Talking Biz News Today — July 27, 2020

Some of Monday’s top business news stories: Associated Press As tide turns, retailers that resisted masks relent, by Anne D’Innocenzio Zuckerberg, Bezos, other tech CEOs testify on competition CNN Big chains filed for bankruptcy...

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Video: Top fintech stories this week – 24 July 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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AI and correspondent banking: de-risking doesn’t need to mean goodbye

Correspondent banking represents one of the most vexing dilemmas for financial institutions and those who regulate them.

On the one hand, it has long been a key mechanism for integrating developing countries into the global financial system and giving them access to the capital they need. On the other hand, correspondent banking relationships are inherently risky for the global banks that grant access to the respondent bank’s customers without being able to directly conduct know your customer/customer due diligence (KYC/CDD) checks on them.

It’s not a small problem: make access too easy and you risk allowing billions of illicit funds through your door; cut off the relationships and you starve emerging markets of capital and drive their transactions into the shadows.

Correspondent banking represents one of the most vexing dilemmas for financial institutions and those who regulate them.

To its credit, the Financial Action Task Force (FATF) understands the dilemma … Read the rest

Google contributes millions to journalism amid pandemic

Google has poured more than $39.5 million into journalism since the pandemic began. The finances have been allocated across 5,600 in 115 countries as part of the Google News Initiative Journalism Emergency Relief Fund....

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