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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.
Revolutionizing Financial Crime Prevention: How Consilient Leverages Federated AI for Enhanced Security
Founded in 2020, Washington, D.C.-based Consilient addresses the inefficiencies of traditional Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) systems. CEO Ajit Tharaken highlights challenges like high false positive rates, inability to adapt to evolving criminal tactics, and significant costs. Consilient utilizes AI-driven solutions, specifically Federated Machine Learning, to enhance detection by identifying 3-5 times more suspicious activities and reducing false positives by up to 80%, all while ensuring compliance with data privacy laws. As regulatory landscapes evolve, Tharaken emphasizes the need for collaboration among stakeholders to standardize AI models for improved financial crime prevention.
2025 Reporting Updates: Key IRS Deadlines and FATCA Changes You Need to Know!
The IRS has announced important updates for financial institutions to comply with by January 2025 to avoid penalties. Key deadlines include distributing Form 1099 copies by January 31, 2025, with paper filings due by February 28 and electronic submissions by March 31. Late penalties have increased, reaching up to $660 for intentional non-compliance. Additionally, the Cayman Islands has launched a CRS compliance review, while Finland and France urge timely FATCA and CRS report submissions. Global updates include new reporting jurisdictions in South Korea and changes in Switzerland’s CRS submission deadlines. Financial institutions must enhance compliance processes accordingly.
Unlocking Value: Embri and Decant Group Secure Your Whisky and Wine Investments
Decant Group has partnered with Embri to enhance asset protection in its digital marketplace, the Decant Index, by introducing seamless asset protection insurance for clients investing in fine wine and spirits. This collaboration aims to strengthen trust and transparency, making the platform more reliable for collectors and investors. Initially covering whisky casks, the insurance will eventually expand to fine wine and premium spirits. Decant’s CEO, Alistair Moncrieff, emphasized the partnership’s focus on client needs, while Embri’s Simon Ball highlighted the innovative integration of embedded insurance technology, enhancing user experience and confidence in transactions.
FCA and PRA Pause Proposed Diversity Rules in Financial Sector: What This Means for Industry Progress
The FCA and PRA have decided to withdraw their proposed regulations on diversity and inclusion (D&I) in the financial services sector, which were initially introduced in September 2023. The proposed framework aimed to require financial firms to establish clear D&I strategies, objectives, and accountability measures. Concerns from industry stakeholders regarding regulatory duplication, implementation costs, and alignment with the Treasury Select Committee led to this decision. Despite acknowledging the benefits of D&I, the regulators opted against proceeding with the rules, reflecting a broader trend of rolling back similar policies in both the U.S. and the U.K.
Jscrambler Secures $5.2M Funding to Enhance Client-Side Security Innovations
Jscrambler, a leader in client-side protection, has secured a $5.2 million investment from Iberis Capital, reflecting strong investor confidence in its security solutions amid rising cyber threats. The funds will enhance Jscrambler’s application security capabilities, focusing on real-time monitoring of JavaScript and protection against digital skimming, while aiding companies in achieving PCI DSS v4 compliance before the March 31, 2025 deadline. Despite the urgency highlighted in a recent report, only 36% of businesses have adopted necessary protections. Jscrambler aims to meet the growing demand for robust digital security, supported by its experienced leadership and previous funding rounds.