co-founder Bob Reid tells FinTech Futures. Everest was granted the contract after the call for proposals by ADB was made in October. (more…)

Blockchain, Fintech news, InspirAsia, Security

March 28, 2019

501

Crypto Exchange Binance Enhances Global KYC/AML Measures With Tools From IdentityMind

via Forbes 

Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, is implementing stronger know-your-customer (KYC) and anti-money laundering (AML) regulations to ensure data security and compliance across their global operations.

Following the launch of Bitcoin Lite in Australia, Binance announced today a new partnership with Medici Ventures portfolio firm, IdentityMind. This collaboration is part of a joint mission to help raise the blockchain industry’s standards by improving existing data protection and compliance measures. (more…)

Blockchain, Cryptocurrencies, Financial Markets / Trading

March 26, 2019

525

Fixing The KYC And AML ‘Horse-and-Buggy’ Model

via PYMNTS

Only 1 percent of proceeds from financial crimes are intercepted, which means the bad guys are getting away with hundreds of billions of dollars, even trillions. Trulioo General Manager Zac Cohen tells Karen Webster that AML and KYC efforts can be enhanced if FIs think of compliance as a revenue generator, and seek partnerships with tech-nimble firms in a sandbox environment.

(more…)

Security

March 25, 2019

283

BOC goes live with Epic Lanka’s Clari5 AML Solution to battle sophisticated financial threats

via The Daily FT

Technical advancement in transaction monitoring and futuristic risk-based approach of Clari5 AML system to help Sri Lanka achieve discipline in global financial space.

(more…)

InspirAsia, Security

March 21, 2019

549

Jumio Partners with ComplyAdvantage to Reduce AML Risk Exposure

Jumio, the leading AI-powered trusted identity as a service provider, today announces the launch of Jumio Screening. This is a fully automated anti-money laundering (AML) screening solution that integrates ComplyAdvantage, a dynamic real-time database of people and companies that pose financial crime risk. (more…)

Credit scoring, Security

March 18, 2019

427

Where The UK Fails On Anti-Money Laundering

via PYMNTS

Hundreds of billions of pounds’ worth of criminal funds are laundered through the U.K. each year, while the non-compliant corporations and FIs that enable this receive little more than a “parking penalty” level fine. That’s according to Susan Hawley, Corruption Watch’s director of policy, who explains in this month’s AML/KYC Tracker how weak enforcement, toothless fines and lack of political will to scrutinize foreign investment all stand in the way of a cleaner system. (more…)

Global trends, Government activities, Influences FinTech

March 15, 2019

372

Koi Trading OTC Crypto Exchange Partners with IdentityMind for Compliance and AML/KYC Services

Koi Trading, an innovative OTC trading desk that provides private, efficient, and compliant cryptocurrency liquidity to counterparties around the world, today announced a partnership with IdentityMind, Digital Identities You Can Trust, to provide Anti-Money Laundering (AML) compliance-as-a-service to money services businesses globally under the brand Koi Compliance.

Koi Compliance offers the first plug-and-play AML compliance solution that supports digital currency. Koi Compliance will pair their legal expertise and compliance analysts with IdentityMind’s platform that already supports over 35 digital currency exchanges worldwide. This enables companies to focus on running their business, while Koi Compliance leverages industry best practices to perform the legally required Know Your Customer (KYC), transaction monitoring, sanctions screening, recordkeeping, and regulatory reporting through IdentityMind. (more…)

Blockchain, Cryptocurrencies, news

March 12, 2019

10 ways central banks are experimenting with blockchain

via World Economic Forum (blog)

While research and experimentation with blockchain technology across sectors has been underway for several years, few organizations have deployed it. Although central banks are among the most cautious and prudent institutions in the world, a new white paper published by the World Economic Forum indicates that these institutions, perhaps surprisingly, are among the first to implement blockchain technology.

Central bank activities with blockchain and distributed ledger technology (DLT) are not always well known or communicated. As a result, there is a lot of speculation and misunderstanding. Yet dozens of central banks around the world – from Sweden to South Africa to Singapore – are actively investigating whether blockchain can help solve long-standing issues in banking, such as payment-system efficiency, payment security and resilience, as well as financial inclusion.

These organizations, tasked with overseeing a nation’s monetary policy and financial and economic stability, are very cautious to implement any technology or solution that can have adverse consequences. Yet many central banks are actively researching a variety of use cases to explore the technology’s potential in controlled, secure settings.

(more…)

Banks, Blockchain

March 4, 2019

Is Privacy Under Threat From All The Know-Your-Customer Documents Stored With Countless Services?

via Forbes

European anti-money laundering legislation means customers and businesses are required to provide potentially sensitive documentation to prove their identities. But how safe are the methods of sharing and storing those documents? Are these attempts to strengthen security creating security and privacy risks of their own?

Right now, we’re stuck with a system that forces customers to duplicate key processes, and means sensitive personal documents are stored in multiple locations with multiple services. That’s a poor experience for customers. More seriously, it greatly increases the risk of data breaches. Recent years have proved – with increasing frequency – just how urgent those risks are. (more…)

Blockchain, Global trends, Security

March 4, 2019

159

Dow Jones’ watchlist of 2.4 million high-risk individuals has leaked

via TechCrunch

A watchlist of risky individuals and corporate entities owned by Dow Jones has been exposed, after a company with access to the database left it on a server without a password.

Bob Diachenko, an independent security researcher, found the Amazon Web Services-hosted Elasticsearch database exposing more than 2.4 million records of individuals or business entities.

The data, since secured, is the financial giant’s Watchlist database, which companies use as part of their risk and compliance efforts. Other financial companies, like Thomson Reuters, have their own databases of high-risk clients, politically exposed persons and terrorists — but have also been exposed over the years through separate security lapses. (more…)

news, Security

February 25, 2019

400

From Book to Bank: How a Fintech Firm Found Its Calling

via Knowledge@Wharton

In the rapidly evolving world of fintechs, cutting-edge intermediaries that seek to disrupt traditional banking or cater to underserved niches, success depends on rigorous customer screening and proactive regulatory compliance, according to Vladislav (Slava) Solodkiy, cofounder and CEO of Puerto Rico-based Arival Bank. Solodkiy is also managing partner at Life.SREDA, a Singapore-based venture capital firm that over the past six years has invested in more than 20 fintech startups and successfully exited from nine. He has documented his journey from a fintech investor to a founder of a digital bank in his book, The First Fintech Bank’s Arival – From Book to Bank in 12 Months.

Arival claims to be the first digital fintech bank to be focused on small businesses, the so-called “gig economy” of entrepreneurs, freelancers and startups, and small and medium-sized business enterprises that use crypto currencies to receive and pay money. While it may be difficult to identify the ‘bad guys’ among those customers — who could be money launderers or others with dubious backgrounds — prompt reporting of problem cases to regulators and remedial action to prevent future occurrences could save fintechs from hefty fines, according to Solodkiy and Arival’s chief operating officer, Jeremy Berger. Arival is now in the process of securing a federal banking license in the U.S. and exploring similar licenses in Europe and Asia. Solodkiy and Berger shared insights into their strategies for Arival Bank and the road ahead for fintechs in an interview with Knowledge@Wharton. (more…)

About, Banks, Cryptocurrencies, Hotnews, Open Source/ API, People of fintech

December 20, 2018