Reserve Bank of India fines HDFC INR 10m for KYC/AML fines
The Reserve Bank of India (RBI) has deployed an INR 10 million ($143,570) fine on HDFC Bank for failing to meet KYC and AML compliance and the reporting of frauds.
Aqubix: Using the risk-based approach to your advantage
Taking a risk-based approach during the due diligence process is often perceived as purely cost. It’s also something that will always be asked for by regulators, and costs are continuing to increase whenever there are new clients.
Token raises $16.5m strategic investment
Open banking platform supplier Token has received a $16.5m strategic investment from Opera Tech Ventures, the VC arm of BNP Paribas and others.
BlockClaim raises £500,000 in Seed round
Artificial intelligence and blockchain-supported InsurTech BlockClaim has raised £500,000 in its seed funding round.
VC-backed Wave Financial sold for $405m
Venture Capital-backed FinTech Wave Financial is set to be sold to consumer tax services provider H&R Block for $405m in cash.
Specific exemptions in data sharing restrictions for AML would help combat occurrence rates
Data protection is great for society, but it can hinder a bank’s ability to detect and prevent money laundering, according to Markus Schulz, global head of Financial Crime Compliance Controls at Standard Charted Bank.
FCA outlines new rules for the buy now, pay later market
The UK’s Financial Conduct Authority (FCA) has released new rules for the buy now, pay later (BNPL) market, to better protect consumers.
Whitepages Pro spins off its B2B identity verification business
Whitepages Pro, a digital identity verification data platform, is spinning off its B2B business to become Ekata.
Regulation is biggest barrier to digital innovation in UK – FIS study claims
The biggest barrier to UK financial institutions developing new digital products, services and operations is regulatory compliance risk, according to a study from FIS.
DTCC to help 3 RegTech companies with SFTR compliance through new deals
The Depository Trust & Clearing Corporation (DTCC), has partnered with three RegTech startups, to support their Securities Financial Transactions Regulation (SFTR) compliance.
