AML

As another challenging year comes to an end, the task for organisations to remain compliant in new working environments is still ongoing. Despite firm efforts by many to avoid penalties, some institutions were unable to duck fines last year. Here are the top five compliance failure fines from the year of 2021.

Aware, a global biometrics software developer, has acquired digital ID verification and biometric authentication platform Fortress Identity.

The Financial Crimes Enforcement Network (FinCEN) has issued a consultation that is seeking comments on ways to modernise, streamline and update the US AML/CFT regulatory regime.

The Financial Conduct Authority (FCA) has fined HSBC Bank £63,946,800 for failings related to its anti-money laundering processes.

Neofy, a digital financial cloud provider, will improve its KYC, AML and identity capabilities through a partnership with IDmission, a biometric security and authentication software solution.

National Westminster Bank (NatWest) has been fined £264m for three accounts of money laundering failures.

European merchant acquirer PAYSTRAX has picked transaction monitoring platform Sentinels to bolster its anti-money laundering processes.

Muinmos was founded back in 2012 after Remonda Kirketerp-Møllersaw a big gap in the market for making client onboarding simpler and more efficient in financial services. With a rapidly growing global client base of banks, investment firms and asset managers, the company is emerging as a major player in key global markets.

Napier, which was recently named in the new RegTech100 list, will help ClearView improve its anti-money laundering (AML) capabilities as part of a new deal.

As investment into RegTech skyrockets in 2021, RegTech Analyst has named the 100 must know companies in the sector as we head into 2022.