Fenergo, the leading provider of digital solutions for client lifecycle management (CLM), today released its annual findings on global financial institution fines, which show that the number of penalties issued for crypto sharply rose in 2022.

Fines to crypto-financial institutions and their employees reached $193 million, rising by 92% when compared to 2021. The recent enforcement action (January 2023) issued by the New York State Department of Financial Services (NYDFS) to Coinbase of $100 million for AML failures highlights the importance of regulatory governance and solid procedures and processes for AML compliance.

Fines to individuals increased by 89% from approximately $16,505,264 in 2021 to $31,209,191 in 2022 – largely a result of crypto-related fines. The largest individual fines were issued by the Commodity Futures Trading Commission (CFTC) to three co-founders of BitMEX totalling $30 million for AML and other violations.

Following a similar trajectory, 2022 saw the first fines issued concerning ESG. A penalty of $1.5 million was issued to BNY Mellon Investment Advisor Inc. In May 2022 by the Securities and Exchange Commission (SEC) for misstatements and omissions on ESG considerations for certain mutual funds that it managed. The SEC also fined Goldman Sachs Asset Management (GSAM) $4m for policies and procedures failures involving ESG investments.

Commenting on the findings, Rory Doyle - Financial Crime Policy Manager at Fenergo, said: “Our data highlights interesting patterns emerging from the crypto industry which is attracting mounting regulatory scrutiny. Recent scandals such as the fall of FTX and the Coinbase fine reinforce the value of regulatory governance and a prudent financial system which helps deter illicit behaviour that in the long term negatively impacts society. While we are seeing a higher standard of compliance across established financial institutions, the crypto industry has a lot of catching up to do.

As crypto becomes increasingly integrated into the traditional financial ecosystem, our research reinforces the critical importance of effective client due diligence for KYC and a cross-border, collaborative approach to combatting financial crime. Harnessing technology and data that inform and can be acted upon will help prevent financial crime and, ultimately, reduce the risk of enforcement action.”

With less than 1% of people using and adopting blockchain technology, education in the blockchain ecosystem is important to drive adoption. Towards this end, NITI Aayog’s Atal Innovation Mission has come out with first-of-its-kind Blockchain Module in partnership with 5ire and Network Capital.

Atal Innovation Mission is Government of India’s flagship initiative to create and promote a culture of innovation and entrepreneurship across the length and breadth of our country. AIM’s objective is to develop new programmes and policies for fostering innovation in different sectors of the economy, provide platforms and collaboration opportunities for different stakeholders, and create an umbrella structure to oversee the innovation & entrepreneurship ecosystem of the country.

Under the aegis of Atal Innovation Mission 10,000+ schools across India have Atal Tinkering Labs. The objective of this scheme is to foster curiosity, creativity, and imagination in young minds; and inculcate skills such as design mindset, computational thinking, adaptive learning, physical computing etc.

The ATL Blockchain Module marks a significant step forward in the digital transformation of India, and we are excited to be at the forefront of this innovation. This innovative technology will revolutionise the way businesses and individuals interact and transact, providing a secure and decentralised platform for data storage and transfer. Blockchain technology has emerged as a driving force in the world of data technologies and interest services. It is fundamentally transforming how we look at collaboration, information exchange and institution building in the twenty-first century.

5ire as one of the world’s fastest-growing blockchain unicorns has lent its technical expertise and knowledge in the writing of the module. Network Capital as the world’s largest mentorship and career exploration platform has enabled the curation and conceptualization of the module. In September, 2022, 5ire bought a stake in Network Capital.

The ATL Blockchain Module was launched on Jan 23, 2023 in the presence of Dr. Chintan Vaishnav (Mission Director of Atal Innovation Mission), Mr. Pratik Gauri  (CEO & Cofounder of 5ire), Mr. Utkarsh Amitabh (CMO of 5ire & CEO of Network Capital) and Ms. Deepali Upadhyay (Program Director, Atal Tinkering Labs & Mentor India).

On the occasion of the ATL Blockchain Module launch,  Dr. Chintan Vaishnav, Mission Director of Atal Innovation Mission, emphasised the importance of ‘practical innovation’ and the need for using blockchain technology to lead social change.

Building on this idea, Pratik Gauri, CEO & co-founder of 5ire spoke of the need for aligning sustainability with innovation. He highlighted the infinite possibilities that exist ahead of young students and how they can use blockchain to solve for the 17 SGDs.

Utkarsh Amitabh, CMO of 5ire & CEO of Network Capital,  concluded the session by sharing his thoughts on building a more equitable and decentralised internet that empowers young students to build and learn.

The ATL Blockchain Module can be found here. You can watch the module launch here.

Main Street Alliance (MSA), a non-profit organization that works with small businesses across the country to create an equitable economy, today announced that it has partnered with Biz2Credit, a leading online financing resource, to provide working capital and another commercial financing to its business owner members across the U.S.

The partnership with Biz2Credit and Main Street Alliance is a testament to MSA’s efforts to uplift the many challenges small business owners face. Having equitable access to capital can change the outlook of a community as a whole.

Biz2Credit will participate in Main Street Alliance’s webinar, Welcome to 2023: Getting Up To Speed on Inflation with Biz2Credit on Monday, Jan. 23, 2023, from 2:00 to 3:30 p.m. ET. MSA will share the results of its 2022 Midterm Survey about policy issues that are most important to MSA members. Biz2Credit will join and share the findings of its recently published report investigating the drop in loan approval percentages for small businesses. This webinar will explore what this means for MSA members and identify non-traditional lending institutions. To register, click here.

“We are excited about partnering with Biz2Credit to support our members nationwide to help small businesses access capital,” said Chanda Causer, Executive Director of Main Street Alliance. “Biz2Credit is one of the best known, longest established firms in the digital lending space and has been particularly successful in expanding access to capital for small businesses owned by people of color and women.”

“Biz2Credit will be an important strategic partner for Main Street Alliance as we pursue our efforts to shift the public perception of the economy and local businesses’ role in it,” Causer added. A pioneer in the fintech industry, Biz2Credit uses the latest technology and its award-winning digital funding platform to connect small business owners with financing options based on each potential customer’s unique business profile. All transactions are conducted in a secure, efficient, and price-transparent environment that’s fully online.

“This will be a mutual referral agreement in which Main Street Alliance members can get greater access to capital,” said Rohit Arora, Biz2Credit’s co-founder and CEO and one of the country’s top experts in small business finance and the fintech industry. “We are proud to partner with an organization dedicated to expanding opportunities to women-owned and minority-owned businesses nationwide,” added Arora. “Through our cutting-edge digital platform, Biz2Credit helps streamline the financing process and saves time, effort, and cost in order to get business owners the best financing options available today.”

FV Bank, the U.S. licensed global digital bank that offers a vertically-integrated suite of traditional and digital asset banking and custody services to fintech and blockchain firms, has today announced the launch of its cross-border foreign exchange (FX) payments service for its U.S. and international account holders.

The new offering enables FV Bank clients to execute frictionless international payments in seven currency options of EUR, GBP, CAD, HKD, SGD, ZAR, and JPY, across more than 150 countries, with additional currency options to be rolled out in the future. The service features market-leading competitive FX rates, making it easy for businesses and individuals to transact internationally in a fast, secure, lower-cost manner. 

“We’re pleased to announce the launch of our integrated cross-border payment service for our FV Bank account holders,'' said FV Bank CEO, Miles Paschini. “Adding cross-border payment options to our suite of digital banking products provides our clients with increased efficiencies, convenience, cost-savings, and reliability for their international payment processing requirements. FV Bank continues to deliver pivotal infrastructure to the marketplace as we strive to provide market-leading banking services to our clients while accelerating digital asset adoption globally through our integrated custody and settlement solutions.”

FV Bank's new cross-border foreign currency payments service will also benefit the company's clients operating in the digital asset industry. Customers will be able to receive USD Coin (USDC) directly into their account and have it instantly converted into U.S. dollars (USD) upon deposit. Customers are then able to then send foreign currency cross-border payments in the currently supported seven currency options via the FV Bank platform or API. The service will assist companies with international payroll expenses, corporate expenses, and payment service provider (PSP) conversions.

The launch of FV Bank’s cross-border international payments service is the latest in a series of innovative technology and service enhancements that seek to offer the most comprehensive integrated banking service in the market. The company recently announced the launch of their digital asset custody and settlement solution, becoming the first U.S. regulated depository and custodial bank to develop an in-house vertically integrated technology infrastructure that enables the seamless interoperability and safeguarding of both the digital asset and fiat deposits.

SEBA Bank, a FINMA-regulated, licensed digital assets bank, today announces an innovative offering for its clients. SEBA Bank is shaping the future of finance, simplifying crypto banking for its clients, whether traditional or crypto-savvy investors. Clients are the focus at SEBA. Become a client and discover first-class crypto banking.

SEBA combines the best of traditional and crypto banking. This unique combination provides SEBA clients with the ideal environment to seamlessly navigate between traditional and digital assets. Traditional investors are comfortable in the familiar banking environment, and can safely build their crypto exposure, while crypto-savvy investors can find new ways to manage their crypto assets and use them in their daily lives.

Clients can choose between three programs. The Gold and the exclusive Platinum programs offer professional investors access to institutional-grade crypto and traditional financial services, while the Corporate program is aimed at companies active in the field of crypto which also need traditional banking services.

The Gold program is designed for selective investors seeking comprehensive professional financial services, including institutional-grade cold and hot storage, worldwide FIAT payments, staking, crypto loans, derivatives, and a gold credit card.

The Platinum program is ideal for our demanding VIP clients seeking to take the benefits of the Gold program to the next level by combining many benefits and personalised client support creating a totally unique crypto banking experience. Platinum clients enjoy maximum freedom & flexibility at SEBA and have access to the premium service desk with a dedicated relationship manager, direct access to the trading room (24/7), and direct communication via phone, email, and main messaging platforms and get a platinum (metal) credit card with a custom limit and access to airport lounges and concierge services. The Corporate program is intended for companies in the crypto area with similar services as the Gold program including a corporate credit card.

Mathias Schuetz, Chief Commercial Officer EMEA, said "SEBA is a crypto banking industry leader, bridging and simplifying traditional and digital finance. Since its creation, we have developed a unique universe of products and services. With the launch of the SEBA new offering consisting of the Gold program, the Platinum program, and the Corporate program, we continue reshaping finance. We offer our demanding program members a unique, and personalised experience."

Become a client of SEBA and select the program that suits you. Gold program, Platinum program, and Corporate program are our solutions tailored to your needs.

Lloyds Bank Corporate & Institutional Banking has continued to strengthen its Transaction Banking Solutions team with the appointment of Maria Shaw, as Managing Director, Head of Card Payments.

Maria joins Lloyds Bank from Barclaycard, where she has held a number of roles during her 22-year tenure. Most recently Maria was its Customer Engagement and Growth Director with responsibility for supporting its SME customers, launching new propositions and improving service to increase customer loyalty. Earlier Barclaycard roles included leading programmes across Europe to enhance the customer experience, driving net growth across UK customer portfolios as well as extensive leadership experience across diverse teams

In her role, Maria will be responsible for new business and proposition enhancement for Lloyds Bank’s merchant card customers, through its Cardnet joint venture. This is a newly-created role and Maria will be based in London and report into Alex Young, Managing Director, Head of Transaction Banking Solutions.

Alex Young, Managing Director and Head of Transaction Banking Solutions, Lloyds Bank Corporate & Institutional Banking, said: “Maria’s considerable experience in the card payments space will help us meet the demand and drive from our clients seeking our support on card payments, alternative payment methods and integrated gateway solutions.

“Our clients continue to invest heavily in their e-commerce and payments capabilities and under Maria’s leadership, the team will help our clients enhance their customer experience. I’m excited to welcome her to the team.”

Maria Shaw, Managing Director and Head of Card Payments, Lloyds Bank Corporate & Institutional Banking, said: “Alex and his team have demonstrated a real focus and clear vision when it comes to delivering the holistic solutions that corporate clients require.

“The card payments space continues to see considerable innovation and growth – driven by the end-consumer, who increasingly expect simple and intuitive e-commerce and payments solutions wherever they shop. I’m looking forward to working with Alex and the team across the business to help continue to deliver the solutions our clients need to meet their growth ambitions.”

Maria’s appointment follows a number of MD hires in the Transaction Banking Solutions team, including the appointment of Mansour Davarian in November to head up its Corporate Trade Finance and Working Capital Sales team and most recently, Iain Wyper to lead the Corporate Cash Management & Payments team. Lloyds Bank continues to broaden its range of transaction banking products, build new partnerships and unlock synergies between its solution teams.

Murex is honoured by its highest-ever Glassdoor ranking as one of the very Best Places to Work in France based on unbiased, anonymous reviews of the company.

As it experiences significant growth in delivering technology and managed services, Murex is in the midst of a worldwide recruitment drive, actively hiring in diverse teams across geographies, with a particular focus on tech and capital markets profiles. The Glassdoor ranking, released this month, highlights Murex’s continuous ambition to be an organization where employees develop and thrive.

Murex, the global leader in trading, risk and processing solutions for capital markets, was ranked No. 2 in the recruitment and transparency job site poll. This is the fourth consecutive year Murex has been ranked as a Top 10 employer in France in these rankings by Glassdoor, an impartial aggregator of employee sentiment that weighs factors from executive leadership to growth potential and relies on voluntary submissions. The company scored particularly highly in diversity and inclusion, culture and values, senior leadership and CEO approval. Ninety per cent of respondents would recommend Murex to a friend, according to Glassdoor.

Murex CEO Maroun Eddé emphasized that the organization aims to foster a unique, inclusive environment where team members are encouraged to learn and grow with a technology leader as the company itself evolves. Maroun Eddé said colleague well-being and satisfaction have always been an “utmost priority.”

“There is always room for Murex to grow. That said, it is heartening these results indicate we are on the right path. Murex has a great culture, nurtured since its creation. This culture is a key reason why great people join Murex and grow with us,” Eddé said. “We are stunned and deeply delighted by this latest Glassdoor ranking.”

Eddé expressed gratitude that employees see Murex as a supportive, stimulating environment and highlighted the team members’ “invaluable” contributions as the company pursues the common goal of developing and servicing leading technology that powers capital markets.

Murex promotes a people-centric, international culture that emphasizes openness. Its Paris workforce is concentrated in a single, recently renovated facility in the 16th arrondissement flooded with natural light and modern equipment. Continuous learning and development are part of the career journey of all Murexians as they collaborate on exciting projects, while autonomy and trust are also promoted.

Additionally, Murex’s private ownership insulates the company from pressures faced by competitors.

In publishing the rankings, Glassdoor noted the efforts top-placed businesses make to ensure employee well-being and a streamlined application process for job seekers.

“This year, job seekers and employees have had to deal with an extremely turbulent labour market, which promises to be increasingly uncertain. Glassdoor's data shows, however, that there are companies for which it remains paramount to provide a positive and fulfilling experience for their employees,” said Glassdoor CEO Christian Sutherland-Wong. “It's encouraging to see companies stepping up their efforts to support employee well-being and mental health, promote diversity and inclusion, deliver competitive benefits and create a flexible work environment at the dawn of 2023.”

finova Payment and Mortgage Services today announces its partnership with Loans Warehouse, one of the highest-ranked second-charge mortgage brokers in the finance industry.

Through the partnership of Loans Warehouse to finova Payment and Mortgage Services’, its directly authorised (DA) intermediary network will have access to a market-leading range of second mortgage, bridging and development finance products. Loans Warehouse’s award-winning service helps consumers find the right solution for a range of different loans.

Loans Warehouse is the highest-paying loan broker available through finova Payment and Mortgage Services. It joins a roster of 80 lenders, offering products from standard mortgages to specialist and niche lending solutions, including residential, buy-to-let, bridging, second charge, commercial and development, equity release and more.

For brokers looking to join finova Payment and Mortgage Services, there are multiple registration routes, from discounted software and quarterly profit share to enhanced profit share. As such, finova provides firms and intermediaries with market-leading services to support their business.  

Melanie Spencer, head of finova Payment & Mortgage Services, commented:

“Partnering with Loans Warehouse marks an exciting new frontier in finova Payment and Mortgage Services’ proposition. As the soaring cost of living squeezes household finances, our members can now access an award-winning suite of mortgage products, including specialist bridging loans to help customers bulk up their finances and weather a tough time. Loan Warehouse has shown particular success as a second mortgage broker, and we at finova are thrilled to help the company connect with brokers across the UK.”

Matt Tristram, Co-founder, and Director at Loans Warehouse added:

“Loans Warehouse is at a pivotal point in its journey, as we continue to expand our offering to meet the everchanging challenges of a dynamic and complex market.  Our partnership with finova will boost our efforts to aid brokers in offering tailored and high-quality products to customers. In uncertain times, finova’s leading-edge mortgage technology can create industry-topping results, and this launch will position us to continue to deliver high-quality outcomes for our clients.”