(Broker-dealer Canaccord Genuity paid an $80 million civil penalty to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) unit — the largest ever imposed against a broker-dealer for violating the Bank Secrecy Act (BSA). The firm’s compliance failures allegedly facilitated money laundering and terrorism financing that involved money laundering and terrorism financing…. Read More >>
Can AML Systems That Use A.I. Avoid Hallucinations?
(David Caruso is vice president of financial crime compliance at WorkFusion, which describes itself as a pioneer in A.I. agents for financial crime compliance. A financial crime risk and compliance industry veteran, Caruso has worked as a former special agent with the U.S. Secret Service and as a builder of AML and sanctions compliance programs… Read More >>
Fenergo Adds Agentic A.I. to FinCrime OS
Fenergo, a client lifecycle provider specializing in KYC and AML support, is embracing agentic artificial intelligence (A.I.) to help financial services firms better manage “spiraling operational costs” and compliance requirements complicated by geopolitical tensions and regulatory changes. The new A.I. agents as part of Fenergo’s FinCrime Operating System (OS) could reduce know your customer (KYC)… Read More >>
Can A.I. Help or Hurt KYC & AML Efforts?
While financial institutions are in the early throes of utilizing artificial intelligence (A.I.) to strengthen know-your-customer (KYC) and anti-money laundering (AML) processes, cybercriminals are rapidly advancing their tactics to bypass these meticulous measures. One troubling development for compliance teams is the recent emergence of a new A.I.-powered deepfake tool, ProKYC, which hackers are weaponizing to… Read More >>
Aduro to Help Clients with FinCEN Deadline via Fenergo
Aduro Advisors is partnering with financial compliance solutions provider Fenergo so that the fund administrator can offer its clients new protections that meet the requirements of the Financial Crimes Enforcement Network (FinCEN) anti-money laundering (AML) rule that goes into effect Jan. 1, 2026, officials say. This past August, FinCEN issued a final rule “to help… Read More >>
Innovative Systems Launches FinScan Marketplace
Innovative Systems has launched a platform — dubbed FinScan Marketplace — that provides centralized access to a suite of anti-money laundering (AML) tools encompassing sanctions screening, know your customer (KYC) checks, adverse media screening, payment screening, and risk scoring, officials say. FinScan Marketplace has a single interface that is intended to streamline the management of… Read More >>
Fenergo Moves Into Energy & Commodities Sectors
Fenergo, a provider of know your customer (KYC) management services, has begun offering its client and supply chain onboarding support to energy and commodities firms that want to improve operational efficiencies, data management, and regulatory obligations, officials say. Some of Fenergo’s clients are already “some of the largest energy and commodities firms,” officials say. “Historically… Read More >>
NICE Actimize Applies Generative A.I. to New Solutions
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 >>
