Due diligence fintech spektr launches
Finextra
FEBRUARY 20, 2024
Danish startup spektr has raised EUR5 million in seed funding for its platform to help financial sector firms with their due diligence processes.
Due Diligence Related Topics 
There’s No Excuse for Lazy Customer Due Diligence Anymore, Says Trapets
The Fintech Times
MARCH 4, 2024
They underestimate the investment they need to make in customer due diligence: Know-Your-Customer ( KYC ), monitoring transactions for foul play, and meeting regulations. They overlook the harder aspects of due diligence that aren’t easily automated. But they still make some age-old mistakes.
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Grasshopper picks Greenlite AI-enhanced due diligence suite
Finextra
FEBRUARY 13, 2024
Grasshopper, the client-first digital bank built for the business and innovation economy, and Greenlite, the leading generative AI platform for compliance teams, today announced their partnership to leverage Greenlite’s AI-enhanced due diligence suite to bolster Grasshopper’s risk decisioning proficiency for small and medium-sized business (SMB) and (..)
Grasshopper taps Greenlite for AI-powered due diligence
Finextra
FEBRUARY 14, 2024
Grasshopper, the client-first digital bank built for the business and innovation economy, and Greenlite, the leading generative AI platform for compliance teams, today announced their partnership to leverage Greenlite’s AI-enhanced due diligence suite to bolster Grasshopper’s risk decisioning proficiency for small and medium-sized business (SMB) and (..)
Former Citi and Google compliance expert Reno Mathews joins due diligence startup Spektr
Finextra
MARCH 6, 2024
Danish due diligence startup Spektr has hired former Citi and Google executive Reno Mathews as chief compliance officer.
KPMG launches Customer Due Diligence platform
The Paypers
OCTOBER 4, 2021
KPMG , a Canada-based accounting company, has launched a cloud-based platform KPMG Smart Customer Due Diligence (CDD), that optimises CDD business operations.
DueDil partners Umazi for SME corporate due diligence
The Paypers
FEBRUARY 2, 2022
UK-based fintech DueDil has partnered with Umazi , an enterprise digital identity provider, to create a new onboarding standard for due diligence processes in the SME market.
ING Group Fined For Money Laundering, Due Diligence Lapses
PYMNTS
SEPTEMBER 4, 2018
In its statement, the company said that it had uncovered “serious shortcomings” in its efforts to conduct customer due diligence at Dutch operations stemming from the period between 2010 to 2016. The 100 million euro disgorgement represents an amount equal to underspend on staffing and due diligence policies.
RBI lets banks do their due diligence for virtual currencies
The Paypers
JUNE 4, 2021
The Reserve Bank of India (RBI) has notified banks and payment system providers that these are free to carry out their due diligence for customers dealing in virtual currencies.
Introducing Fraud Files: FloQademy’s First-Ever CPE Eligible True Crime Podcast
FloQast
MAY 2, 2024
Listeners gain valuable lessons in ethics, due diligence, and professional skepticism, making it a compelling exploration for finance professionals. More than a narrative of past misdeeds, “The Fraud Files” offers insights into the mechanics of fraud and its consequences.
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Accuity launches Bankers Almanac Enhanced Due Diligence for KYC risk assessment
The Paypers
JANUARY 14, 2021
Financial crime screening, payment services, and KYC solutions provider Accuity has announced the availability of Bankers Almanac Enhanced Due Diligence, according to the official press release.
Afreximbank launches due diligence data platform Mansa
The Paypers
JULY 16, 2018
(The Paypers) The African Export-Import Bank Afreximbank has launched a pan-African customer due diligence platform “Mansa”, to facilitate African trade.
Lending Life Cycle Management: Challenges and Best Practices
Finezza
APRIL 9, 2024
It involves due diligence regarding customer background by the lenders, regulatory compliance, and financial processes for the lender. The lending life cycle consists of all activities that begin at the loan application stage and culminate with the final repayment.
Varo Bank selects Quantifind for AML and due diligence
The Paypers
JULY 23, 2021
Varo Bank has selected financial crime investigation firm Quantifind ’s Graphyte platform to optimise its adverse media screening and investigations automation performance.
FINMA updates due diligence requirements for digital onboarding
The Paypers
FEBRUARY 19, 2018
(The Paypers) The Swiss Financial Market Supervisory Authority FINMA has announced several updates on the due diligence requirements for digital onboarding to reflect advances in technology.
Know Your Customer (KYC): What It Is and How to Comply
Stax
NOVEMBER 27, 2023
KYC’s three main components are the customer identification program (CIP), which was imposed by the USA Patriot Act in 2011; customer due diligence (CDD); and regular monitoring of the customer’s account and activities, which is also called enhanced due diligence (EDD). In the U.S., Contact us for a free demo today.
Merger and acquisitions due diligence reveals cybersecurity risks
The Paypers
AUGUST 1, 2016
(The Paypers) A research compiled for West Monroe Partners by Mergermarket has revealed that merger and acquisitions (M&A) due diligence often reveals cybersecurity risks.
European Fintech Funding: Zilo nabs $31M in series A
Bank Automation
JANUARY 25, 2024
Venture funding fell in 2023 as investors took uncertain macroeconomic conditions into account and doubled down on due diligence. Global venture funding in 2023 stood at $248.4 billion, down 42% year over year, its lowest point since 2017, according to a Jan. 4 State of Venture 2023 report by business analytics provider CB Insights.
LAB Group Integrates with CreditorWatch
The Paypers
MAY 7, 2024
LAB Group has announced that it has delivered a new integration with CreditorWatch to provide upgraded complex due diligence capabilities to LAB Network.
Two Sides to a Coin: February Sees ADGM Issue Regulatory Fines and Advance Innovation Ecosystem
The Fintech Times
FEBRUARY 12, 2024
The actions taken by the FSRA address failures (to the extent applicable in each case) to: follow due diligence procedures as required by the Regulations; keep records of the performance of due diligence; report required information in a complete and accurate manner; and/or submit the required annual information return.
Empowering SMEs and Startups: The Vision of Kuvera Impact Consulting
The Fintech Times
MAY 6, 2024
Through its AI-enabled platform, MAAS (M&A as a Service), Kuvera provides startups and SMEs with access to a range of services, including valuation, due diligence, premium market research and feasibility studies, to help streamline the entire M&A process, from deal origination to execution.
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Crypto bank Anchorage ordered to revamp AML program
Payments Dive
APRIL 25, 2022
The Office of the Comptroller of the Currency said the bank — the first crypto firm to receive a national trust bank charter in January 2021 — must overhaul its anti-money laundering program after failing to implement internal controls for customer due diligence and procedures for monitoring suspicious activity.
Extra time for payment service providers to investigate fraud
Neopay
APRIL 8, 2024
Extended Due Diligence : More time for conducting due diligence checks on suspected fraudulent transactions leads to a stronger evidence base for rejection. Firms are encouraged to provide formal feedback to HM Treasury by 12 April 2024, to influence the final instrument and policy intent.
DueDil, nCino allow FIs easy due diligence checks and risk mitigation
The Paypers
AUGUST 10, 2021
Intelligence platform DueDil has announced a new collaboration with nCino , a pioneer in cloud banking and digital transformation solutions for the global financial services industry.
HM Treasury launches consultation to enhance money laundering regulations
Neopay
MARCH 15, 2024
Key themes of the consultation include: Proportionate customer due diligence: Streamlining and enhancing customer due diligence processes to strike a balance between effectiveness and proportionality.
iProov, NorthRow partner to facilitate customer due diligence
The Paypers
JUNE 11, 2020
Spoof-resistant biometric authentication technology company iProov has announced its partnership with regtech specialists NorthRow.
Shell Company Red Flags: UK Takes Global Lead, Stoking Financial Concerns
The Fintech Times
JANUARY 28, 2024
Moody’s new Shell Company Indicator analyses over 485 million companies, entities, and individuals to flag behaviours that indicate a shell company may require further due diligence to assess its potential for involvement in illicit financial activity.
ComplyAdvantage and FullCircl: Mastering PEP Risks in a Year of Political Change
The Fintech Times
JANUARY 25, 2024
Given this backdrop, things are about to become a lot more complex for banks and financial service providers as they seek to onboard new customers and maintain due diligence on existing ones. Forming a risk-based approach can help FIs link their methodology back to their wider risk appetite and strategy.
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Airwallex Taps Generative AI to Speed Up KYC, Reduces False Positives by 50%
Fintech News
DECEMBER 6, 2023
According to Airwallex, the introduction of this generative AI technology has led to a 50 percent decrease in false-positive alerts during the KYC due diligence phase. The new tool, which utilises large language models (LLMs), aims to expedite the company’s “Know Your Customer” (KYC) assessments.
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107 FactSet rolls out FactSet KYC for customer due diligence
The Paypers
JULY 11, 2019
(The Paypers) FactSet , a US-based financial information and analytical applications provider, has announced the release of its cloud-based SaaS application FactSet KYC.
Validus Accelerates Expansion With US$20M Funding From 01Fintech
Fintech News
DECEMBER 13, 2023
The in-depth due diligence 01Fintech has done has shown their deep domain expertise and willingness to identify areas of growth to bring the company to the next level,” said Nikhilesh Goel, Co-founder and Group CEO, Validus. We will be able to tap into their expertise and vast network in the region.
Fenergo: Financial Firms Hit With 57% More Financial Fines in 2023 for Compliance Shortcomings
The Fintech Times
JANUARY 13, 2024
Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.
SIX Group selects Know Your Customer to strengthen supplier due diligence
The Paypers
MARCH 5, 2020
SIX Group has selected regtech provider Know Your Customer to strengthen its procurement process and better assess the risk associated with its international suppliers.
B2B payment clouds could hide hidden performance risk
Payments Source
JANUARY 11, 2021
Careful due diligence is required when picking technology to expedite accounts payable automation, says Kofax's Michelle Trapani.
FinovateEurope 2024 Sneak Peek Series: Part 6
Finovate
FEBRUARY 15, 2024
Features Automates KYC and KYB due diligence Streamlines approval and risk assessment workflows Delivers visual workspace for designing customer onboarding experiences Who’s it for? Payment providers, financial service providers, insurance companies, professional services, and banks.
Five Opportunities that ISVs Can’t Afford to Miss
PayJunction
JANUARY 23, 2023
Hope is not a strategy, and success requires focus, measurable goals and due diligence so that ISVs can celebrate accomplishments and be prepared for the future. Here are a few attainable achievements that ISVs can quickly adopt to improve the payment experience for customers while growing revenue for their business.
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Banesco USA partners AML RightSource for Automated EDD
The Paypers
FEBRUARY 24, 2023
US-based bank Banesco USA has partnered with fraud prevention solution provider AML RightSource to improve its risk review processes with Automated Enhanced Due Diligence (EDD).
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UK issues warning on Russian sanctions evasion
Neopay
DECEMBER 20, 2023
Indicators for enhanced due diligence The NCA, in collaboration with other government agencies, has outlined red flags to assist businesses in identifying potential illicit activities. We assess transaction monitoring and fraud prevention systems, empowering your organisation to detect and prevent illicit activities effectively.
KYC Onboarding Process: Its Importance and Benefits
Seon
SEPTEMBER 20, 2023
According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. KYC onboarding is, therefore, an act of customer due diligence and enhanced due diligence. No customer wants to encounter it when they sign up with an organization.
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Audits: How to get the best value for money
Neopay
APRIL 26, 2024
Due diligence requests from regulated business partners and third parties are also increasing as the FCA’s more assertive approach ripples through the industry. Due diligence requests from regulated business partners and third parties are also increasing as the FCA’s more assertive approach ripples through the industry.
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FCA issues warning to firms over AML failings
Neopay
MARCH 7, 2024
Due diligence and monitoring: Policies lack specificity, leading to ambiguity in the actions required for compliance with MLRs, particularly concerning due diligence, ongoing monitoring, and the establishment of effective procedures.
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Plaid launches security portal
The Paypers
FEBRUARY 24, 2023
Data network Plaid has announced the launch of a security portal to help partners and customers accelerate their cybersecurity due diligence efforts and make informed decisions.
Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners
Payments Dive
FEBRUARY 12, 2020
FinCEN put into effect the most stringent KYC regulations to date requiring FIs to comply with new Customer Due Diligence standards on beneficial ownership, along with multiple FAQs on ID collection and verification.
How The UK Lets High-Level Money Laundering Go Unchecked
PYMNTS
MARCH 14, 2019
As businesses seek to expand their reach into new markets, they need to be sure they can handle due diligence for those new sets of consumers. Other financial service providers must rethink their due diligence approaches.
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