Managers of Wealth Fintech

Financial firms encounter difficulty getting staff to comply with WhatsApp bans

Majority of firms encounter difficulty getting staff to comply with communication rules

Streamlining compliance: The role of advanced client screening in RegTech

This involves assessing the quality of data, aligning with the institution’s risk appetite, and crafting policies to govern the review and discounting of alerts.

British tech magnate Mike Lynch acquitted of fraud charges in $11 billion deal with Hewlett Packard

Mike Lynch, once hailed as Britain’s king of technology, has been cleared of charges alleging he orchestrated a fraud and conspiracy leading up to an $11 billion deal that turned into a costly albatross for Silicon Valley pioneer Hewlett Packard.

Australia introduces BNPL rules

To address this, it is planning to amend the act so that providers are required to hold a credit license and comply with existing laws about checks.

ECB consults on outsourcing cloud services

Banks are increasingly using cloud computing services offered by third-party service providers.

Next UK government should make Big Tech pay to fight scams - UK Finance

Authorised Push Payment fraud has soared in recent years, with UK losses of more than $500 million last year.

Klarna labels CFPB BNPL rule 'baffling'

This means that providers must give consumers some key legal protections and rights that apply to conventional credit cards.

Orca Fraud raises $550k in pre-seed round

Using the funding raised, Orca plans to expand its team and build, validate and iterate on their fraud and compliance products.

Cases of de-banking are on the rise

This can be fraud risk, credit risk, reputational risk, or some other apparent risk, for instance stemming from the bank’s concerns about a particular industry, business, or country.

The renewed focus on third-party risk management for banks

FDIC reminds banks that the competitive edge from partnering comes with caveats.

Enhancing compliance: The rise of automation in consumer risk management

Cognitive View, a customer interaction monitoring platform that helps reduce conduct risk and improve customer experience, recently explored why it is time to automate compliance and conduct risk.

Samana Developers appoints Complyfin to implement AML/CFT compliance

The specialised solution will enhance the overall AML/CFT Regulatory Compliance Regime at Samana Developers.

UK payment firms push back on APP fraud refund plan

Industry group the Payments Association has written to the Economic Secretary to the Treasury, Bim Alami, to protest the cap, calling it "simply not proportionate," according to Bloomberg.

Switzerland Cracks Down on Crypto Tax Evasion with Upcoming AEOI Expansion

This decision will make Switzerland more internationally aligned with other countries in the effort to handle digital tax evasion.

Deutsche Bank to explore asset tokenisation applications as part of MAS’ Project Guardian

As its latest supporter, Deutsche Bank will contribute to the project’s asset and wealth management workstream

IBS and EBRD Join Forces to Advance Digital Finance in Jordan

He emphasized the agreement’s role in enhancing the cooperative partnership’s framework, according to an IBS statement on Sunday

Ocorian launches new online automated AML module in The Gateway

The new automated AML module is part of proprietary solution The Gateway – a unique all-in-one online compliance toolbox, designed by compliance experts.

US lawmakers unveil bill to make it easier to restrict exports of AI models

The legislation aims to bulletproof any future AI export regulations from legal challenges and was crafted with input from Biden administration officials.

Canada fines Binance C$6m for AML violations

The company also failed, on thousands of occasions, to report large virtual currency transactions of C$10,000 or more in the course of a single transaction.

Fintech Nexus Newsletter (May 2, 2024): Block targeted by federal prosecutors for AML and sanctions failings

Block has argued that it has reported thousands of transactions to OFAC and that the company received a no-action letter regarding this matter.

Legal,Regulation,Tax & Compliance