Video: Top fintech stories this week – 25 September 2020

The FinTech Futures weekly round-up of the industry’s top stories and developments from across the globe.

This week we cover:

 

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China's carbon pledge will require complete inversion of existing system

Country will need to kick addiction to coal and build eye-watering amount of wind and solar capacity

China’s President Xi Jinping stunned climate action observers in a speech at the United Nations general assembly last week with a pledge to reach “peak carbon” before 2030, and drive down emissions to virtually zero by 2060.

The pledge from the world’s biggest climate polluter is considered by environmentalists to be the most important step in tackling the climate crisis since the Paris Climate Agreement galvanised global governments to reduce carbon emissions in an attempt to cap global heating well below 2 degrees C above pre-industrialisation levels.

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Penske will have 80% stake in joint venture

Variety owner Penske Media Corp. paid about $225 million to control 80 percent of the new ­entity that will also publish Billboard and The Hollywood Reporter, to be known as PMRC, reports Keith Kelly of the...

The post Penske will have 80% stake in joint venture appeared first on Talking Biz News.

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FinCEN Files: Legacy technology “not up to the challenge” to tackle AML

Legacy technology is just “not up to the challenge” when it comes to dealing with anti-money laundering (AML) requirements, and overreporting from banks playing it safe is putting regulators under undue pressure, say market participants.

A major leak this week showed major banks allowing oligarchs, mobsters, and criminals to launder money more than $2 trillion.

Buzzfeed News obtained more than 2,100 suspicious activity reports (SARs) filed by banks and financial institutions. These were originally submitted to the US Treasury’s Financial Crimes Enforcement Network (FinCEN).

Analysis by the International Consortium of Investigative Journalists (ICIJ) found that between 1999 and 2017 banks flagged transactions worth trillions in SARs submitted to FinCEN.

SARs in their eyes

Banks submit millions of SARs to regulators each year

“Whilst a large number of SAR filings may indicate effective controls in the financial institutions, it may also suggest they are overreporting so as to avoid future regulatory … Read the rest