Three European asset managers, Legal & General Investment Management (LGIM), Candriam Investors Group and Fund Channel, have signed on to use know your customer (KYC) managed services from Thomson Reuters as a way to ease their due diligence burdens. The three firms are using the Org ID Know Your Customer (KYC) platform to meet KYC… Read More >>
Synechron, Quantexa Collaborate to Exploit Data Science
Financial services consulting and IT services provider Synechron Inc. reports that it is working with Quantexa, a specialist entity resolution and network analytics software vendor to help firms bolster anti-money laundering (AML) efforts, fight fraud, mitigate credit risk, and improve trader surveillance The partnership will combine Synechron’s consulting expertise with Quantexa’s time entity and network… Read More >>
AIB Grapples with AML Fine and Pending IPO
As talk swirls around its initial public offering (IPO), Allied Irish Banks (AIB) was fined more than €2.2 million ($2. 4 million) by the Irish central bank over compliance violations relating to anti-money laundering (AML) and terrorist financing laws. The fine is the second highest imposed by the central bank for AML after Ulster Bank’s… Read More >>
Deutsche Bank Fined $631M for Laundering Rubles
Deutsche Bank will be paying $631.5 million in fines to U.S. and U.K. authorities for violations of anti-money laundering (AML) that were part of a “mirror trading” scheme that involved the German institution’s Moscow, London and New York branches, and resulted in the laundering $10 billion out of Russia. The transactions in question occurred between… Read More >>
Credit Suisse Securities Fined $16.5M for AML Failures
The Financial Industry Regulatory Authority (FINRA) reports that it has fined Credit Suisse Securities (USA) LLC $16.5 million for “anti-money laundering (AML), supervision and other violations.” FINRA finds, specifically, that, from January 2011 through September 2013, Credit Suisse “failed to effectively review trading for AML reporting purposes.” FINRA also finds that, from January 2011 through… Read More >>
IBM’s Watson to Get Compliance Training via Acquisition
IBM is acquiring risk management and regulatory compliance consulting company Promontory Financial Group, and will be adapting the IBM Watson cognitive capabilities — the natural language processing and machine learning — to regulatory compliance. In fact, IBM hopes to replicate for compliance the IBM Watson capabilities that have been applied to clinical medical data, research,… Read More >>
PIMCO to Centralize KYC Efforts
Asset manager Pacific Investment Management Company (PIMCO) is signing on to use the “Kyc.com” centralized know-your-customer (KYC) service to add to its due diligence and onboarding requirements for KYC, anti-money laundering (AML), tax, credit and legal agreements, say officials at the Newport Beach, Calif.-based firm. The kyc.com service is a joint venture between information and… Read More >>
Q&A: How Big Data Became an Ally for AML
Big Data and other innovations are rapidly becoming new allies in the multiple fronts in the war on financial crime, says Gisselle Micheo, vice president of the Business Solutions Group (BSG) for the Americas at BAE Systems Applied Intelligence. BAE, known for its defense and security equipment offerings, is also focusing on helping firms deal… Read More >>
Raymond James Fined $17M for AML Deficiencies
The Financial Industry Regulatory Authority (FINRA) has fined the financial advisory firm Raymond James a total of $17 million, citing deficiencies in its ant-money laundering (AML) staffing and systems, which the firm says has been rectified via “significant resource, process and technology enhancements.” FINRA officials fined Raymond James & Associates, Inc. (RJA) $8 million, and… Read More >>
Q&A: How AML Services Got to the Cloud
It’s significant that cloud computing/software as a service (Saas) technology is now supporting the anti-money laundering (AML) wares of NICE Actimize. The industry has a new trust in cloud-based offerings, and that extends to AML, says Cenk Ipeker, head of the Actimize cloud unit at NICE. Ipeker oversees the offering of traditional products via the… Read More >>
