[ad_1]
Today, in Europe, the Middle East and Africa (EMEA), the United Arab Emirates (UAE) is cracking down on money laundering, requiring real estate agents to report payments made in cryptocurrencies, while Deutsche Bank will partner with Traydstream to automate document checks. In the UK, a former Bank of England governor has warned that regulators have failed to rein in risks in the country’s “shadow banking” sector.
Open files firm Legado acquires WonderBill
Legado, a Scottish developer of digital vaults and open documents, has acquired London-based consumer and business-to-business (B2B) bill management technology company WonderBill, the company said in a news release on Monday (August 8).
WonderBill provides technology that allows consumers to manage all of their household bills and subscriptions. Legado said it will repurpose the technology to support its B2B personal data management and engagement platform.
“Integrating consumer and B2B billing management technology into Legado’s platform will provide our corporate partners with market-leading and compliant solutions to manage, share and access personal data in a way that makes sense for our customers,” said Josif Grace , CEO and founder of Legado.
Deutsche Bank taps Traydstream for automated document checking
Deutsche Bank will partner with Traydstream to automate document checking, Traydstream reports in a press release.
The partnership will allow Deutsche Bank to better digitize and automate its documentary trade operations, with the goal of enhancing the corporate experience with letters of credit.
The two companies have been working together since 2021, and now they want to do more on the bank’s trade business. The agreement will see Traydstream integrated into Deutsche Bank, with plans to expand the teamwork globally.
Former BoE official says regulators failed to rein in shadow banking risks
In comments reported by the Financial Times, former Bank of England (BoE) governor Paul Tucker said UK regulators had failed to adequately manage risks in the “shadow banking” sector and that they should now formulate a policy New policy to do just that.
Shadow banking refers to bank-like financial activities that take place outside the traditional banking sector, and thus fall outside the scope of much of the Bank of England’s current remit.
The phrase has been used to refer to a variety of entities, including bond funds, private lenders, and companies working in crypto.
UAE money laundering watchdog cracks down on crypto and real estate development
As Dubai and Abu Dhabi have become hubs for crypto asset technology, some real estate developers in the United Arab Emirates (UAE) say they will start accepting bitcoin (BTC) and ether (ETH) for payments.
In response, the UAE government announced Monday (August 8) that real estate agents will have to alert money laundering authorities to any real estate sales paid in whole or in part using cryptocurrencies.
In a statement, UAE Minister of Economy Abdullah bin Touk al-Mari said the new regulations would have “little or no manipulation or manipulation that could negatively impact the working environment, economy and investment in the real estate and legal sectors.” room for unlawful conduct”.
They will apply to brokers, agents and law firms, who will be required to submit reports to the Financial Intelligence Unit, which tracks illicit funds in the country. The rules will also apply when buyers try to pay in cash over AED 55,000 (about $15,000).
B2B food delivery platform Deliverristo secures over $7 million in funding
Deliveristo, a Milan-based food delivery platform that connects restaurateurs and suppliers, has raised €7 million ($7.14 million) in a funding round led by Vertis.
The round also saw participation from United Ventures SGR, Azimut Libera Impresa SGR, Gellify Digital Investments, Doorway and several angel investors, according to a Tech Funding News report on Monday (August 8).
The new funds will be used to help Deliverristo consolidate the Italian market, expand into other European countries and launch new services. Currently, Deliverristo’s customer base is mainly concentrated in cities such as Milan, Turin, Rome, Bologna and Florence, with suppliers all over Italy.
For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.
[ad_2]
Source link