Banks to seek external software solutions to reduce tech-debt

As in-house tech solutions within the finance industry continue to run at an increased loss, experts have predicted a seismic shift across the FinTech sector over the coming months as banks are expected to increase their reliance on external software solutions in a bid to reduce tech spend.

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Raymond James agrees to pay FINRA $17 Million in Fines

The Financial Industry Regulatory Authority (FINRA) has fined Florida-based Raymond James & Associates, Inc. (RJA) $8 million and Raymond James Financial Services, Inc. (RJFS) $9 million for failures in anti-money laundering (AML) compliance. According to the regulator, the fines are a result of an investigation which revealed that for several years, RJA and RJFS were unable to deliver a sufficiently robust AML compliance program.

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