Austrian FinTech MOSTLY AI collects $25m to boost data protection
Austria-based MOSTLY AI, which aims to revolutionise how companies work with data, has closed its Series B funding round on $25m.
Starling pulls advertising on Facebook and Instagram for fraud concerns
Starling Bank has pulled all of its paid advertising on Facebook and Instagram due to concerns regarding fraudsters on the platforms.
Cost of fraud for US, Canadian banks increases up to 10%
The cost of fraud in the US has increased by between 6.7% and 9.9% compared with before the pandemic, LexisNexis Risk Solutions report claims.
Annual GDPR fines exceed €1bn for first time
Annual General Data Protection Regulation (GDPR) fines exceeded €1bn for the first time since the regulation was implemented in 2018, Atlas VPN claims.
PassFort, Trulioo enter global partnership to transform KYC for regulated firms
RegTech firm PassFort and identity verification company Trulioo have partnered to offer regulated businesses a way to digitally transform their KYC and KYB processes.
The five biggest compliance failure fines of 2021
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.
Supply chain traceability platform Verofax scores pre-Series A round
Verofax, an asset digitalisation and traceability solutions provider, has received a $1.5m pre-Series A funding round.
Metro Bank fined £5.3m by PRA for reporting failure
The Prudential Regulation Authority (PRA) has issued a £5.3m fine to Metro Bank for failings with its regulatory reporting.
Aware acquires fellow biometrics authentication platform Fortress Identity
Aware, a global biometrics software developer, has acquired digital ID verification and biometric authentication platform Fortress Identity.
FinCEN eyes modernised regulatory regime for AML/CFT in the US
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.
