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CFPB issues new guidance of negative option practices

The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that automatically renew unless the consumer affirmatively cancels, and trial marketing programs that charge a reduced fee for an initial period and then automatically begin charging a higher fee.

/crime

Thirdfort bolsters c-suite

Thirdfort, a risk management platform combining Know Your Client (KYC), Anti-Money Laundering (AML) and Source-of-Funds (SoF) verification, has strengthened its leadership team with three c-suite appointments.

/crime

Zimpler namess Jonathan Hjelmåker as head of operations

Zimpler, a leading fintech company born in Sweden appoints Jonathan Hjelmåker as Head of Operations and expands its ambition to deliver the best possible customer experience with an ambition to be best-in-class regarding combating financial crime.

/crime

Detected closes £2.5 million financing round

London-based fintech Detected has secured £2.5m in its financing round fundraise, including investment from Thomson Reuters Ventures, Love Ventures and powerful industry angels.

/crime

FCA penalises Al Rayan Bank for anti-money laundering failures

The FCA has fined Al Rayan Bank PLC (Al Rayan) £4,023,600 for failing to put in place adequate anti-money laundering (AML) controls.

/crime

Divilo selects ThetaRay to monitor criminal payments

Divilo, a Spain-based fintech providing B2B financial services, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced they will collaborate to protect Divilo’s growing services against money laundering, sanctions violations, and other financial crimes.

/crime

FCA fines GT Bank £7.8 million for serious AML compliance failings

The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Limited (GT Bank) £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019.

/crime

Mizuho Bank Luxemburg upgrades anti-financial crime compliance risk management with Napier

Mizuho Trust and Banking (Luxembourg) S.A , the Luxembourg subsidiary of Japan’s Mizuho Trust & Banking division (part of Mizuho Financial Group) , is upgrading its Transaction Monitoring framework strategy through a partnership with Napier, the financial crime compliance technology specialist.

/crime

NZ regulator files AML breach proceedings against Tiger Brokers

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has filed civil High Court proceedings against Tiger Brokers (NZ) Limited for allegedly breaching the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act).

/crime

Danske Bank fined $2 billion for lax money laundering controls

Danske Bank has reached resolutions with the DoJ, the SEC and the Danish SCU following the investigations in relation to the non-resident portfolio at Danske Bank’s former Estonia branch.

/crime

Alpian selects Napier Continuum for financial crime compl

Alpian, Switzerland’s first digital private bank, and Napier, global provider of advanced financial crime compliance solutions, announce their partnership to implement a robust, end-to-end risk management platform for the bank.

/crime

Napier breaks into Japanese market

Napier, the financial crime compliance specialist, has announced that its end-to-end financial crime risk management platform, Napier Continuum, is available to the Japanese market through a newly-minted partnership with Japanese firm GRCS.

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