Anti-money laundering
FRAML solutions 2023: market and vendor landscape
As concerns around financial crime escalate, financial institutions and regulators are placing greater emphasis on combined FRAML solutions. For financial institutions the benefits of an integrated FRAML platform include improved capabilities,…
Generative AI is changing debate on explainability, says Deutsche
Innovation head says observability can aid regulatory acceptance
Op risk data: Cigna catches a $172m cold over fake diagnoses
Also: Shinhan Bank America breaks AML rules; more greenwashing grime at DWS. Data by ORX news
KYC data and solutions 2023: market update and vendor landscape
This Chartis report updates previous research into the KYC solutions landscape and provides a concise overview of the main findings and insights
US compliance teams face more intrusive Fed supervision
Regional banks look at enhanced data management to handle growing numbers of MRA notices
Managed support services provider of the year: Broadridge
Broadridge’s third win in three years for Managed support services provider of the year highlights the company’s commitment to innovation, its outstanding customer service and its ability to navigate complex risk landscapes
Op risk data: Credit Suisse hit for $900m in offshore trust bust
Also: Goldman boys’ club gets the boot; HSBC double whammy; Havilland’s economic sabotage plan. Data by ORX News
Token effort is no blockchain boon for illiquid assets
Cash-like tokenised instruments find takers; initiatives based on less liquid assets struggle to take off
Hurdles to cross-border data sharing impede AML fight
Expansion of national initiatives hampered by data-privacy and information-security fears
OK regulator? How AI became respectable for AML controls
Dutch court case pressures supervisors to accept new tech; explainability the key challenge
Regulated UK crypto firms fear authorisation Groundhog Day
Industry wants grandfathering in new Treasury framework to avoid business continuity risk
Op risk data: Wells Fargo walloped to the tune of $1.7bn
Also: AML breaches at Danske and Santander; Russia’s Radiotechbank scammed. Data by ORX News
Op risk data: Dodgy tax practices cost Credit Suisse €240m
Also: Binance blockchain hack; ING’s Polish AML fail. Data by ORX News
Danske gets Pillar 2 reprieve through $2bn AML provision
Quantifying the hit from Estonian branch investigations earned the bank a 75% cut in add-ons in place since 2018
AML solution of the year: Napier Technologies
Asia Risk Awards 2022
Mainstream crypto acceptance with regulation is inevitable, and that’s good
As banks increasingly adopt digital asset services, there remain inherent challenges getting institutions and customers onboard with crypto and its benefits. But the time left to overcome them is drawing to an end
Op risk data: Banks dial in $600m loss for illicit phone use
Also: Santander staff mistreatment; cum-ex rumbles on; CFTC steps up scrutiny of swaps reporting. Data by ORX News
US deposits from Russia hit record $43.5bn after invasion
Rush to stash cash followed walling-off of Russian financial system by sanctions
Ex-Deutsche CRO: banks face hundreds of billions in climate fines
Banks risk becoming a “whipping dog” in the fight against climate change, says departing risk chief
Op risk data: Glencore hauled over the coals in $1bn+ bribery probe
Also: Russian banks in fraud fails; Citi’s fat-finger fumble; devil’s in the data detail. Data by ORX News
‘Give us tools to finish the job’, say finance’s crime fighters
UK’s economic crime agency calls for public, private sectors to seize moment following Ukraine invasion
In roiling markets, fraud rises. Banks want to understand why
Disruption from Ukraine and Covid puts managers on alert for misconduct, as risk controls are stretched to the max
Risk analytics to the rescue
Cyber security remains a challenge for insurers worldwide, according to Ron Harasym, head of risk analytics, enterprise risk management (ERM) at Protective Life Insurance Company
Crypto industry faces ‘fork in the road’ over sanctions
Bow to policy-makers’ concerns about sanctions evasion or face reputational damage, says LSEG’s Schwimmer