EMEA Daily: UAE Money Laundering Watchdog to Crack Down on Crypto Payments; Deutsche Bank Hires Traydstream for Document Checking

Today in Europe the Middle East and Africa (EMEA), the United Arab Emirates (UAE) is cracking down on money laundering by requiring estate agents to report payments made in crypto while Deutsche Bank will be working with Traydstream to automate document checking. In the U.K, 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 Acquiring WonderBill

The Scottish digital vault and open document developer Legado has acquired London-based consumer and business-to-business (B2B) bill management technology firm WonderBill, the company said in a news release Monday (Aug. 8).

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

“The integration of the consumer and B2B bill management technology into Legado’s platform will provide our corporate partners with a market-leading and compliant solution to manage, share, and access personal data in a way that is meaningful for customers,” said Josif Grace, CEO, and founder of Legado.

Deutsche Bank Taps Traydstream for Automated Document Checking

Deutsche Bank will be working with Traydstream to automate document checking, a press release from Traydstream reports.

The partnership will allow Deutsche Bank to better digitize and automate its documentary trade business, with the goal of boosting corporates’ experience in the letters of credit business.

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

Regulators Fail to Rein In Risk of Shadow Banking, Former BoE Official Says

In comments reported in the Financial Times, the ex-Bank of England (BoE) governor Paul Tucker said that the U.K.’s regulators have failed to adequately manage risk in the “shadow banking” sector and now they should construct a new policy to do so.

Shadow banking refers to bank-like financial activities that take place outside the traditional banking sector and therefore beyond the regulatory scope of much of the BoE’s remit as it currently stands.

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, Real Estate Exploitation

As Dubai and Abu Dhabi have emerged as hubs for crypto asset technology, some real estate developers in the United Arab Emirates (UAE) said that they would start accepting payments in bitcoin (BTC) and ether (ETH).

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

The new rules will leave “little or no room for manipulation or illegal practices that could negatively impact the work environment and the economy and investment” in the real estate and legal sectors, UAE Minister for Economics Abdulla bin Touq Al Marri said in a statement.

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

B2B Food Delivery Platform Deliveristo Nets Over $7M in Funding

Deliveristo, a Milan-based food delivery platform that connects restaurant owners 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 Monday (Aug. 8).

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


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