AML

Documents from the US Financial Crimes Enforcement Network (FinCEN) were leaked to the press and published globally in September 2020. It exposed over 2,100 documents and around $2trn in transactions and showed how some of the world’s largest banks enabled criminals to move dirty money around the globe. A year on, has the industry been able to clean up its act?

A recent webinar by Alessa by Tier 1 Financial Solutions has examined what constitutes a politically exposed person (PEP) and why relationships with certain PEPs may offer increased financial crime threats.

PassFort, which automates financial crime and compliance processes, has closed its Series A round on $16.2m.

Established in 2013, European and UK RegTech leader MAP FinTech specialises in regulatory reporting solutions that arise from a number of complex and challenging international regulatory requirements. As regulator attitudes continue to evolve, how does MAP FinTech think firms can maintain regulatory compliance?

Sikoia, a unified data platform for financial services, has collected $2.3m in its pre-seed funding round, ahead of its launch later this year.

There were 45 fines for AML failures issued globally during 2020, which matched the levels of 2019, and 2021 looks set to match this figure, according to a report from Kroll.

A total of $937.7m has been issued in fines for non-compliance with anti-money laundering, know your customer and data privacy regulations, in H1 2021.

Irish RegTech firm Fenergo has been successfully acquired by private equity firms Astrong and Bridgepoint in a $600m agreement.

Napier, a supplier of advanced anti-financial crime compliance tools, has implemented its AI technology into cryptocurrency payments service BCB Group, to improve anti-fraud capabilities.

The Financial Conduct Authority (FCA) has revealed it received a total of 2,754 allegations of financial misconduct over the 2020/21 financial year.