The USAA Federal Savings Bank (USAA FSB) has been fined $140m after admitting that despite repeated warnings, it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the US Bank Secrecy Act […]
Launching AI-driven Fraud Detection
HTB is working to stay ahead of the rapidly evolving financial crime landscape, and the growing sophistication of fraudsters. To support this work it was looking for a transaction monitoring and screening solution that would meet the needs of its growing customer base while safeguarding the bank’s reputation.
Regulated financial institutions around the world follow a similar process when it comes to reporting suspicions of money laundering via Suspicious Activity Report (SAR) disclosures to their regulator or law enforcement. However, there may be some deviation in how the […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released a new guide aimed at tackling the increasing misuse of transaction payment text fields by criminals. The guide, Preventing misuse and criminal communication through payment text fields, aims to raise […]
Swiss regulator the Financial Market Supervisory Authority (FINMA) has reprimanded two banks for breaking money laundering rules during their dealings with Venezuelan entities. Wrapping up a five-year investigation into 30 banks suspected of breaches relating to Venezuela’s state oil company […]
BaFin put N26 on warning once again for their lax anti-money laundering controls, according to an announcement made by the German regulator on Tuesday, May 11. The digital bank has been ordered to “rectify deficiencies both in IT monitoring and […]
US Challenger Banks Compliance In a changing financial landscape, challenger banks are disrupting the space occupied by traditional banks and financial institutions by offering an array of innovative digital services delivered online. In the United States, recent uptake of challenger […]
Santander UK has successfully cut the customer onboarding cycle time from 12 days mean cycle time to 2 days.
Broker dealers are individuals or firms that buy and sell securities for their own account or on behalf of their customers. Since they deal with large sums of money and a range of financial instruments, and engage in frequent transactions […]
What Is The Reserve Bank Of New Zealand (RBNZ)? The Reserve Bank Of New Zealand (RBNZ) works to maintain the stability of New Zealand’s monetary and financial system and provides regulatory oversight for banks and other financial institutions. The RBNZ […]
The London Institute of Banking & Finance awards were on the 6th of December in London, which recognised some of the most innovative companies in the banking and finance sector. This year’s awards had 17 categories including: finance in the […]
What is a BSA Officer? A Bank Secrecy Officer, also known as a BSA Officer, works within a bank, credit union, or similar financial institution, to ensure compliance with laws and regulations pertaining to the United States’ Bank Secrecy Act. […]