May 1, 2024 at 08:40PM US prosecutors are reportedly investigating fintech company Block over compliance issues related to its Square and Cash App services. A former employee allegedly provided documents detailing lax compliance checks, including approval of merchant accounts without due diligence and difficulties in monitoring transactions for US law compliance. The company claims to … Read more
March 26, 2024 at 05:09AM The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on three cryptocurrency exchanges for aiding in circumventing economic restrictions on Russia following its invasion of Ukraine. The designations cover thirteen entities and two individuals operating in the Russian financial services and technology sectors, freezing their … Read more
March 11, 2024 at 03:19PM EquiLend Holdings, a New York-based securities lending platform, suffered a January ransomware attack resulting in stolen employee data. The firm confirmed that some systems were taken offline to contain the breach, despite initially not specifying the incident’s nature. EquiLend stated that client services have resumed, with no evidence of client … Read more
March 4, 2024 at 08:48AM The Linux Foundation recently launched Tazama, an open source digital financial transaction monitoring platform. Tazama aims to offer scalable and cost-effective monitoring of digital payments, as well as fraud detection and AML compliance. Supported by the Bill & Melinda Gates Foundation, Tazama promotes data sovereignty, privacy, and transparency while driving … Read more
January 24, 2024 at 11:40AM Global financial technology firm EquiLend faced a cyberattack resulting in system disruptions and unauthorized network access. The company is working to restore affected services, engaging third-party experts for investigation. A recent acquisition by U.S. private equity firm WCAS is pending, with an additional $200 million investment committed. EquiLend’s Next Generation … Read more