London Called ‘Money Laundering Capital,’ While FinTech Startups Burdened by Regulation
An international crime expert has labeled London the center of international money laundering, saying the city's major banks disregard the anti-money laundering regulation that at the same time burdens FinTech startups. Roberto Saviano — the author of the popular crime investigation books “Gomorrah” and “Zero Zero Zero,” dealing with the Italian mafia and the cocaine trade, respectively — made the comment in an interview on July 4. In June, the UK's National Crime Agency published a report on the state of 'Serious and Organized Crime' in the country, which described how money laundering....
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Accenture’s FinTech Innovation Lab London has chosen 20 innovative startups from more than 300 FinTech firms around the globe, which will represent the biggest programme in the London Lab’s five-year history. According to an Accenture press release, this year’s programme also received an increased interest from startups located in the Middle East, Turkey, Russia, the Nordics, and North America. Launched in 2012 by Accenture, the FinTech Innovation Lab London, which is in collaboration with the U.K.’s leading financial service institutions, angel investors, and venture capital firms, is one....
American Banker reported that batches ofFinTech startups are relocating to London to engage with large financial institutions and banks through connections from accelerators and mentorships, such as Accenture’s FinTech Innovation Lab, or accelerator Level39. Global investments in FinTech ventures have reached US$12.21 billion, a large portion in London. Sir Edward Lister, chief of staff for the mayor of London, told American Banker: While many U.S-based startups have set their focus on small merchants and consumers, startups in London have pivoted to a model for larger clients, such as....
The CEO of TransferWise, a money transfer company that is among the most successful FinTech startups in Europe, has said at a conference in London that it will be removing its European headquarters from the English capital to maintain access to the single market after Britain leaves the European Union (EU) in two years. Speaking at the International Fintech Conference in London, Taavet Hinrikus, who co-founded TransferWise with Kristo Kaarmann, in 2011, said that due to Brexit if they were to restart they would not pick Britain as its location choice. A report from Reuters states that....
Almost immediately after the announcement of Brexit, Bitcoin and Blockchain startups started thinking of leaving Britain to other Fintech hubs such as Germany and Belgium. To prevent a shortage of Fintech startups and talents in the country, London is forming a Fintech bridge with Belgium’s financial sector. Earlier this week, Belgium’s finance minister and a delegate from the Belgian Fintech sector entered into a strategic partnership with Innovate Finance, a non-profit industry body serving the Fintech community of the UK. Sources revealed that the Belgian government-owned platform....
This new regulation is a first step towards supervising the fintech sector in Indonesia. Fintech is a trend that captivates audiences all over the world. A financial technology evolution is upon us, and it is only a matter of time until drastic changes occur. Indonesia is preparing for what the future may bring, by issuing a new regulation for fintech firms. To be more precise, the government focuses on P2P lending first and foremost. One of the many sectors fintech is “threatening” is the way people think about lending and borrowing money. In most cases, consumers and enterprises have to....