Anti-money launderingRSS

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

AIB 1

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

Vaccination

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

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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.

Western Union to pay $586m fine for money transfer fraud

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Western Union has admitted turning a blind eye as criminals used its money transfer services to launder money and commit fraud. It has agreed to pay a $586 million fine to the US authorities.

Money rolls

Clari5 will find you

Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!

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