Who made the first ever FinCrime50? & Identity theft the biggest concern for FIs

First-ever FinCrimeTech50 names the companies redefining the anti-financial crime industry

The inaugural FinCrimeTech50 has named the technology companies who are redefining the anti-financial crime industry in 2024.?

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Research highlight

Identity theft was the biggest FinCrime concern for financial institutions in 2023

Sanction Scanner conducted a comprehensive survey, gathering insights from over 400 respondents across more than 50 countries and various industries. The findings shed light on the current state of Anti-Money Laundering (AML) knowledge and practices.

Addressing the most pressing fraud and financial crime threats of 2023, respondents emphasized "identity theft" as a standout concern, underscoring its critical significance in the FinCrime sector. Respondents also identified other notable threats, including cyberattacks and data breaches, payment fraud and transaction manipulation, as well as insider fraud and collusion.

The Financial services sector has seen a proliferation of ransomware and phishing. The financial sector saw a 1,300% increase in ransomware attacks during 2023, coupled with a surge in phishing. Banking, insurance, payment, and e-money services are some of the sectors in this arena. Weak authentication practices and threats like banking malware pose significant challenges. High-profile breaches, like the $29m Transit Finance incident, illustrate the gravity of the issue.

RegTech news

• How is blockchain transforming the KYC space? - When it comes to dealing with financial crime and the challenges posed by bad actors, having efficient and scalable technology is a huge must in the industry today.? Read the full story here.
• How will risk management practices evolve in the Gen AI era? - The introduction of Gen AI has changed the game in countless ways. Industries that believed they were attuned to the long-term development of their market are now left viewing a future that is certain to be uncertain – and incredibly technologically disruptive. Read the full story here.
• The ultimate KYC checklist: Ensuring compliance in FinTech - In today’s increasingly complex financial landscape, the importance of Know Your Customer (KYC) compliance cannot be overstated. Read the full story here.

Regulation news

• Singapore government proposes tougher laws to combat money laundering -?Singapore is taking decisive steps to fortify its legal arsenal against money laundering activities, aiming to empower law enforcement agencies in their pursuit of offenders. Read the full story here.
• HKMA introduces groundbreaking taxonomy for sustainable finance - The HKMA has unveiled the Hong Kong Taxonomy for Sustainable Finance, which is aimed at defining environmentally sustainable economic activities. Read the full story here.
• Corporate treasurers abandoning banks due to lengthy onboarding processes - Encompass Corporation‘s recent research has uncovered alarming statistics regarding corporate treasurers’ dissatisfaction with banking applications. Read the full story here.

RegTech Deal news

• Custodia and TSS forge alliance to enhance regulatory compliance solutions - Custodia and TSS (Trading System Support) have revealed their strategic partnership aimed at advancing regulatory compliance in the market. Read the full story here.
• Corlytics bolsters global leadership by acquiring Deloitte UK’s RegTech platform - Corlytics, a leading global player in regulatory intelligence and automated policy compliance, has acquired a groundbreaking digital RegTech platform from Deloitte UK. Read the full story here.
• Wiz surges to $12bn valuation following staggering $1bn funding raise - Wiz has cemented its position as a major player in the cyber sector, raising a huge $1bn in its latest funding round, valuing the company at $12bn. Read the full story here.

CyberTech news

• Mobile banking malware sees 32% surge over 2023 - The realm of digital finance has witnessed an uptick in mobile banking malware, with a 32% increase in 2023, contrasting the trends in 2022. Read the full story here.
• TXOne Networks bolsters industrial cybersecurity with $51M Series B extension - TXOne Networks, a startup specializing in safeguarding ICS and OT environments, has secured a significant boost of $51 million in early-stage financing. Read the full story here.
• Blackwell Security secures $13m for cybersecurity enhancements - Blackwell Security, a provider of specialized cybersecurity solutions tailored for the healthcare sector, announced today a significant boost to their operations with a new $13m funding round. Read the full story here.

Other RegTech news

• Navigating AML compliance in the UK Fintech landscape - In the rapidly evolving realm of FinTech, understanding and adhering to anti-money laundering (AML) regulations is paramount. Read the full story here.
• The evolution of corporate transparency: Key changes at Companies House?- Companies House, the UK government agency overseeing the incorporation and dissolution of limited companies, as well as the registration and dissemination of company information, is undergoing its most significant transformation in 180 years. Read the full story here.
• Unveiling the pitfalls of prioritising form over substance in compliance - In an era marked by rapid technological advancements and evolving regulatory landscapes, the financial services industry faces ever-increasing pressure to maintain robust compliance standards. Read the full story here.