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 >>
Criminals Are Taking Aim During the Lockdown: Q&A
(Editor’s note: FTF News got a chance to ask Rachel Woolley, director of financial crime at Fenergo, about criminals who are taking advantage of more firms working remotely during the pandemic.) Q: In your opinion, why are fraudulent transactions and money laundering scams on the rise during the pandemic? A: As many of us have… Read More >>
Can Good Books About Pandemics Help Now?
Why would someone put together a reading list of the top books about pandemics? That was my first question when I saw the suggestions from Catharine Riggs, a mystery/thriller writer who once had a career in financial services. Riggs has compiled a unique reading list of her “favorite pandemic/dystopian reads,” which are notable works about… Read More >>
Fenergo Links to Refinitiv’s World-Check One
Fenergo, a client management systems vendor, is offering a new level of integration with a financial crime-fighting offering of market data and risk management provider Refinitiv that is intended to streamline know your customer (KYC) and anti-money laundering (AML) compliance. Fenergo is launching an application programming interface (API) link from its client lifecycle management (CLM)… Read More >>
U.S. Leads U.K. in Regulating Financial Crime: Report
The United States is far tougher than the United Kingdom when it comes to imposing penalties for “serious economic crime such as financial fraud or money laundering.” That is the view of Corruption Watch, a London-based anti-corruption non-governmental organization, or NGO, founded in 2009. Most recently, Corruption Watch “conducted an in-depth analysis of the enforcement… Read More >>
Thomson Reuters Debuts Media Screening to Fight Financial Crime
Thomson Reuters is applying artificial intelligence (AI)/machine learning technologies to media screening and processing to help financial services firms gather more relevant data for their due diligence efforts to prevent hiring financial criminals. The new capability, Media Check, is an enhancement to its World-Check One platform that is intended to help firms find stories and… Read More >>
ACA Compliance Group to Acquire Cordium
Acquisition to Expand ACA’s Services in Europe ACA Compliance Group reports that it will acquire Cordium, a provider of governance, risk and compliance (GRC) services. ACA, a provider of risk management and technology solutions that focus on regulatory compliance, performance, financial crime, and cybersecurity, expects the transaction to close this summer, subject to regulatory approvals…. Read More >>
Regulators Allege Aegis Fell Short on Financial Crime-Fighting
Aegis Capital Corp., a retail and institutional broker-dealer based in New York City, has paid a penalty to the SEC and a fine to self-regulatory organization the Financial Industry Regulatory Authority (FINRA) in response to charges that it failed to comply with financial crime recordkeeping and reporting rules and had inadequate supervisory and anti-money laundering… Read More >>
NICE Actimize Launches AI-based Financial Crime Fighting Platform
NICE Actimize is launching the ACTone Investigation Manager, an artificial intelligence-based, financial crime-fighting system that aims to be a single, consolidated platform serving financial services organizations (FSOs), officials say. Vendor officials add that the new offering will help financial services firms to “deploy an intelligent virtual workforce (or robots) for collaboration with human investigators and… Read More >>
SWIFT Extends Financial Crime Fighting to Emerging Markets
SWIFT has expanded its financial crime-fighting services while Broadridge Financial Services has just completed a key blockchain/distributed ledger technology (DLT) pilot — news that broke at SWIFT’s SIBOS industry conference in Toronto this week. In an effort to help small financial services firms and institutions fight financial crime in emerging markets, SWIFT is launching a… Read More >>
