Treasury News Network

Learn & Share the latest News & Analysis in Corporate Treasury

  1. Home
  2. Anti-Money Laundering
  3. ID Systems & Services in Fraud Prevention

Industry Roundup: 8 October

e-Identity market hots up

 In the summer Signicat – a leading provider of digital identity solutions - announced the acquisition of Madrid-based Electronic IDentification (eID), a digital identity pioneer and world-leading provider of asynchronous video identification services. They are now starting to explain why they acquired eID and how  Signicat and eID can offer unique and disruptive identity technologies on the market.

This merger is part of a general consolidation in the electronic ID market as identity identification moves centre stage with:

  • New TMS are coming to the market with their whole concept based around Legal Entity Identifiers
  • Biometrics identification becoming the leading technology, e.g.
    • 90% of banks prefer VideoID for customer onboarding
    • videoID is now the fastest method of customer onboarding.

This is not surprising as 68% of users abandoned onboarding to financial services in 2020 because the process was taking too long.

CTMfile take: e-Identity has yet to take off in the corporate treasury department, but think of your being able to onboard new account holders in half the time and more securely. Would that make a difference?

CryptoUK new member: Mode joins

Mode Global Holdings PLC, the LSE-listed fintech group, today announces its membership of CryptoUK, the UK’s leading trade association for the digital asset industry.

CryptoUK is a self-regulatory trade association established to promote higher standards of conduct in the cryptocurrency industry, help create fit for purpose regulation and ensure the UK maintains its position as a global crypto leader.

As a member of CryptoUK, Mode will work together with fellow association members to drive greater dialogue and collaboration with regulators and policymakers — by sharing industry best practices and representing an “on the ground” voice — with a view to accelerating mainstream adoption.

NatWest bank has pleaded guilty to failing to prevent alleged money laundering of nearly £400m by one customer

This criminal neglect of basic anti-money laundering and fraud controls has generated many comments including this from anti-money laundering specialist, SmartSearch’s CEO John Dobson:

  • “To have a bank the size of NatWest pleading guilty to money laundering charges is unprecedented, and hopefully will be a wake-up call for the industry.
  • “Change is long overdue. Despite tools being readily available to prevent this illegal activity, currently, 99 per cent of ill-gotten gains are successfully laundered by criminals, and regulated businesses need to do much more to prevent this. 
  • “If the moral obligation to stop terrorists, drug smugglers and sex traffickers legitimising their money isn’t enough motivation, through this case, the FCA has shown it is willing to severely punish those who don’t take their responsibilities seriously. 
  • “While the fine hasn’t been announced, it is almost certain to be more than the £400m that NatWest allowed to be laundered through its systems.
  • “To genuinely prevent money laundering, regulated businesses need to be much more proactive in doing away with outdated systems and methods of ID verification, and invest in technology that is fit for purpose.

Like this item? Get our Weekly Update newsletter. Subscribe today

Also see

Add a comment

New comment submissions are moderated.