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PRA censures Wyelands Bank for breaching large exposure limits

The Prudential Regulation Authority (PRA) has censured Wyelands Bank Plc (Wyelands) for wide-ranging significant regulatory failings between 21 December 2016 and 28 May 2020, which spanned breaches relating to large exposure limits, capital reporting, governance and risk controls and PRA Own Initiative Requirements (OIREQs) and poor retention of WhatsApp messages.

/regulation

Finance Incorporated selects ThetaRay transaction monitoring tech

Finance Incorporated Limited, a gateway provider of electronic money services, announced today it has selected ThetaRay AI-powered transaction monitoring technology to further strengthen its AML framework and grow business alongside increasing volumes of transaction data.

/regulation

Themis releases supply chain risk assessment tool

Themis has announced the release of its innovative supply chain risk assessment tool, which allows companies to map out high risk geographies and sectors and possible touch points from financial crimes including modern slavery and human trafficking, drugs, wildlife and arms and trafficking, bribery and corruption, fraud, money laundering and terrorist financing.

/regulation

UK publishes first AI whitepaper

Five principles, including safety, transparency and fairness, will guide the use of artificial intelligence in the UK, as part of a new national blueprint for our world class regulators to drive responsible innovation and maintain public trust in this revolutionary technology.

/regulation

Riskgrid rolls out 'as-a-Service' risk assessment platform

RISKGRID has launched a cloud-based ‘as a Service’ Risk Assessment platform to enable financial services firms to automate and standardise fragmented, cross-enterprise risk assessment practices, and to harness value and eliminate risk from internal risk assessment processes.

/regulation

Treasury Prime partners Cable on financial crime compliance monitoring

Treasury Prime, a leading embedded banking software platform, today announced a partnership with Cable, an all-in-one financial crime compliance effectiveness testing platform, to enhance compliance assurance and testing capabilities for Treasury Prime customers.

/regulation

The Co-operative Bank selects Onfido to automate customer onboarding

Onfido, the leading global provider of automated digital identity verification, today announced a partnership with The Co-operative Bank, the original ethical bank, enabling a streamlined, secure digital identity verification for its new customers.

/regulation

Xelidoni selects Wolters Kluwer’s OneSumX for Risk Management

Xelidoni has chosen to implement award-winning software from Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), having selected the OneSumX for Risk Management solution.

/regulation

Asic commences investigation into ASX's bungled Chess replacement project

ASIC has confirmed to ASX that it has commenced an investigation into suspected contraventions of the ASIC Act 2001 and the Corporations Act 2001 in relation to the CHESS.

/regulation

Blockchain payments network Zone adopts ThetaRay to screen transactions

Zone (formerly Appzone), Africa’s first regulated layer-1 blockchain network for payments, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced they will collaborate to implement ThetaRay’s cloud-based SONAR solution to monitor and screen Zone’s transactions in Nigeria for illicit activities and sanctions violations.

/regulation

EBA publishes new set of indicators to identify potential causes of consumer harm

The European Banking Authority (EBA) today published, for the first time, a new set of indicators, which aim at identifying detriment to consumers arising from the misconduct of financial institutions offering retail banking products in the EU.

/regulation

Veriff teams with Salv to combat financial crime

Salv, a regtech company specialising in collaborative crime-fighting, has partnered with a global identity verification provider Veriff to strengthen the fight against financial crime.

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