How new AML tech is freezing the fraudsters

March 06, 2019 at 12:01AM David Rich, Vocalink: Mule Insights Tactical Solution now covers over 90% of UK current accounts The National Crime Agency’s 2018 assessment of organised crime estimated that the annual impact of money laundering in the UK amounts to hundreds of billions of pounds. $2.1 trillion is thought to be laundered globally annually, with the problem on the rise in recent years. The scale of the problem reflects the complexity involved in tackling financial crime at the same speed at which money can now be sent from one account to another. People, businesses and entire economies have … Continue reading How new AML tech is freezing the fraudsters

Moorwand picks ClearBank’s Banking-as-a-Service

March 05, 2019 at 04:36PM Moorwand, an international payments company offering issuing and acquiring solutions, has selected ClearBank as its agency banker. ClearBank’s cool design shows off its position in London The payments firm will use ClearBank’s Banking-as-a-Service (BaaS) offering to access API-based services, including access to real-time payments services across BACS and CHAPS, or Faster Payments. “We are excited to be able to offer even more value-add services to our issuing portfolio thanks to our partnership with ClearBank,” says Robert Courtneidge, CEO, Moorwand. “They are strides ahead of competitors in the field of ‘Banking as a Service’ and real-time … Continue reading Moorwand picks ClearBank’s Banking-as-a-Service

Esme Loans getting data warehouse courtesy of Microsoft

March 05, 2019 at 01:33PM Lendtech Esme Loans has enlisted Microsoft to build a new cloud-based data warehouse, to make better targeted lending decisions and to provide automated service assisted by artificial intelligence (AI). Microsoft will start building the data warehouse in April The bespoke data warehouse by Microsoft will be a centralised data repository held on an online server – which is hoped it will allow Esme to improve its customer journey, simplify integration with third parties, and provide a faster end to end application process for customers. Esme will also use the technology to build an AI assisted … Continue reading Esme Loans getting data warehouse courtesy of Microsoft

Empty wallets turn up in QuadrigaCX crypto exchange case

March 04, 2019 at 04:05PM The curious case of Canadian crypto exchange QuadrigaCX got a lot more curious when empty wallets were uncovered. The deceased CEO of QuadrigaCX – Gerald Cotten As reported last month, the CEO of QuadrigaCX – Gerald Cotten – died in India and up to $190 million in clients’ funds were trapped as a result. QuadrigaCX said it cannot repay most of the money in client holdings after its 30-year-old founder, the only person who knew the passwords to its “cold storage,” unexpectedly died. Cotten also filed his will 12 days before he died. This was followed by … Continue reading Empty wallets turn up in QuadrigaCX crypto exchange case

Huawei to be arraigned in U.S. fraud case in New York on March 14

March 01, 2019 at 05:34PM Huawei Technologies Co Ltd and two affiliates will be arraigned on March 14 in U.S. District Court in Brooklyn, New York, on accusations the company committed bank and wire fraud and violated sanctions against Iran, according to a court filing on Friday. via Reuters: Technology News https://reut.rs/2TqrJO5 Continue reading Huawei to be arraigned in U.S. fraud case in New York on March 14

Wells Fargo makes record $240m settlement over fake bank accounts

March 01, 2019 at 04:55PM Wells Fargo officials have reached a record $240 million settlement with US shareholders over the creation by bank employees of millions of unauthorised customer accounts. “The largest insurer-funded cash settlement in a US shareholder derivative lawsuit” According to Reuters, the settlement disclosed yesterday (28 February) requires insurers for 20 current and former Wells Fargo executives and directors, including CEO Tim Sloan and his predecessor John Stumpf, to pay the $240 million to the bank. As FinTech Futures reported in 2017, the bank created 3.5 million fake bank accounts and credit card numbers to boost sales … Continue reading Wells Fargo makes record $240m settlement over fake bank accounts

Australia upfront for better banking outback

March 01, 2019 at 03:50PM People living in remote areas of Australia or with basic bank accounts will receive new protections under a revamped “Banking Code of Practice”. Australia’s regulation overhaul will see more fair and consumer-focused banking. The Australian Banking Association (ABA) has set out its new code – and says its recommendations are a result of last month’s final report from the Royal Commission. At that time, Australia’s Treasurer Josh Frydenberg said the government agreed to take action on all 76 recommendations made by Commissioner Kenneth Hayne QC, and plans to focus on “restoring trust” in the financial … Continue reading Australia upfront for better banking outback

QuadrigaCX crypto exchange court case calls for $30m payout

March 01, 2019 at 12:28PM A Canadian judge in Nova Scotia has issued an order for the disbursement of more than $30 million that belonged to the insolvent crypto exchange QuadrigaCX. The banks had made it clear they were in uncharted territory. According to CBC News, this court decision follows the crash of the exchange in late January after $190 million went missing from clients’ funds. As FinTech Futures reported last month, the CEO of QuadrigaCX died and up to $190 million in clients’ funds were trapped as a result. This was followed by a Wall Street Journal (WSJ) report, … Continue reading QuadrigaCX crypto exchange court case calls for $30m payout

Emirates NDB turns to Intellect Design for transaction banking overhaul

February 26, 2019 at 12:43PM Emirates NBD has announced a planned end-to-end digital transformation of its transaction banking platform, courtesy of Intellect Design Arena’s Intellect Global Transaction Banking (iGTB). Intellect scores its 29th client This is part of Emirates NBD’s multi-year digital transformation plan. It has made an AED 1.5 billion ($410 million) investment towards digitising operations, products and services for its corporate clients and retail customers. The planned transaction banking project will cover the bank’s operations across trade corridors in the UAE, Saudi Arabia, Egypt, India, Singapore and the UK. The project integrates iGTB’s Digital Transaction Banking (DTB) platform … Continue reading Emirates NDB turns to Intellect Design for transaction banking overhaul

UBS to appeal against €4.5bn penalties imposed by French court

UBS said that it strongly disagrees with the verdict of the court which found it guilty of illicit solicitation and laundering of the proceeds of tax fraud. It The post UBS to appeal against €4.5bn penalties imposed by French court appeared first on Compelo Banking. via Compelo Banking http://bit.ly/2TcwKtF Continue reading UBS to appeal against €4.5bn penalties imposed by French court

UPDATE 1-Fed’s Powell heads to U.S. Congress amid shifting landscape

February 25, 2019 at 11:22PM *Fed chief to appear before Senate committee on Tuesday. WASHINGTON, Feb 25- Federal Reserve Chairman Jerome Powell worked hard to strengthen ties with Congress during his first year as head of the U.S. central bank, doubling the pace of meetings with lawmakers over his predecessors and courting Democrats and Republicans alike. Democrats won control of the U.S…. via Banks https://cnb.cx/2TfoFnN Continue reading UPDATE 1-Fed’s Powell heads to U.S. Congress amid shifting landscape

Fed’s Powell heads to U.S. Congress amid shifting landscape

February 25, 2019 at 07:39PM *Fed chief to appear before Senate committee on Tuesday. WASHINGTON, Feb 25- Federal Reserve Chairman Jerome Powell worked hard to strengthen ties with Congress during his first year as head of the U.S. central bank, doubling the pace of meetings with lawmakers over his predecessors and courting Democrats and Republicans alike. Democrats won control of the U.S…. via Banks https://cnb.cx/2H2T02s Continue reading Fed’s Powell heads to U.S. Congress amid shifting landscape

UBS to appeal against €4.5bn penalties imposed by French court

UBS said that it strongly disagrees with the verdict of the court which found it guilty of illicit solicitation and laundering of the proceeds of tax fraud. It The post UBS to appeal against €4.5bn penalties imposed by French court appeared first on Compelo Banking. via Compelo Banking http://bit.ly/2TepQE1 Continue reading UBS to appeal against €4.5bn penalties imposed by French court

UBS ignored whistleblower warnings in French tax case- judgment

February 22, 2019 at 05:12PM *French court ordered UBS to pay $5 bln in penalties. PARIS, Feb 22- UBS was warned numerous times over a period of at least six years that its French private bank risked breaking local tax laws, according to the written judgment in a case where the Swiss bank faces a 4.5 billion euro penalty. The hefty sanction– a 3.7 billion euro fine and 800 million euros in damages– has… via Banks https://cnb.cx/2TY05oJ Continue reading UBS ignored whistleblower warnings in French tax case- judgment

UBS ignored whistleblower warnings in French tax case- judgement

February 22, 2019 at 05:12PM *French court ordered UBS to pay $5 bln in penalties. PARIS, Feb 22- UBS was warned numerous times over a period of at least six years that its French private bank risked breaking local tax laws, according to the written judgement in a case where the Swiss bank faces a 4.5 billion euro penalty. The hefty sanction– a 3.7 billion euro fine and 800 million euros in damages–… via Banks https://cnb.cx/2BLMNEU Continue reading UBS ignored whistleblower warnings in French tax case- judgement

StanChart braces for $900m fines over US and UK banking issues

February 21, 2019 at 01:49PM Standard Chartered has set aside $900 million for potential penalties relating to investigations into the bank’s practices in the UK and US. If you’re easily confused, it is also known as StanChart As reported last month, the bank was hit with a $40 million fine for attempting to rig transactions in foreign exchange markets between 2007 and 2013. The hefty punishment was courtesy of The New York Department of Financial Services (DFS) and marks the last in a series of DFS consent orders that follow an investigation of manipulation in forex markets. Today (21 February), … Continue reading StanChart braces for $900m fines over US and UK banking issues

UPDATE 3-UBS to appeal after fined 4.5 billion euros in French tax fraud case

February 20, 2019 at 03:43PM *UBS hit with 4.5 billion euros of penalties. PARIS, Feb 20- A French court found Swiss bank UBS AG guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros in penalties. "The court can only conclude that consistently put its own financial interests over the sovereign rights of the French state," the… via Banks https://cnb.cx/2SgjTSu Continue reading UPDATE 3-UBS to appeal after fined 4.5 billion euros in French tax fraud case

French court ruling due in UBS $6 billion tax case

February 20, 2019 at 11:29AM PARIS, Feb 20- A French court will rule on Wednesday whether UBS, Switzerland's largest bank, helped wealthy French clients evade taxes between 2004 and 2012 and launder the proceeds. The French trial follows a similar case in the United States, where UBS accepted a $780 million settlement in 2009 and in Germany, where it agreed to a 300 million euro fine in 2014. via Banks https://cnb.cx/2GzdMaz Continue reading French court ruling due in UBS $6 billion tax case

UBS in Parisian court for aiding tax evasion

February 20, 2019 at 10:08AM A Paris court will make a decision on whether UBS helped French clients hide billions of Euros from French tax authorities. No triumph for tax dodgers If found guilty, charges could see the bank face penalties of up to €5.3 billion, according to Yahoo News. The bank has tried to scramble for a settlement to avoid the potentially embarrassing court showdown, unsuccessfully. The trial opened last autumn after seven years of investigations, launched when former employees came forward with claims of unlawful conduct. This takes place as institutions across Europe, including Switzerland, crack down on … Continue reading UBS in Parisian court for aiding tax evasion

[Discussion] What happens if I lose a chargeback?

February 19, 2019 at 07:01AM Hello What happens if I disputed a charge of let's say $5 and then the bank returned the money to my account and started an investigation. A few days later the bank decides that the merchant has the right and then the bank tries to take that $5 back from my account and find that there is no money in my account. What will happen? Will the bank just tell the merchant to go fix their issue with themselves? will the bank give the merchant money and make my account $ -5? Will there be … Continue reading [Discussion] What happens if I lose a chargeback?

Barclays hoped 2008 cash call would drive international growth, court told

February 19, 2019 at 05:38PM Marcus Agius, called as a prosecution witness in the fraud trial of four former senior colleagues, said the bank had hoped to secure partnerships that would reinforce the bank's global ambitions by granting Barclays "favored nation status" for future business opportunities with investors such as Qatar. Prosecutor Edward Brown alleges the men did not… via Banks https://cnb.cx/2IpryhE Continue reading Barclays hoped 2008 cash call would drive international growth, court told

[Discussion] Check made out to deceased dad. How to handle without probate.

February 19, 2019 at 05:17PM Dad passed last year, and just got a refund check for his home insurance for $800. It's made out to his name. We do still have an open credit card account, major bank in the Citi, that we have been using to pay his ongoing condo bills online (power, light, etc. My siblings and I feed money into it). Can I just scribble the credit card account number on back of check and send it to Citi to apply to the account? Any chance that works? Otherwise I have to do this procedure in probate … Continue reading [Discussion] Check made out to deceased dad. How to handle without probate.

Disbursements Drop Anchor In Boat-Sharing Platforms

February 18, 2019 at 09:03AM Digital disbursement solutions have helped aid expansion of the sharing and gig economies. Now, these solutions are being put to use in other unexpected markets, including the now-legalized sports betting market, inside correctional facilities and on the high seas. The new Disbursements Tracker looks at how these solutions are creating opportunities in new ecosystems, and how the rise of real-time payment systems around globe could lead to further adoption. Around the World of Disbursements A recent Supreme Court decision made waves in the gambling market by essentially legalizing sports betting. At the same time, the ruling … Continue reading Disbursements Drop Anchor In Boat-Sharing Platforms

Financial Trade Groups Ask Supreme Court for Stable, Uniform TCPA Rules

February 14, 2019 at 08:36PM The American Bankers Association, along with the Consumer Bankers Association and the Independent Community Bankers of America, filed a friend-of-the court brief on Thursday asking the Supreme Court to provide stability and uniformity to the Federal Communications Commission’s rules interpreting the Telephone Consumer Protection Act. The The post Financial Trade Groups Ask Supreme Court for Stable, Uniform TCPA Rules appeared first on ABA Banking Journal. via ABA Banking Journal http://bit.ly/2S5KYaU Continue reading Financial Trade Groups Ask Supreme Court for Stable, Uniform TCPA Rules

Goldman Sachs leads $44m funding in US business credit start-up Nav

February 13, 2019 at 04:53PM Californian business credit start-up Nav has coolly navigated a $44 million funding round courtesy of Goldman Sachs, Point72 Ventures and Experian Ventures. “One of the pain points for small businesses is that the process of getting financing is a pain” Aries and CreditEase Fintech Investment Fund also participated in the round, which was led by Goldman. According to Nav’s website, it offers small business credit and financing advice, and free business credit reports. It says it has helped more than 400,000 small business owners make decisions and access capital. Levi King, Nav’s co-founder and CEO, … Continue reading Goldman Sachs leads $44m funding in US business credit start-up Nav

Blockchain Exchange Alliance preps tech for payments push

February 13, 2019 at 04:32PM Singapore-based Blockchain Exchange Alliance (BXA) has plans to move into the retail payments market through partnerships and acquisitions. Pay in retail stores with crypto, courtesy of BXA To do so, the alliance will operate from a single order book and liquidity pool that will reduce prices and the tighten bid-ask spreads. It reckons this will also reduce price disparity, enabling it to supply multiple geographies with digital currency services. The platform allows exchange users to make online purchases using crypto-to-fiat conversion via the BXA token. Kangho Kim, director of BXA, says: “We believe our vision … Continue reading Blockchain Exchange Alliance preps tech for payments push

Morgan Stanley stocks up with $900m Solium acquisition

February 11, 2019 at 01:23PM In its largest deal since the financial crisis, Morgan Stanley will acquire stock plan administration platform Solium Capital for $900 million. “A greater opportunity to establish and develop relationships with a younger demographic” Solium is a provider of Software-as-a-Service (SaaS) for equity administration, financial reporting and compliance. It has offices in the US, Canada, UK, Europe and Australia. “The acquisition provides Morgan Stanley with broader access to corporate clients and a direct channel to their employees, as well as a greater opportunity to establish and develop relationships with a younger demographic and service this population … Continue reading Morgan Stanley stocks up with $900m Solium acquisition

IBM invests $2bn in AI tech in New York

February 08, 2019 at 03:12PM IBM is investing $2 billion in new technology development at the SUNY Polytechnic Institute campus in Albany and throughout New York state, particularly in the establishment of a new artificial intelligence (AI) research hub in New York. AI development, courtesy of IBM It’s not limited to fintech of course, but the “AI Hardware Centre” will focus on computer-chip research, development, prototyping, testing and simulation. New York Governor Andrew Cuomo says: “New York has always been at the forefront of emerging industries, and this private sector investment to create a hub for AI research will attract … Continue reading IBM invests $2bn in AI tech in New York