Home Technology EMEA Daily: UAE Money Laundering Watchdog to Crack Down on Crypto Payments; Deutsche Bank hires Traydstream for document verification

EMEA Daily: UAE Money Laundering Watchdog to Crack Down on Crypto Payments; Deutsche Bank hires Traydstream for document verification

EMEA Daily: UAE Money Laundering Watchdog to Crack Down on Crypto Payments;  Deutsche Bank hires Traydstream for document verification

Today in Europe, the Middle East and Africa (EMEA), the United Arab Emirates (UAE) is cracking down on money laundering by requiring real estate agents to report payments made in crypto while Deutsche Bank will work with Traydstream to automate document verification. In the UK, a former governor of the Bank of England has warned that the regulator has failed to rein in the risks of the country’s shadow banking sector.

Open Document Firm Legado Acquires WonderBill

Scottish digital safe and open document developer Legado has acquired London-based consumer and business-to-business (B2B) bill management technology company WonderBill, the company announced in a press release on Monday (August 8th).

WonderBill provides technology that allows consumers to manage all of their household bills and subscriptions. Legado says it will reuse this technology to support its B2B personal data management and engagement platform.

“Integrating consumer and B2B invoice management technology into Legado’s platform will provide our business partners with an industry-leading, compliant solution to manage, share, and access personal data in a meaningful way to customers,” said Josif Grace, CEO and Founder of Legado.

Deutsche Bank uses Traydstream for automated document verification

Deutsche Bank will work with Traydstream to automate document verification, according to a press release from Traydstream.

The partnership will enable Deutsche Bank to better digitize and automate its documentary commerce business, with the aim of enhancing businesses’ experience in letters of credit.

The companies have been working together since 2021 and now want to work more on the bank’s business operations. This deal will see Traydstream integrated into Deutsche Bank, with plans to expand the team globally.

Regulators are failing to get a handle on shadow banking risk, says former BoE official

In comments reported in the Financial Times, former Bank of England (BoE) Governor Paul Tucker said UK regulators had failed to properly manage risks in the “shadow banking” sector. “and that they should now develop a new policy to achieve this.

Shadow banking refers to banking-like financial activities that take place outside the traditional banking sector and therefore beyond the regulatory scope of much of the BoE’s remit in its current form.

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 to crack down on crypto and real estate exploitation

As Dubai and Abu Dhabi have become hubs for crypto asset technology, some property developers in the United Arab Emirates (UAE) have said they will start accepting bitcoin (BTC) and ether (ETH) payments.

In response, the UAE government announced on Monday (August 8) that real estate agents will be required to alert money laundering authorities of any property sales paid for in whole or in part with cryptocurrency.

The new rules will leave “little or no room for manipulation or illegal practices that could have a negative impact on the working environment, the economy and investment” in the real estate and legal sectors, said the minister of UAE Economy Abdulla bin Touq Al Marri in a statement.

They will apply to brokers, agents and law firms, who will be required to file reports with the Financial Intelligence Unit, which is responsible for tracking illicit funds in the country. The rules will also apply when buyers attempt to pay cash for a value over AED 55,000 (about $15,000).

B2B food delivery platform Deliveristo secures over $7 million in funding

Deliveristo, a Milan-based food delivery platform that connects restaurant owners and suppliers, 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 report from Tech Funding News on Monday (August 8).

The new funds will be used to help Deliveristo consolidate the Italian market, expand operations into other European countries and launch new services. Currently, Deliveristo’s customer base is concentrated in cities such as Milan, Turin, Rome, Bologna and Florence, with suppliers located throughout Italy.

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About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.


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