Legislation

The Prudential Regulation Authority (PRA) has issued a £5.3m fine to Metro Bank for failings with its regulatory reporting.

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.

Founded in 2015, Know Your Customer provides digital onboarding solutions to financial institutions and regulated organisations globally. The company builds its KYC platform as an interconnected set of web apps, APIs, databases and pre-trained machine learning models – and is helping to change the game in digital corporate onboarding.

The fight against fraud often feels unwinnable, but Trulioo GlobalGateway is making it a fairer fight.

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.

Process management - be it for client lifecycle management, risk management and compliance or corporate governance - for regulated companies is high-volume and time-intensive yet getting it right is critical to ensuring a firm remains efficient, regulatory-compliant and competitive.

Hummingbird RegTech, which was recently named in the new RegTech100 list, has secured $30m in its Series B funding round.