PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. A 2019 study underscored this point, discovering that even though the AML software market is slated to grow 15.25 The drivers of AML initiatives in the U.S.

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

PYMNTS

MARCH 1, 2020

s audit regulator, announced plans this week to break up the dominance of the largest four accounting firms, Deloitte, EY, KPMG and PwC , according to the Financial Times. The regulator issued letters to those firms, known as the Big Four, Thursday. The Financial Reporting Council (FRC), the U.K.’s

Regulation 230

Regulation Taxes Industry Policies 230

PYMNTS

FEBRUARY 13, 2019

The Colorado Department of Revenue has revealed that the state’s regulated marijuana industry sales have topped $6 billion since sales began in 2014. In addition, taxes generated by the industry grew by nearly 8 percent last year. Last year, regulated marijuana sales in Colorado were nearly $1.55 billion the previous year.

Industry 155

Industry Colorado Taxes California 155

PYMNTS

MAY 8, 2020

Supreme Court decision allowed sports betting in 2018 and inspired 2019 laws that govern the fledging industry in 10 states and set guidelines such as how online casinos can operate and how sports betting would be taxed. percent that month compared to March 2019, its online gaming revenues over the same period increased 65.7

Online 176

Online Industry New Jersey Pennsylvania 176

PYMNTS

SEPTEMBER 28, 2020

They also need to collect and verify vendors’ details to comply with anti-crime regulations, adhere to tax reporting requirements and deliver convenient digital payments to these suppliers. Corporate buyers that have gathered enough information on potential business partners then need to answer to regulators.

Data 166

Data Management Taxes Meeting 166

PYMNTS

JULY 26, 2020

Avanti Financial Group said in a press release that it has received permission from the Wyoming Division of Banking to begin operating in the state as a bank as early as October and plans to offer a real-time settlement solution for corporate treasurers.

Wyoming 153

Wyoming cryptocurrency Regulation blockchain 153

PYMNTS

NOVEMBER 7, 2019

The shortcomings were pointed out by Prudential Regulation Authority regulators. HSBC posted an 18 percent loss in pre-tax profits for the third quarter of 2019 compared to the same period last year, reports said. billion in pre-tax profits, below analyst expectations, with revenue at $13.36 The quarter posted $4.8

Compliance 101

Compliance Fraud Taxes Regulation 101

PYMNTS

MARCH 9, 2020

At the tail end of 2019, Tesco had begun looking at options for its Malaysia and Thailand businesses, including the potential for sales. billion, prior to taxes and other charges. The arrangement still must receive approval by regulators in Malaysia and Thailand. Tesco said the deal’s net cash proceeds will arrive at $10.3

Groups 130

Groups Taxes Resources Operations 130

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. billion — 91 percent — of those penalties, while European regulators demanded $1.7 imposed a full $23.52

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

JUNE 29, 2020

Wirecard said over the weekend it would continue to operate in all but one of its European locations as the court considers the company’s insolvency request. A number of British FinTech firms have suspended services following the FCA’s restrictions on Wirecard, leaving hundreds of thousands of accounts blocked, the news service reported.

Taxes 223

Taxes Report Financial Technology Digital Banking 223

PYMNTS

OCTOBER 28, 2019

Wayfair’s case enabled cities and states to pass economic nexus laws that require out-of-state sellers to collect and remit taxes on local residents’ sales, and it permitted these jurisdictions to implement marketplace facilitator laws necessitating that eCommerce platforms collect and remit taxes on third-party merchants’ sales. .

South Dakota 105

South Dakota Taxes Retail Arizona 105

PYMNTS

OCTOBER 28, 2019

HSBC posted an 18 percent loss in pre-tax profits for the third quarter of 2019, compared to the same period last year, reports said. billion in pre-tax profits, below analyst expectations, with revenue at $13.36 Losses at some HSBC businesses are causing the bank — Europe’s largest — to restructure, CNBC reported Monday (Oct.

Taxes 101

Taxes Operations Groups Report 101

PYMNTS

OCTOBER 31, 2019

Regulators must approve it as well. Yes Bank is a private-sector bank that mainly operates as a corporate bank, but it also does asset management and retail banking. The Bombay Stock Exchange’s Sensex index also saw record highs, with a rally of more than 40,300 points due to a corporate tax cut and other business-boosting reforms.

Regulation 100

Regulation Taxes Maine Capital 100

PYMNTS

NOVEMBER 20, 2020

operations should be examined on antitrust concerns. S&P Global noted 219 bank and thrift deals in 2019 through the end of October; so far this year, there seem to have been slightly more than 90. Banks, especially, are in the midst of fine-tuning operations as the great digital shift continues.

California 283

California Regional Google Guidelines 283

FICO

JANUARY 18, 2019

Despite advances in customer due diligence, including the addition of advanced analytics to compliance officers’ toolkits, the scandals of 2018 confirmed that many banks are struggling to bring their operations up to regulators’ standards, to say nothing of best practices. Watch this space for more on financial crime compliance!

Compliance 40

Compliance Regulation Taxes Analytics 40

PYMNTS

MARCH 14, 2019

Both corporates and banks have said Know Your Customer ( KYC ) regulations are their most pressing compliance concerns, with nearly three-quarters of businesses with more than $1 billion in revenues pointing to KYC as their top challenge. ” and an overall rise in complexity of current regulations. ” Technological Troubles.

Fraud 115

Fraud Survey Taxes Regulation 115

PYMNTS

FEBRUARY 14, 2019

The hearing itself was a small victory for proponents who wish to open up the banking system to legal pot operators. That’s because it marked the first hearing dedicated to a proposed bill in Congress that would offer financial institutions protections against federal regulators when dealing with legal cannabis operations.

Oregon 230

Oregon Colorado Operations Washington 230

PYMNTS

NOVEMBER 16, 2018

states (and the District of Columbia) where marijuana has been legalized for sale in some capacity, it has thrown off a fairly large chunk of tax revenue in the last year. billion in taxes from legal cannabis companies last year, an amount of money that is undoubtedly a sizzle for the federal coffers.

Taxes 177

Taxes Payments District of Columbia Alabama 177

PYMNTS

DECEMBER 15, 2020

Apply the local sales tax and the new total is $48.07. will go to taxes, $8.29 Khosrowshahi wrote that if all 50 states had such laws in place, Uber would have contributed $655 million to such benefits funds in 2019. According to Berkeleyside, suppose a customer’s order total at the restaurant totals $44. Of that $65.36

California 227

California New York Taxes Illinois 227

Independent Banker

FEBRUARY 28, 2022

In person for the first time since 2019, the ICBA Capital Summit in Washington, D.C., No other event provides more opportunities for community bankers to engage with lawmakers, regulators and government officials. Aaron Stetter ( aaron.stetter@icba.org ) is ICBA’s executive vice president of policy and political operations.

Community 180

Community Washington Community Bank Capital 180

Abrigo

FEBRUARY 15, 2023

Foreign and domestic terrorist financing – Terrorists require financing to recruit and support members, fund logistics, and conduct operations. Domestic terrorists, known as domestic violent extremists (DVEs), operate primarily within the U.S. Many TCOs currently operate in the U.S., The most common type of terrorism in the U.S.

Fraud 195

Fraud United States Training Policies 195

PYMNTS

AUGUST 3, 2020

Instacart hired an estimated 500,000 “shoppers” amid the mass furloughs and layoffs many companies faced this spring, and it has offered on-demand payment options since 2019 to meet its gig workers’ demands. On-demand pay appeals to gig workers for numerous reasons. The Flexible Pay Imperative And On-Staff Workers. as W-2 employees.

Payments 211

Payments Taxes Case Study Examples 211

PYMNTS

MARCH 2, 2020

In Kenya, competition regulators recently warned French grocery and retail giant Carrefour that it faces fines of up to $140 million after the Competition Authority of Kenya discovered that the company, via its franchise holder Majid Al Futtaim (MAF), has been treating suppliers unfairly. operations. Conducted by takepayments Ltd.,

Payments 143

Payments Report Training Regulation 143

PYMNTS

JUNE 21, 2019

The bill authorizing the program, AB466 , gives an operational time frame for the program, running from Oct. 1, 2019 through June 30, 2023. For instance, Canada-based cannabis business Canopy Growth reported its fiscal 2019 earnings late on Thursday (June 20).

Oregon 136

Oregon Payments Nevada NV 136

PYMNTS

SEPTEMBER 27, 2019

More complicated because the disconnect between state and federal regulation of the substance is growing wider by the year. Even say in a dispensary that is legally operating under state law. It is also the only tool that they can use for paying their staff, contractors, bills and taxes because they can’t get banking service.

Taxes 151

Taxes Compliance District of Columbia Industry 151

PYMNTS

DECEMBER 12, 2018

Nowhere does that ring truer than in the nascent and growing legal cannabis industry, where billions of dollars flow the old-fashioned way — hand to hand, because of the clash between federal and state regulations over its legality. As noted in this space earlier in the year, roughly $5 billion in taxes was handled — via cash — last year.

Company 170

Company Taxes Compliance Industry 170

PYMNTS

AUGUST 20, 2019

That’s especially important as businesses gain scale, as they expand reach into new geographic areas — and as they grapple with AP operations. In a release, Tipalti said earlier this month that it saw an increase of 250 percent in customer bookings in the first half of 2019 compared to the first half of 2018.

Management 127

Management Payments Taxes Software 127

ForwardBanker

NOVEMBER 20, 2019

The mergers and acquisitions (M&A) train that left the station in 2018, fueled by things like tax reform, interest rates inching up, and FI-friendly regulation keeps on chugging along. American Banker reports that the pace of M&A slowed slightly in 2019, but even so, more than 180 mergers were announced as of the end of.

Training 44

Training Taxes Regulation Report 44

PYMNTS

DECEMBER 11, 2019

But proponents of rolling back regulations like Transportation Secretary Elaine Chao noted that the higher standards make vehicles more expensive and thus were keeping older, less clean and less safe cars on the road longer because consumers and businesses can’t afford to replace them. Opportunity Fund (@OpportunityFund) December 9, 2019.

California 131

California District of Columbia Lending Taxes 131

Alex Jimenez

FEBRUARY 27, 2019

IBM Think 2019 Campus. As noted in a previous post, I attended IBM’s Think 2019 conference in San Francisco earlier this month. As Russian banks don’t have a mandate for Open Banking yet, their main driver was improving operations. She gave the example of tax auditing and dating apps sharing the same solution.

blockchain 40

blockchain Conference Security Innovation 40

PYMNTS

FEBRUARY 13, 2019

The hearing itself was a small victory for proponents who wish to open up the banking system to legal pot operators. That’s because it marked the first hearing dedicated to a proposed bill in Congress that would offer financial institutions protections against federal regulators if dealing with legal cannabis operations.

Oregon 115

Oregon Colorado Operations Washington 115

PYMNTS

JANUARY 10, 2019

And taking effect with the dawn of 2019, the Chinese government has put in place new initiatives tied to cross-border trade flows done by digital means into several markets. Platform operators and merchants must conduct due diligence related to everything from intellectual property and tariffs to tax laws and FX rates.

United States 158

United States Regulation Compliance Strategy 158

PYMNTS

JANUARY 1, 2021

You hear a lot about the new normal and stuff like that, but I really see it as banking at the speed of life,” said CarrieAnne Cormier , senior vice president of Retail Operations and Strategy at Avidia. There was another inconspicuous but remarkable dimension to these trends, however. Digital Identity.

Trends 259

Trends Video Retail Payments 259

PYMNTS

DECEMBER 18, 2018

The tax man cometh, logging miles — in a manner of speaking. The mileage rate increase should spur businesses to consider how they reimburse the drivers who are part of everyday business operations, especially in the age of the mobile (literally) worker. 1, 2019, the rates go to $.58 On Friday (Dec. Beginning Jan.

Compliance 148

Compliance San Francisco Operations Taxes 148

Abrigo

NOVEMBER 7, 2019

Hal Schroeder, a Financial Accounting Standards Board (FASB) board member, led a presentation, “Roadmap to the Future: Fact vs. Fiction (on CECL and Other FASB Standards),” at the 2019 ThinkBIG conference in September. During the presentation, Schroeder addressed many CECL questions, shedding light on the nuances of the standard.

Community Bank 150

Community Bank Community Lending Analysis 150

PYMNTS

MARCH 18, 2019

Last week, NACHA issued an ACH operations bulletin announcing the delay of the rollout of a third Same Day ACH (SDA) processing window by six months, to March 19, 2021. The regulator notified NACHA that they need more time to evaluate required changes to their system before giving it the green light. as of January 2019.

Payments 201

Payments Cards Operations System 201

PYMNTS

MARCH 12, 2019

and Canada, where open banking regulations are not in place, how do financial service providers act on the demand to move data and connect platforms? That is a valuable proposition for entrepreneurs, especially those that may have underestimated the administrative burden of operating a business, said Whiting. ”

Data 184

Data Fintech Strategy Regulation 184