Latest Financial Crime News: Finextra Research

Fraud, Error, and Debt bill proposed by UK Government

The UK’s Labour government has announced the Fraud, Error, and Debt Bill to tackle fraud by requiring financial institutions to share data that indicate potential benefit overpayments.

27 September 2024

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Bank of England to form AI consortium

The Bank of England (BoE) is calling on financial services firms to join its artificial intelligence (AI) consortium designed to oversee the use of the technology within the sector.

26 September 2024

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Firms struggling to find RoI for AI projects

More than half of the companies investing in artificial intelligence (AI) projects have been unable to extract any tangible benefit, according to recently published research.

26 September 2024

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Survey uncovers tech aversion within financial institutions

The majority of UK-based financial firms are risk-averse when it comes to new technology, according to recently published research.

24 September 2024

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Macquarie Asset Management to pay nearly $80 million in SEC fraud charges

Macquarie Investment Management Business Trust (MIMBT), a registered investment advisor of Macquarie Asset Management, is to pay $79.8 million in a settlement with the US Securities and Exchange Commission (SEC) in connection with overvaluing assets and engaging in unlawful cross trades.

20 September 2024

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Klarna Bank criticised by FSA over money laundering risks

Klarna Bank has been upbraided by the Swedish Financial Supervisory Authority for failing to adequately deal with money laundering risks.

09 September 2024

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CFTC orders FTX to pay customers $12.7 billion

FTX has been ordered by the Commodity Futures Trading Commission (CFTC) to pay $12.7 billion to FTX customers and victims of its fraud, the largest recovery in CFTC history.

09 August 2024

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Finextra is getting a new look!

We’re excited to go live with Finextra’s new website next week.

02 August 2024

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ThetaRay boosts AI financial crime detection with Screena acquisition

AI-powered financial crime detection specialist ThetaRay has acquired screening company Screena. Financial terms were not disclosed.

30 July 2024

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UK Economic Secretary Tulip Siddiq called on to reduce APP fraud reimbursement to £30k

This news comes a week after the UK payments group issued a plea to Chancellor Rachel Reeves to impose a 'Tech Levy' on social media giants to pay for the impact of payments fraud originating from their platforms.

11 July 2024

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Nordea charged over Danish money laundering cases

Denmark officially brought charges to Nordea in the country’s biggest money laundering case to date, stating the bank violated the Danish anti-money laundering act several times between 2012 and 2015.

05 July 2024

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EBAday 2024: Collaboration is key to fraud management

In one of the closing sessions of EBAday 2024 in Lisbon, panellists Marc Corbalan, VP of RTP analytics at Visa; Erwin Kulk, head of service development and management at EBA Clearing; Simone Löfgen, global head of payment platforms and managing director at Commerzbank; and Kannan Rasappan, founder and CEO of Banfico, explored innovations in cybersecurity in a panel titled ‘New approaches to fraud management’.

20 June 2024

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