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Unlocking Expertise: Edward Lane Joins Muinmos’ Advisory Board with Decades of Experience
Muinmos, a leading RegTech company specializing in client onboarding solutions for financial institutions, has appointed Edward Lane to its Advisory Board. With nearly 30 years of experience in technology sales at notable firms like Salesforce and Oracle, Lane aims to enhance the board’s expertise. His focus on customer experience and operational efficiency aligns with Muinmos’ mission to simplify compliance processes. Lane’s innovative approach is expected to support Muinmos’ global expansion and strategic direction. He emphasizes that Muinmos can help clients deliver exceptional experiences while reducing costs, ultimately improving customer acquisition and retention.
Navigating the Future: BIS Empowers Central Banks to Balance AI Innovation and Risk Management
The Bank for International Settlements (BIS) report highlights the growing significance of artificial intelligence (AI) in central banking, urging a balance between innovation and risk management. It recommends that central banks form interdisciplinary AI committees to ensure ethical integration of AI. Key strategies include conducting thorough risk assessments and updating governance frameworks to address AI-specific challenges. The BIS emphasizes the need for modernized governance structures to adapt to technological advancements, allowing central banks to improve service delivery and policy implementation while maintaining financial system integrity. For more insights, refer to the ABA Banking Journal.
Flanks Secures €14M Funding to Revolutionize Wealth Management Automation Across Europe
Flanks, a Barcelona-based FinTech specializing in wealth management automation, has raised €14 million in a funding round led by Motive Ventures, with participation from Battery Ventures and others. Founded in 2019, Flanks offers a platform that consolidates high-quality data into tailored wealth reports. The new capital will allow Flanks to expand its product offerings and enhance automated investment proposals. The company has seen significant growth, entering markets in France and the UK, and currently manages over €37.1 billion in portfolios for more than 100 financial institutions. CEO Joaquim de la Cruz emphasized the importance of comprehensive data solutions in transforming wealth management.
Highnote Raises $90M in Series B Funding to Accelerate US Merchant Acquiring Expansion
Highnote, a prominent player in the embedded finance sector, has raised $90 million in a Series B funding round led by Adams Street Partners, with support from existing investors like Oak HC/FT and Costanoa. The funding will enhance Highnote’s card issuance and program management services, enabling businesses to integrate virtual and physical card payments into their products. A significant focus will be on launching an acquiring solution for unified transactions. Highnote’s API-driven platform allows companies to accept card payments online, offering direct integration with leading payment networks and certification from major US card brands, appealing to SMBs and enterprises.
Marsh Names Andrew George as New President of Marsh Specialty: A Strategic Leadership Move
Marsh, a global insurance broker under Marsh McLennan, has appointed Andrew George as the new President of Marsh Specialty, effective immediately. With over 35 years at Marsh, George will oversee global operations and various business lines, including Aviation and Energy. His leadership aims to strengthen the company’s market position and enhance risk management services. Former President John Donnelly will also join the Marsh Executive Committee, relocating to New York. CEO Martin South praised George’s appointment, emphasizing the talent within the organization, while George expressed commitment to navigating complex risks for clients. This transition highlights Marsh’s dedication to growth and client support.
Protect Yourself from Fraud: Boost Trust and Security in the USA
In the U.S., Know Your Business (KYB) is crucial for maintaining financial integrity and trust, especially as financial crimes have risen, with $300 million laundered annually. KYB verifies business legitimacy to prevent money laundering and tax evasion, while identifying ultimate beneficial owners for transparency. Compliance with stringent regulations, such as the Bank Secrecy Act, is essential; non-compliance can lead to financial penalties and reputational damage. Effective KYB implementation involves detailed verification, continuous monitoring, and leveraging technology, such as AI, to enhance processes. As regulations evolve, businesses must adopt best practices to ensure compliance and safeguard their operations.