Since the inception of global trade, the world’s financial systems have largely talked past and around each other. The reason? Diverse payment systems and communication protocols across countries and financial institutions have led to fragmentation and a lack of standardization across the world’s economies and...
U.K. FinTech Stenn has reportedly collapsed over possible ties to a Russian money laundering scheme. The company was placed into administration — a type of insolvency procedure — earlier this month after a reference to it appeared in a U.S. indictment in a money laundering case, the...
Today’s interconnected world is, well, increasingly connected. Fundamentally, that means it relies on trust. In the contemporary era dominated by digital payments and financial innovation, advances and threats alike are not isolated but interdependent. The complex reality of digital payments innovation can in some ways...
Wells Fargo’s CEO reportedly has more confidence in his bank’s efforts to remedy its compliance issues. Charlie Scharf’s comments, as reported Wednesday (Dec. 11) by Reuters, follow the banking giant’s years-long fake account scandal. “For every one of our consent orders that we have, for...
December 16, 2024
Today’s interconnected world is, well, increasingly connected. Fundamentally, that means it relies on trust. In the contemporary era dominated by digital payments and financial innovation, advances and threats alike are not isolated but interdependent. The complex reality of digital payments innovation can in some ways amplify the potential for systemic vulnerabilities that can erode that […]
December 10, 2024
A wave of funding rounds over the past several months is giving challenger banks fresh financial firepower to position themselves as alternatives to traditional banks, mainstays of financial services that...
December 03, 2024
It’s almost 2025, but many businesses are still facing the same old anti-money laundering (AML) and know your customer (KYC) concerns, among other compliance requirements. With the news that Wise,...
October 02, 2024
Recent announcements and partnerships have shown core banking’s appeal — not just for traditional FIs, but FinTechs too — as anti-money laundering (AML) efforts must scale and move into real-time...
December 20, 2024
Deutsche Bank Securities agreed to pay a $4 million civil penalty to settle Securities and Exchange Commission (SEC) charges that it failed to file certain Suspicious Activity Reports (SARs) in a timely manner. Without admitting or denying the regulatory agency’s findings, the registered broker-dealer and Deutsche Bank subsidiary agreed to a censure and a cease-and-desist order in […]
December 16, 2024
U.K. FinTech Stenn has reportedly collapsed over possible ties to a Russian money laundering scheme. The company was placed into administration — a type of insolvency procedure — earlier this month after...
December 11, 2024
Wells Fargo’s CEO reportedly has more confidence in his bank’s efforts to remedy its compliance issues. Charlie Scharf’s comments, as reported Wednesday (Dec. 11) by Reuters, follow the banking giant’s...
December 11, 2024
Klarna has been fined $50 million in Sweden over faults in its anti-money laundering protections. Sweden’s Financial Supervisory Authority, or FI, announced Wednesday (Dec. 11) that an investigation into the...
