The Financial Industry Regulatory Authority (FINRA) has fined the financial advisory firm Raymond James a total of $17 million, citing deficiencies in its ant-money laundering (AML) staffing and systems, which the firm says has been rectified via “significant resource, process and technology enhancements.” FINRA officials fined Raymond James & Associates, Inc. (RJA) $8 million, and… Read More >>
Q&A: How AML Services Got to the Cloud
It’s significant that cloud computing/software as a service (Saas) technology is now supporting the anti-money laundering (AML) wares of NICE Actimize. The industry has a new trust in cloud-based offerings, and that extends to AML, says Cenk Ipeker, head of the Actimize cloud unit at NICE. Ipeker oversees the offering of traditional products via the… Read More >>
Avoka and Trulioo Partner for KYC Verification
Avoka, a digital customer acquisition vendor for financial services firms, and Trulioo, a provider of identity verification for international markets have a strategic partnership to offer real-time, know your customer (KYC) and anti-money laundering (AML) compliant identity verification, say officials from both companies. The agreement facilitates the integration of Trulioo’s GlobalGateway and Avoka’s Transact offerings… Read More >>
StanChart Bolsters Financial Crime Compliance Unit
Standard Chartered, a London-based international banking group that traces its history to the mid-19th century, reports several senior appointments to its financial crime compliance and legal functions. The new hires come as the banking group remains under a deferred prosecution agreement with the U.S. Justice Department and the New York State Department of Financial Services… Read More >>
Nippon Wealth Deploys AML, Regulatory Reporting Suite
Nippon Wealth Ltd., a restricted license bank (NWB) in Hong Kong, will be using the anti-money laundering (AML) and regulatory reporting solution capabilities of OneSumX, a suite from Wolters Kluwer Financial Services, officials say. Nippon Wealth, which is focused on Japan and the rest of Asia, will use the OneSumX suite for governance, finance, risk,… Read More >>
BTG Pactual Joins SWIFT’s KYC Registry
SWIFT reports that BTG Pactual, a Latin American financial services firm, has joined the know-your-customer (KYC) registry of the financial messaging cooperative. SWIFT, which provides the communications platform, products and services to connect more than 10,800 banking organizations, securities institutions and corporate customers, calls the KYC registry a “centralized repository that maintains a standardized set… Read More >>
No Pain, No Gain for KYC, AML Deployments
Increasing regulatory complexity and the massive fines, penalties and settlements levied against several of the world’s largest banks due to Know Your Customer (KYC) and anti-money laundering (AML) violations mean financial services firms take these aspects of compliance seriously even if implementing fixes is proving to be painful. “KYC compliance is still a major pain… Read More >>
Cordium Debuts Compliance Workflow Solution
Compliance consulting and software vendor Cordium has just launched Pilot, a new compliance workflow management system, officials say. Pilot is designed “to manage complex compliance and operational tasks from start to finish,” and thus help compliance professionals manage and keep on top of their workload, according to a company statement. Pilot centers around an interactive… Read More >>
Exiger Division Hires Ex-Manhattan DA Chief of Staff
Exiger, a regulatory and financial crime, risk and compliance provider, has appointed the former chief of staff for the Manhattan District Attorney’s Office Jeff Schlanger as managing director and president of Exiger Advisory, a specialized consulting division, officials say. Schlanger served District Attorney Cyrus R. Vance, Jr. and during his tenure oversaw the day-to-day operations… Read More >>
Fenergo’s New COO from Adobe
Fenergo, the Dublin, Ireland-based provider of client lifecycle management software for investment banks, capital market firms and private banks, reports the appointment of Colm Heffernan as chief operating officer (COO). Industry-veteran Heffernan joins Fenergo from Adobe Systems, “where he spent 15 years in a variety of senior roles,” according to a statement. Most recently, he… Read More >>
