Source: Egress

Research by Egress has revealed that an overwhelming 90% of security leaders are concerned about group legal settlements following a serious data breach, compared to 85% who are worried about regulatory fines. Launched to commemorate three years of GDPR, the research also found that almost half (47%) of consumers would likely join a class-action lawsuit against an organisation that had leaked their data, proving security leaders’ fears to be accurate.

Source: Kyckr

Kyckr Limited (ASX:KYK) (Kyckr or the Company), a B2B information services company is pleased to announce its partnership with BAE Systems Applied Intelligence, a proven enterprise solution provider of advanced analytics, to jointly address anti-money laundering and compliance challenges of regulated firms by delivering accurate and efficient know-your-customer (KYC) and customer due diligence (CDD) solutions.

The Covid-19 pandemic has proved a challenge for financial industry compliance staffers who have had to adjust monitoring and alert coverage to adapt to the remote work transition during extreme market volatility, according to a Nasdaq survey.

AI-based financial crime detection startup ComplyAdvantage has extended its Series C round to $70 million, with a $20 million top-up from Goldman Sachs.

Source: CMSPi

Nearly a decade after federal regulators forced U.S. banks to lower fees charged to process debit card transactions, much of the savings has been eroded and the United States has not kept up with other countries’ work to bring rising debit and credit card fees under control, according to a report released today by global payments consulting firm CMSPI.

Tackling financial crime, and ensuring compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations remains one of the biggest overall challenges for the financial services community.

Source: ComplyAdvantage

Today, ComplyAdvantage, a global data technology company transforming financial crime detection announced that Gemini, a leading crypto exchange and custodian selected ComplyAdvantage’s hyperscale platform for anti-money laundering risk management.

Source: IHS Markit

IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today announced that it has acquired compliance technology provider Cappitech to expand its suite of global, multi-asset class transaction regulatory reporting offerings to the financial industry.

The Financial Conduct Authority has warned banks that they must now provide the same standard of surveillance of staff working from home as they would in an office environment.

Source: Nice Actimize

Financial services organizations that provide investment advice, and which sell life insurance, annuities and other wealth products, are finding that regulators are escalating how closely they monitor advisor behaviour.

HSBC has inked a multi-year deal with Silent Eight, recruiting the regtech startup in its efforts to fight financial crime.

Companies traumatised by ransomware could face fines of up to $20 million if they pony up to extortionists already listed on financial crime sanctions lists, the US Treasury Department has warned.