Anti-money launderingRSS

US Fed fines Deutsche Bank $41m for AML problems

deutsche bank

The US Federal Reserve Board has revealed a $41 million penalty and consent cease and desist order against the US operations of Deutsche Bank for anti-money laundering (AML) deficiencies. Paybefore (Banking Technology‘s sister publication) reports that the Fed says the actions were taken to address unsafe and unsound practices at the bank’s domestic banking operations, […]

AML bill to create cross-border headaches for US prepaid

US prepaid consumers not happy

US senators Chuck Grassley (R-Iowa) and Dianne Feinstein (D-California) have introduced a bill that would include notable changes for prepaid card providers related to current Bank Secrecy Act (BSA) / anti-money laundering (AML) regulations, including defining prepaid access devices as monetary instruments. Paybefore (Banking Technology‘s sister publication) reports that the bill, (S 1241), the Combating Money Laundering, […]

Sterling Bank and Trust signs for iFinancial BankWare core system

Bahamas 2

Sterling Bank and Trust, a new bank in the Bahamas, has selected the BankWare core system from UK-based International Financial Systems’ (iFinancial). The bank will be using the multi-currency accounting, exposure management, current accounts, deposits, loans, payments, and Swift modules from the BankWare portfolio of retail and wholesale banking solutions. The bank is part of […]

Conference overview: “literally everything” from FinovateSpring 2017

FinovateSpring 2017

Wished you were at FinovateSpring in San Jose but missed it? No worries – we’ve got it covered. A comprehensive overview of the two-day conference – session by session.

Allied Irish Banks hit with €2.3m fine for AML fails


Allied Irish Banks (AIB) has been fined €2.3 million by Ireland’s central bank for compliance failures over anti-money laundering (AML) and terrorist financing laws. AIB was reprimanded for six breaches of the law – which occurred between July 2010 and July 2014. It has admitted to these breaches. The central bank says AIB failed to […]

A vaccination for financial crime


ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?

Top fintech stories this week – 3 February 2017

Banking Tech 2

Catch up on Banking Technology’s top five fintech stories of the week – all in one place!

Deutsche Bank fined record £163m for AML control fails

deutsche bank

The UK’s Financial Conduct Authority (FCA) has fined Deutsche Bank £163 million for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services […]

BNP Paribas Securities Services invests in fintech start-up Fortia

BNP Paribas Securities Services invests in AI start-uo Fortia

BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.

CIBanco deploys Swift’s compliance services suite

Fighting financial crime with Swift's tools

Mexico-based CIBanco has signed for a compliance services suite from Swift, which comprises compliance analytics and sanctions screening tools and KYC Registry.