Remove 2008 Remove Regulation Remove Security Remove Taxes
article thumbnail

Libra Forces Cryptocurrency Regulators To Reexamine Procedures

PYMNTS

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. Between 2008 and 2018, approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance. The Cost of Compliance. imposed a full $23.52

article thumbnail

Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud

PYMNTS

Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance between 2008 and 2018. billion — 91 percent — of those penalties, while European regulators demanded $1.7 Financial Companies’ Security And Regulatory Obligations .

Fraud 189
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Ascension Leak Exposes 24M+ Loan, Mortgage Details

PYMNTS

A server running an Elasticsearch database contained sensitive data from as far back as 2008 that included loan and mortgage agreements, repayment schedules and other financial and tax documents. The database, which is believed to have been exposed for two weeks, was discovered by independent security researcher Bob Diachenko.

Taxes 155
article thumbnail

London’s Dirty Little (Money Laundering) Secret

PYMNTS

office were facilitating tax evasion and money laundering. office in London, revealed that back in 2008 secretive techniques and services were being offered to clients that would allow them to conceal assets. According to FT , no public or private action was taken against the bank by regulators after the information was disclosed.

Taxes 100
article thumbnail

How Does ChatGPT Describe the Economy and Banking?

Jeff For Banks

Additionally, the implementation of new policies by the government, such as changes to taxes and regulations, could also influence economic outlook. Assistance in cyber security measures, such as "Describe the 2021 Kaseya ransomware attack ; Assistance in cyber security measures, such as "Describe the 2021 Kaseya ransomware attack.";

article thumbnail

Predicting the Next Banking Crisis Is a Fool’s Game. Not Learning From the Last One: Equally Foolish

Jeff For Banks

Second, this can be accomplished only if the industry does not have too much influence over its regulators and if the regulators have the ability to hire, train, and retain qualified staff. Third, the regulators need adequate financial resources. My lesson learned to the regulators, read your past lessons learned.

FDIC 78
article thumbnail

Meeting Debt Collection Challenges Amid a Squeeze on Income

FICO

Prior to the 2008 global financial crisis, the average RtFG of consumer credit customers having reached charge-off was 2.5 Key Differences in Recovery and Debt Collections from 2008 to 2022. Regulation was not always focussed on driving the right customer outcomes. Collections books for many lenders reduced.

Meeting 52