Tag: FinTech 2023
Despite hefty fines, financial institutions still struggle with monitoring unapproved communication...
A new survey by Shield and LeapXpert underscores the continued risk financial institutions face from unmonitored communication channels. Only 51% of the financial institutions...
ESG Bay seals £135,000 investment to propel green business assessments
ESG Bay, an environmental, social, and governance (ESG) self-assessment platform, has recently secured a pre-seed investment. The UK-based company assists organisations in gauging their climate and societal impact by applying universal metrics, and generates lucid ESG assessments for customers, community, stakeholders, and the broader public.
Harnessing KYC technology: Reducing costs and increasing efficiency in financial institutions
In the ongoing global efforts against money laundering, the task of comprehending customer identities has proven to be a crucial element in Know Your...
Harnessing AI for compliant communication ahead of FCA’s Consumer Duty
The UK's Financial Conduct Authority (FCA) recently released a ten-point checklist for companies in anticipation of the new Consumer Duty regulation set to be enforced on July 31, 2023. This regulation marks a pivotal shift in the regulatory landscape, impacting both new and existing services and products available for sale or renewal.
Embracing technology for improved investor onboarding
Upgrading technology in investor onboarding offers immense benefits and the asset management industry is quickly catching on. The landscape of regulatory environments is in...
A deep dive into AML non-compliance costs and Flagright’s AI-driven solution
In an increasingly interconnected financial landscape, financial crime has become more sophisticated, underlining the importance of maintaining robust anti-money laundering (AML) compliance for financial institutions. With stringent regulatory scrutiny and technological advancements, financial institutions must adhere to strict AML regulations to deter activities such as money laundering, terrorism financing, and other financial crimes. Moreover, understanding and considering the significant cost of non-compliance is vital.
Exploited loophole causes major $20m security breach for Revolut
In 2022, Revolut faced a significant security breach, leading to a loss of $20m due to a fault in its payment processing system, as...
Layer-1 blockchain firm Shardeum nets $5.4m in strategic funding
Shardeum, a "highly-scalable EVM-based layer-1 blockchain deploying dynamic state sharding," has successfully closed a $5.4m strategic investment round.
IDEX Biometrics and Beautiful Card Corporation ramp up biometric smart card...
IDEX Biometrics, a global leader in fingerprint biometrics, has entered into a collaboration with Beautiful Card Corporation (BCC), one of the world's leading smart card manufacturers, to increase the distribution of biometric smart cards in Asia.
China finalises Ant Group’s regulatory overhaul with hefty fine
The Chinese authorities levied a hefty fine of $984m on Ant Group for breaching consumer protection and corporate governance laws, according to a report from Reuters.
