15th October 2018
Barclays Plc is launching a retail account that will offer U.S. consumers a low-cost, digital-only bank with the backing of a major financial institution, the Financial Times reported on Sunday. The move will put the London-based bank in competition with Goldman Sachs Group Inc’s new Marcus Brand in the digital… Read More
31st August 2018
Britain’s Financial Conduct Authority (FCA) and Central Bank of Nigeria (CBN) have agreed to work together to develop the ‘best possible’ regulatory framework for the Nigerian fintech sector. The move follows British Prime Minister Theresa May’s visit to Africa, where she sought to strike up business partnerships as the UK… Read More
29th August 2018
Financial technology firms operating in Switzerland will have to adhere to less financial crime controls than other firms under a new regime which seeks to promote financial innovation in the country. Generally, all financial institutions in Switzerland are subject to due diligence requirements when it comes to combating money laundering. Read More
15th August 2018
Financial technology companies that lend online are sounding a cautious note on a U.S. banking regulator’s plan to offer them special federal charters because of concerns over legal challenges and requirements that are more onerous than expected. The Office of the Comptroller of the Currency said last month it would… Read More
8th August 2018
Around 11 regulators and related organisations have clubbed together to form a ‘global sandbox’ project aimed at improving communication between fintech companies and regulators, as well as making it smoother for firms to navigate between various jurisdictions. Called the Global Financial Innovation Network (GFIN), the platform will also create a… Read More
4th July 2018
Banks saddled with bad loans risk being left behind by nimbler upstarts and Big Tech in the rapidly evolving fintech race, the European Union’s banking watchdog said on Tuesday. The European Banking Authority (EBA) looked at the risks and opportunities from fintech and its impact on the business models of… Read More
25th May 2018
The European Union’s General Data Protection Regulation (GDPR) came into effect on Friday, introducing measures designed to give citizens more control of their personal information and also help small businesses reduce costs and red tape. The Regulation updates the principles of the 1995 Data Protection Directive to guarantee privacy rights,… Read More
14th May 2018
HSBC UK has rolled out its first fintech product as it looks to broaden its digital services for customers amid growing competition from startups. Its Connected Money app is its first fintech product, a UK-based HSBC spokesperson said, and it is also “the first app from a UK bank that… Read More
23rd April 2018
The Financial Conduct Authority is to forge ahead with an initiative exploring the use of machines in financial crime programmes, according to its 2018/19 business plan. The watchdog is looking to host an international event focusing on the machine-led approach in the fight against money laundering, part of its broader… Read More
9th April 2018
Global bank HSBC is to use a compliance-related artificial intelligence (AI) programme supplied by a start-up firm this year as part of its anti-money laundering strategy (AML). The lender, which has been heavily penalised for anti-money laundering failures , has signed up Quantexa, which uses AML technology that is based… Read More
Must Read

EU states still divided over money laundering reform – sources

European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More

Former UBS trader jailed for Britain’s biggest fraud deported

Kweku Adoboli, a former UBS trader jailed for Britain’s biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion (1.7 billion pounds), has been deported to Ghana, his spokesman said. Adoboli was put on a commercial flight from Heathrow on Wednesday after being detained in Scotland earlier in… Read More