Westpac blames technology and human error for AML failure
Australian bank Westpac has blamed the failure of its anti money laundering (AML) processes on a mixture of technology and human error rather than any intentional wrongdoing, according to a report commissioned by the bank's former chairman Lindsay Maxsted.
FCA head of RegTech: Prioritise female hires across the industry
Francesca Hopwood Road, head of regtech at the FCA drilled down on how the hiring process structurally worked against the employment of females in regtech during the Regtech Women’s event ‘Cracking Communications: Be effective, be confident, be compliant’.
ACI Worldwide debuts new machine learning kit for fraud management
ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced the launch of its new Incremental Learning technology – an innovative industry-first approach to machine learning that will enhance fraud protection for merchants and financial institutions and their customers.
International Compliance Associations expands into US to provide globally recognized training and certifications for compliance professionals
The International Compliance Association (ICA), a global, not-for-profit professional membership body supporting compliance professionals through independently awarded certifications, announces its expansion into the US, with its primary training partner, International Compliance Training (ICT). The US team, based in New York, offers programs covering Anti-Money Laundering (AML), Anti-Bribery & Corruption, Know Your Customer (KYC), Sanctions and Managing Fraud to help further the careers and knowledge of compliance professionals, with differentiated course levels available for each career stage.
UK financial fraud up by a quarter in first half of 2016
Financial fraud in the first half of 2016 increased by a quarter to £399.5 million, enabled by scams and online attacks, new figures published today by Financial Fraud Action UK (FFA UK) show.
Wells Fargo fined $185m for opening millions of accounts without customers' knowledge
Wells Fargo has been fined $185 million for opening up to two million unauthorised deposit and credit card accounts, issuing and activating debit cards without consent and creating phony email addresses to enrol people in online services.
Businesses under-reporting cybercrime - Barclays/IoD
March 3, 2016 - Businesses are not taking cyber security seriously enough, the Institute of Directors (IoD) warned today, with under a third (28%) of cyber attacks being reported to the police.
The Open University and Innovate Finance launch world’s first FinTech 101 course
August 4, 2015 - Innovate Finance, the membership association for the UK's global FinTech sector, and The Open University, a world leader in part-time learning, have launched the world's first introductory course to financial technology.
