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CMA Chair Says Regulation On Big Digital Mergers Has Been Lax

PYMNTS

Andrew Tyrie, chairman of the Competition and Markets Authority (CMA), a competition regulator in the U.K., said his fellow regulators have been too soft on digital mergers, and consumers have suffered as a result, according to the Financial Times. He also called for stronger abilities to go after large tech companies.

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Buying into AML risks in real estate

Abrigo

Key Takeaways Real estate markets are vulnerable to money laundering and fraud because of their transaction size and appreciation over time. Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. Why real estate? Our team of experts can help.

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Bank Of England Tells HSBC To Tighten Fraud, Staff Compliance

PYMNTS

The shortcomings were pointed out by Prudential Regulation Authority regulators. Samir Assaf, HSBC head of global banking and markets, shared the news with other seniors bankers on Tuesday (Nov. 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.

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Wells’ Woes, Stripe’s Acquisition And North Korea’s New Hacking Groove

PYMNTS

Regulators are reportedly inquiring about how a lawyer for wealthy customers of Wells Fargo came to access so large a trove of customer information. Regulators have reportedly informally reached out to the attorneys involved in the lawsuit underlying the release of information to figure out how the data breach happened.

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Credit Union Helps US Marijuana Businesses Put Down Roots

PYMNTS

GFA joins a small, but steadily growing, group of CUs that are offering financial services to this emerging market. GFA spent time researching how Colorado was affected after it legalized recreational marijuana in 2012: The state’s marijuana businesses were often beset by break-ins, robberies and even murders.

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The Final CFPB Prepaid Card Rule Is Here (Expect Controversy)

PYMNTS

The use of prepaid cards has exploded over the last decade or so — in 2003 consumers put less than $1 billion on prepaid cards annually, but by 2012 that figure had grown to $65 billion and by 2018 that figure is projected to reach as much as $121 billion. ” They also requested the CFPB “tread lightly” in regulating them.

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Guest Post: Second Quarter Economic Update by Dorothy Jaworski

Jeff For Banks

On June 28th, the Supreme Court upheld the Affordable Care Act as constitutional, calling penalties on individuals for failing to purchase health insurance a “tax.” This decision sets in motion a series of steps to implement the law over the next few years along with the estimated $813 billion in taxes and levies over the next ten years.

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