Innovative Systems has launched a platform — dubbed FinScan Marketplace — that provides centralized access to a suite of anti-money laundering (AML) tools encompassing sanctions screening, know your customer (KYC) checks, adverse media screening, payment screening, and risk scoring, officials say. FinScan Marketplace has a single interface that is intended to streamline the management of… Read More >>
Fenergo Moves Into Energy & Commodities Sectors
Fenergo, a provider of know your customer (KYC) management services, has begun offering its client and supply chain onboarding support to energy and commodities firms that want to improve operational efficiencies, data management, and regulatory obligations, officials say. Some of Fenergo’s clients are already “some of the largest energy and commodities firms,” officials say. “Historically… Read More >>
FinTech Brief: Tokenbridge Offers Tokens for KYC
A tokenization platform provider, Tokenbridge will be using blockchain technology to improve know your customer (KYC) and identification processes for a financial services data business known as the Tracing Group (TTG), officials say. The “hyper-personalized tokens create infallible, verifiable and re-usable records of personal details,” according to Tokenbridge, based in Gamlingay, Sandy, in the United… Read More >>
Fines Drop 25% in First Half of 2022: Report
You don’t think it’s good news, do you? A study reports that, at mid-year, global enforcement penalties against financial institutions (and their employees) for not complying with anti-money laundering (AML), environmental, social and governance (ESG) and data-privacy regulations have fallen by a whopping 25 percent, compared to the same period last year. They’re down this… Read More >>
NatWest Pleads Guilty to Money-Laundering Violations
A large bank is guilty of violating the United Kingdom’s money-laundering regulations. Says who? Says the bank itself. FTF News readers, who are familiar with all the ploys financial institutions employ to avoid saying they’ve done wrong (all that neither-confirming-nor-denying while paying up and agreeing to be censured), will know just how unusual that is…. Read More >>
DLT Meets Collateral Management via Partnership
CloudMargin & Ivno Bring DLT to Collateral & Margining CloudMargin, maker of a cloud-native collateral and margining solution, is working with Ivno, a financial markets tokenization vendor, to develop a collateral management solution that uses distributed ledger technology (DLT) and cloud computing, officials say. Their new strategic partnership will leverage Ivno’s DLT strengths and CloudMargin’s… Read More >>
CEO Says PE Acquisition Gives Fenergo ‘Unicorn Status’
Fenergo achieved “unicorn status,” says Marc Murphy, president and CEO of the KYC and client management software solutions vendor, because it’s been acquired by private equity firms Astorg and Bridgepoint via a definitive agreement they signed with venture capitalist firm Insight Partners, which owned the Dublin-based provider. Several media outlets have reported a wide range… Read More >>
Executive Shuffles at SEC & CFTC
SEC & CFTC Await New Chairpersons The Trump administration has named an acting chairman for the SEC — Elad L. Roisman, an SEC commissioner — as the now-former Chairman Walter Joseph “Jay” Clayton III stepped down at the end of December, six months before his slated exit in June 2021. Clayton, a Trump team appointee,… Read More >>
Commerzbank Fined $47M via AML Controls Case
A U.K. regulator, the Financial Conduct Authority (FCA), has fined the London branch of Commerzbank AG $47.5 million for allegedly using inadequate anti-money laundering (AML) systems and controls from October 2012 to September 2017. A representative of the international bank based in Frankfurt, German, tells FTF News that the FCA investigation uncovered “no actual financial… Read More >>
SETL & Asset Managers Launch Blockchain System for Record Keeping
London-based SETL, a financial blockchain specialist, has launched IZNES, the pan-European fund Blockchain-based, record-keeping platform together with four asset management firms — OFI AM, Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services. IZNES will enable firms to enter into new relationships with investors and manage the Know Your Customer (KYC) processes required by… Read More >>
