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Fines for money laundering. Not fine.

What’s new?

Money Laundering. 

Deutsche Bank is under the U.S radar for helping 1MDB raise the controversial $1.2 billion fund violating anti money laundering laws or foreign corruption. Wolf of Wall Street Producer has been arrested for alleged money laundering.  Santander was fined $1m by Norway FSA for anti money laundering breach.

Money Laundering is not breaking news. It has been an absolute headache in the financial industry for a long time. See below the world’s major banks’ money laundering scandals in the past decade.

Standard Chartered $1.1 billion - 2019

UBS €3.7 billion - 2019

BNP Paris $8.9 billion - 2014

Credit Suisse $2.5 billion - 2014

HSBC $1.9 billion - 2012 (and many more...)

Current anti-money laundering solutions are costly and unable to meet today’s demands, to keep up with the amount of transactions. Here are some noteworthy companies rejuvenating the outdated system using digital identity management technology. DIGITAL IDENTITY MANAGEMENT COMPANIES

At Novum Insights, we’ve also looked at disruptive companies utilising the distributed ledger technology to offer time and cost effective, secure and frictionless customer onboarding solutions. On blockchain, this process can be managed efficiently from a business-wide spectrum. In near real time, any fraudulent activities could be monitored to detect possible finance violations.



The app ecosystem provides private data lockers and a universal login to protect personal data and digital rights. Investment raised: $70.8 million


The company provides financial institutions a software that detects and reports their customers’ fraudulent and money laundering activities related to cryptocurrencies. Investment raised: $53.6 million


The company offers decentralised authentication solution secured by the biometrics to users and reusable KYC services to businesses. Investment raised: $35.8 million

Companies are utilising technology to help meet regulatory requirements for anti money laundering. See below top funded startups in Regtech.