NICE Actimize, a provider of financial crime, risk, and compliance solutions, has embraced generative artificial intelligence (A.I.) for three new solutions that target financial crime in ways intended to help overwhelmed financial crime and fraud teams at financial services firms, officials say. Generative A.I. are algorithms “that can be used to create new content, including… Read More >>
State Street to Use AWS & Azure for Overhaul & Other News
Two State Street Data Centers to Move to AWS State Street Corp. has picked Amazon Web Services (AWS) as a cloud services and data center provider while simultaneously expanding a current contract with Microsoft’s Azure cloud services in order to give clients real-time data access across State Street tools and third-party services thus streamlining investment… Read More >>
Wells Fargo Broker-Dealer Settles AML Charges
Wells Fargo Advisors, the St. Louis, Missouri-based broker-dealer unit of the well-known stagecoach banking brand, will pay seven million dollars to settle SEC charges that it failed to “file at least 34 Suspicious Activity Reports (SARs) in a timely manner between April 2017 and October 2021.” Those suspicious activity reports that were not filed included… Read More >>
NatWest Bank Fined $352M via Money Laundering Case
U.K. financial institution National Westminster Bank has been fined £264.8 million ($352.7 million) after being convicted for breaches of money laundering regulation in a criminal case led by the Financial Conduct Authority (FCA), a key financial services regulator. The fine follows a guilty plea filed by NatWest officials in early October via Westminster Magistrates Court… Read More >>
ABN AMRO Pays $575M to Settle AML Case
ABN AMRO Bank NV is paying approximately $575 million, which includes a fine and disgorgement, to the Netherlands government to resolve charges that the Dutch banking giant violated anti-money laundering (AML) and counter terrorism financing laws. The bank has accepted an offer from the Netherlands Public Prosecution Service (NPPS) in a case that encompasses violations… Read More >>
Firms May Need to Revamp AML Policies: Report
U.S. banks may need to update their anti-money-laundering (AML) policies as a result of key provisions of the National Defense Authorization Act of 2021 (NDAA), which primarily covers appropriations for the U.S. Department of Defense programs, activities, and military personnel. However, the NDAA also covers many “matters relating to foreign nations,” according to the overview… Read More >>
Mizuho Americas Revamps Client Onboarding: Case Study
Mizuho Americas, an investment and corporate bank that is part of Tokyo-based Mizuho Financial Group, Inc., has gone live with client onboarding software solutions from vendor Fenergo in an effort to have know your customer (KYC) and anti-money laundering (AML) regulatory processes that can scale along with the firm’s rapid growth. Mizuho Americas officials “examined… Read More >>
Interactive Brokers Settles SARs & AML Cases for $38M
Interactive Brokers (IB) will be writing several checks and money orders as it pays $38 million in penalties to three industry regulators for alleged failures in filing Suspicious Activity Reports (SARs), and anti-money laundering (AML) controls — a clear sign that authorities are cracking down on the obligation to monitor suspicious activity. The SEC is… Read More >>
Commerzbank Fined $47M via AML Controls Case
A U.K. regulator, the Financial Conduct Authority (FCA), has fined the London branch of Commerzbank AG $47.5 million for allegedly using inadequate anti-money laundering (AML) systems and controls from October 2012 to September 2017. A representative of the international bank based in Frankfurt, German, tells FTF News that the FCA investigation uncovered “no actual financial… Read More >>
Korean Bank Faces $86M in Fines & Criminal Charges
Criminal charges have been filed against the Industrial Bank Of Korea (IBK) for violations of the Bank Secrecy Act (BSA), according to the Manhattan U.S. Attorney, who notes that the charges will be “deferred for two years” under an agreement in which IBK “admitted its conduct and agreed to pay $51 million.” In addition, the… Read More >>
