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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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...

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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

Adweek lays off diversity and inclusion reporter O’Hara

Adweek magazine laid off diversity and inclusion reporter Mary Emily O’Hara, who started in February. “My strongest skills stem from 15+ years of reporting and editing coverage of underrepresented communities, but I am also...

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Revolut’s four-year-long partnerships head Rishi Stocker departs

Revolut’s first head of partnerships Rishi Stocker is leaving the start-up after joining the fintech back in September 2016 as one of its earliest employees.

Stocker’s four-year-long stint marks his longest employment to date, having spent two years at Unilever and then a further two years at San Francisco-based Square-Trade.

“I now plan to set up a business of my own and I’m working on a few ideas in stealth,” says Stocker in a LinkedIn post breaking the news. Details of what this venture will look like are yet to be revealed.

No new ‘head of partnerships’

Stocker spearheaded Revolut’s Japan launch

FinTech Futures reached out to Revolut for comment on who would be stepping into Stocker’s shoes in the interim.

“These days we don’t have an official head of partnerships, as we have a number of partnership roles responsible for many different aspects across both Revolut (retail) and Revolut … Read the rest