Abrigo

JANUARY 3, 2024

New BOI requirements and how financial institutions can comply Here's what FinCEN's recent final rule for beneficial ownership information (BOI) reporting says and how anti-money laundering (AML) programs will access BOI information. Takeaway 3 Business customers and members need help understanding the changes tied to ownership reporting.

Fraud 221

Fraud Regulation Report Compliance 221

Bobsguide

APRIL 24, 2020

On April 7, 2020, the Financial Conduct Authority (FCA) published its business plan for 2020/2021. Understandably, the FCA’s main immediate focus is to continue to address the challenges presented by the coronavirus emergency. However, that is not the whole story and the FCA is not planning to.

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Regulation Maine 177

PYMNTS

OCTOBER 4, 2020

Two of the rules also give a new framework for businesses, financial institutions (FIs), payment providers and technology companies to authorize consumer ACH payments, able to be applied to new channels and technologies adopted by customers to interact and buy from businesses.

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Payments Resources Technology Fraud 283

PYMNTS

JANUARY 7, 2021

market watchdog the Financial Conduct Authority (FCA) cautions that the results of its recent pandemic resiliency survey indicate some 4,000 companies doing business in the financial services sector lack resiliency and could collapse. “We We are in an unprecedented — and rapidly evolving — situation. As the U.K.

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Survey Regulation Marketing Company 210

Abrigo

MARCH 30, 2023

P2P fraud can be difficult to detect Knowing how criminals avoid detection can help minimize losses at your financial institution. AML for P2P fraud The growing P2P threat and financial institutions Anyone with a phone number or email address can use some of these digital platforms to send or request funds.

Fraud 195

Fraud Trends Payments Cards 195

PYMNTS

JUNE 24, 2020

Following Braun’s arrest, German Finance Minister Olaf Scholz said lawmakers must tighten regulations because the payment services company has pointed to monitoring gaps by the nation’s financial watchdog. Wirecard’s financials were in good health, according to SoftBank. A KPMG audit was conducted for Wirecard last fall.

Fraud 262

Fraud Groups Report Security 262

TheGuardian

JULY 18, 2023

Nikhil Rathi tells Treasury committee there are ways to assess whether customers are being treated fairly Business live – latest updates The City regulator has warned it will consider cracking down on banks that appear to be profiteering from, or failing to quickly pass on, savings rates once new regulations come into force at the end of the month.

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Regulation 57

Abrigo

FEBRUARY 23, 2022

Loan Decisioning Allows Small Business Lending to Grow Community financial institutions can leverage automated loan underwriting to increase small business lending and achieve consistency. . Takeaway 1 Financial institutions are using small business loans as a source of growth and this trend will continue. .

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Lending Community Bank Community Analysis 195

PYMNTS

FEBRUARY 10, 2020

that serves cryptocurrency businesses, multiple reports indicated on Monday (Feb. Businesses managing cryptocurrencies have had a tough time maintaining relationships with legacy banks because of the perception that bitcoin-type transactions are connected to criminal behavior. Thus far, the regulators have not raised any red flags.”.

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Fintech cryptocurrency Bitcoin Regulation 205

Bobsguide

JULY 21, 2020

Lawyers for the Financial Conduct Authority (FCA) presented inconsistencies in UK insurers’ cases this morning during the second day of the High Court test case to determine whether insurers must pay out for coronavirus business interruption. “What we have here is insurers.

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Bobsguide

JULY 21, 2020

Following Wirecard’s failures, market participants have raised flags around the Financial Conduct Authority’s (FCA) regulations on firms safeguarding client funds and managing prudential risk. Luc Gueriane, chief commercial officer at Moorwand and former head of business development.

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Regulation Management Marketing 113

CFPB Monitor

JULY 7, 2022

Also, its legislative history refers to the Bureau’s antidiscrimination authority in the context of ECOA and HMDA, while referring to the Bureau’s UDAAP authority separately. In Dodd-Frank, Congress gave the same “unfairness” authority to the CFPB that it gave to the FTC in 1938.

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Groups West Virginia Policies Virginia 145

TheGuardian

JUNE 17, 2020

FCA says lender had out-of-control system for checking clients despite warnings The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients.

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Regulation System 84

TheGuardian

JULY 31, 2023

As far as the ombudsman was concerned, it was a business decision for the bank and therefore not open to challenge. According to the ombudsman , “businesses that provide bank accounts are generally entitled to close them – just as their customers are”.

Online 60

Online Groups 60

TheGuardian

MAY 12, 2021

Regulator to review mechanism that allowed now collapsed bank to operate in UK without a licence The head of the UK financial regulator has promised to consider imposing restrictions on a system that allowed the now collapsed bank Greensill Capital to operate in the UK without a licence. Continue reading.

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System Regulation Operations Capital 81

PYMNTS

NOVEMBER 2, 2017

In business banking news, the U.K.’s ’s Financial Conduct Authority (FCA) plans to propose an extension of its jurisdiction from serving individuals and micro-businesses to also include small and medium-sized businesses (SMBs).

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How To System Report Groups 128

The Paypers

DECEMBER 7, 2023

The Financial Conduct Authority (FCA) has recommended additional rules to maintain access to cash for personal and business customers across the UK.

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TheGuardian

MARCH 9, 2021

Greensill allows businesses such as GFG to borrow money to pay their suppliers. Greensill filed for insolvency on Monday, prompting concerns that the failure puts jobs at risk at one of its biggest borrowers, the metals manufacturer GFG Alliance Group. Continue reading.

Capital 90

Capital Regulation Groups Operations 90

PYMNTS

APRIL 15, 2019

According to Bloomberg , EY is accused of failing to notify authorities when it discovered red flags related to the Danske Bank money laundering case. In fact, last month new standards were added that included the ability to ban accounting firms from doing business in the country if they don’t do their jobs properly.

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Report Regulation Management Operations 175

Bobsguide

APRIL 27, 2021

We’re five months away from the final regulatory deadline set by the Financial Conduct Authority for card issuers, payments firms and online retailers to implement Strong Customer Authentication (SCA). SCA is a regulatory requirement brought in to protect consumers and businesses from.

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Retail Cards Online Payments 88

PYMNTS

JUNE 29, 2020

The United Kingdom’s regulatory authority said Wirecard AG was correcting issues raised by the $2.1 We cannot lift the restrictions without reassuring ourselves that the firm has been able to satisfy all our concerns, for example that all clients’ money is safe,” the Financial Conduct Authority (FCA) said in a statement. “We

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Taxes Report Financial Technology Digital Banking 223

PYMNTS

DECEMBER 27, 2020

The trial began earlier in the month as authorities handed out 20 million digital yuan, or $3.1 The Suzhou pilot, WSJ writes, was of a bigger scope than the October one conducted in Shenzhen. In Suzhou, there were twice as many residents and three times as many businesses involved.

Retail 311

Retail Payments Fintech Online 311

Abrigo

JANUARY 14, 2021

Third round of PPP funding is available for small businesses. There is no doubt that the COVID-19 global pandemic has challenged communities across the country and has created a significant economic downturn, which has hit small businesses especially hard. PPP Fraud Spikes. Fraudsters target PPP loans.

Fraud 195

Fraud Compliance Community Trends 195

PYMNTS

FEBRUARY 23, 2020

The banking firm has been talking with London regulators about the idea, according to The Financial Times on Saturday (Feb. The entrance of JPMorgan Chase is a boon for London, which is preparing to see an exodus of financial institutions moving out due to Brexit — the U.K. by the end of the year. Marcus racked up £13bn ($16.9

Digital Banking 255

Digital Banking Lending Regulation Operations 255

PYMNTS

JANUARY 7, 2021

debt collectors want the government to give them a bigger role in recovering the debts from the 44-billion-pound (about $60 billion) business rescue program, the Financial Times (FT) reported. The Treasury has faced questions as of late over how to minimize the losses for taxpayers under the scheme. That scheme has helped around 1.4

Lending 193

Lending Fraud Report Industry 193

PYMNTS

MARCH 30, 2020

The organization said that “the aim is to explore the potentialities offered by this technology, and to identify concrete cases integrating Central Bank Digital Currencies [CBDC] in innovative procedures for the clearing and settlement of tokenized financial assets.”

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Denver Bitcoin Colorado United States 246

PYMNTS

JULY 16, 2020

German market watchdog Federal Financial Supervisory Authority, or BaFin , has come under fire for its actions in the Wirecard scandal, as the regulator reportedly failed to investigate warnings about the payments firm and instead cast more scrutiny on accusers, The Wall Street Journal (WSJ) reported.

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Report Fraud Regulation Marketing 169

PYMNTS

JULY 5, 2020

As details about the failed management of Wirecard AG unfold, it becomes clear that the company’s core business has been losing cash for years, the Financial Times reported. A special audit conducted late last year by KPMG and seen by the paper revealed the profits appear to have existed largely on paper.

Payments 170

Payments Cards America Report 170

PYMNTS

AUGUST 21, 2020

As Wirecard AG’s global operations close following its bankruptcy filing, the German payment company has agreed to sell what’s left, the Financial Times reported. Jaffé said he has received offers from several parties for the Wirecard payment processing business near Munich. billion euros ($2.1 billion euros ($2.1

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Operations America Cards Compliance 222

PYMNTS

DECEMBER 14, 2018

In an effort to help authorized push payment (APP) fraud victims, The U.K.’s s Financial Conduct Authority (FCA) unveiled new rules on Friday (Dec. As a result, additional banks or payment services providers (PSPs) may have to compensate victims of those kinds of scams, Financial Times reported.

Fraud 166

Fraud Regulation Payments Groups 166

PYMNTS

JUNE 26, 2018

The Financial Conduct Authority (FCA) of the U.K. on Tuesday (June 26) announced it is proposing changes to complaint handling rules to help victims of authorized push payment (APP) fraud. According to the Financial Conduct Authority, in the U.K.,

Fraud 108

Fraud Handbook Payments Regulation 108

PYMNTS

SEPTEMBER 18, 2020

Online marketplaces are the digital storefronts helping small to mid-sized businesses survive — but adding real-time settlement into the mix can help them thrive. And 60 percent of surveyed firms selling across online marketplaces would take their business to one that offers real-time settlement. The Increasingly Digital SMB .

Online 354

Online Survey Maine Study 354

PYMNTS

FEBRUARY 26, 2020

After a reporting error that caused the exit of its chief executive and chairman in 2019, Metro Bank has announced that it is scaling back its expansion efforts and moving away from lending for mortgages, according to a report by the Financial Times. After the error was revealed, the bank was forced to raise $484 million in new shares.

Metro 187

Metro Report Lending Regulation 187

PYMNTS

JANUARY 11, 2021

financial services license, while Capital One has agreed to join Fiserv’s surcharge-free MoneyPass ATM network. Neobank Revolut Applies for UK Financial Services License . Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). 10) that it had been hacked.

ATM 145

ATM Capital Digital Banking National 145

Abrigo

JUNE 13, 2022

Elder financial exploitation and elder fraud are serious crimes in the United States. With rates of these crimes rising across the country, financial institutions should anticipate such incidents happening in their customer bases. The NCOA estimates the cost of elder financial abuse to older Americans to be up to $36.5

Fraud 195

Fraud Training United States Survey 195

PYMNTS

APRIL 9, 2019

The All-Party Parliamentary Group (APPG) on Fair Business Banking is calling for a new investigation into Lloyds and how much its executives knew about the ongoing mistreatment of small business customers by its HBOS unit. That will be conducted by retired high court judge Linda Dobbs. Reports in City A.M. Reports in City A.M.

Fraud 122

Fraud Groups Report Regulation 122

PYMNTS

DECEMBER 5, 2019

The Bank of England , the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a shared policy summary on new requirements to strengthen operational resilience in the financial services sector.

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Regulation Operations Policies Technology 132