Fenergo achieved “unicorn status,” says Marc Murphy, president and CEO of the KYC and client management software solutions vendor, because it’s been acquired by private equity firms Astorg and Bridgepoint via a definitive agreement they signed with venture capitalist firm Insight Partners, which owned the Dublin-based provider. Several media outlets have reported a wide range… Read More >>
Executive Shuffles at SEC & CFTC
SEC & CFTC Await New Chairpersons The Trump administration has named an acting chairman for the SEC — Elad L. Roisman, an SEC commissioner — as the now-former Chairman Walter Joseph “Jay” Clayton III stepped down at the end of December, six months before his slated exit in June 2021. Clayton, a Trump team appointee,… 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 >>
SETL & Asset Managers Launch Blockchain System for Record Keeping
London-based SETL, a financial blockchain specialist, has launched IZNES, the pan-European fund Blockchain-based, record-keeping platform together with four asset management firms — OFI AM, Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services. IZNES will enable firms to enter into new relationships with investors and manage the Know Your Customer (KYC) processes required by… Read More >>
R3, Synechron to Build DLT-based KYC Solution
12 Banks Support Synechron-R3 Effort Consultancy Synechron and enterprise software vendor R3 are collaborating to provide a know your customer (KYC) solution based on distributed ledger technology (DLT), and the partnership has the support of 12 global banks. Described as one of the largest DLT projects of the year, the KYC solution being developed will… Read More >>
Lek Securities Charged with Aiding Fraud via Client
Lek Securities and Samuel F. Lek, CEO of the firm, are facing charges that they facilitated manipulative trading by one of its customers, dubbed “Avalon.” The charges are being brought by the self-regulatory organization Financial Industry Regulatory Authority (FINRA) in conjunction with the New York Stock Exchange, NYSE Arca, NYSE MKT; four Bats Exchanges (Bats… Read More >>
IBM’s Watson to Get Compliance Training via Acquisition
IBM is acquiring risk management and regulatory compliance consulting company Promontory Financial Group, and will be adapting the IBM Watson cognitive capabilities — the natural language processing and machine learning — to regulatory compliance. In fact, IBM hopes to replicate for compliance the IBM Watson capabilities that have been applied to clinical medical data, research,… Read More >>
Credit Suisse, Ipreo, Symbiont, R3 Finish First Step for Syndicated Loan Blockchain
Blockchain Proof of Concept Effort Will Go On Credit Suisse, Ipreo, Symbiont and R3 have completed the successful initial stage of a project to demonstrate how blockchain technology can be used to improve the syndicated loan market, officials say. The proof of concept will continue throughout the year and will includes participation from agent banks,… Read More >>
Major Banks to Mentor FinTech Startups in Asia
FinTech Innovation Lab to Help Eight Entrepreneurs Eight financial technology vendors with a range of new offerings including a know your customer (KYC) combination with distributed ledger technology, have been accepted into a 12-week mentorship program in the third annual FinTech Innovation Lab Asia-Pacific, officials say. Other startups participating in the lab are working on… Read More >>
ICE Clear Credit Hits $1B Mark for Single CDS
The Intercontinental Exchange (ICE), owner of the New York Stock Exchange, other exchanges and clearinghouses, announced that ICE Clear Credit has surpassed $100 billion year to date in gross notional cleared for client accounts for single name credit default swaps (CDS), officials say. This marks a 200 percent increase over 2015. The ICE Clear Credit… Read More >>
