PYMNTS

AUGUST 29, 2017

federal and state laws require financial institutions to set policies and procedures to detect and prevent illicit money transfers, including screening customers and reporting suspicious transactions to regulators. Habib Bank has submitted an application to DFS to shut its New York operations.

New York 102

New York Regulation Compliance United States 102

PYMNTS

OCTOBER 1, 2018

in a settlement with the Financial Conduct Authority (FCA) due to a cyberattack at the lender in 2016. I apologize to our customers for the inconvenience caused in 2016.”. Tesco Bank agreed on Monday (Oct. 1) to pay £16.4m This was too little, too late,” Steward said, according to the report. ”

Fraud 134

Fraud Security Resources Operations 134

PYMNTS

DECEMBER 4, 2019

Arati Randolph, a Wells Fargo spokeswoman, said Scharf was “already making significant changes,” which included the hiring of Santander Holdings CEO Scott Powell as COO, to “focus on regulatory priorities and improve our control and operations functions.”.

Regulation 130

Regulation Resources System Operations 130

PYMNTS

MARCH 1, 2016

And while some of these strategy revamps have been telegraphed, the numbers show some impact from regulations and investigations, as the firm posted a net loss of roughly $547 million (394 million pounds), which is far worse than a year ago at 174 million pounds. And there could be some legal issues afoot, too.

Operations 100

Operations Strategy United States Regional 100

PYMNTS

JANUARY 12, 2020

Wells Fargo is striving to revamp its approach to technology to ensure systems stay online, satisfy regulators and block cybercriminals, the Wall Street Journal (WSJ) reported on Saturday (Jan. He said repairing problems pointed out by regulators is his “first priority.” Powell is the former Santander head executive. .

System 147

System Regulation Resources Meeting 147

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 operation will likely include savings and lending products, and it comes just two years after U.S. JPMorgan Chase tapped an ex-regulator , Clive Adamson, to head up the efforts to launch the digital bank.

Digital Banking 255

Digital Banking Lending Regulation Operations 255

CFPB Monitor

FEBRUARY 13, 2017

The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. In January 2016, the FTC issued a report warning that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws.

Report 68

Report Big Data Lending Survey 68

Bank Innovation

MARCH 10, 2016

Is there a way to prevent regulators from derailing a bank’s fintech initiatives? Jill Castilla, president and CEO of Citizens Bank of Edmond, located in Edmond, Okla., says there is.

Regulation 150

Regulation Fintech Community Strategy 150

Celent Banking

DECEMBER 20, 2016

Last week, I had the pleasure of attending and presenting at Branch Transformation 2016 , sponsored by RBR. Business climate, customer expectations, technology, competition, regulation – all are in a state of change. The event was held in London on 6th-7th December. Change is difficult. Not changing is fatal.

Case Study 100

Case Study Metro Study Capital 100

PYMNTS

MAY 30, 2016

And to make sure that everyone starts off 2016, Part II on the same footing, we thought we would bring you a few of the top trending stories, as well as hot data/research topics, that will give you a head start on that all-important planning for 2016 and beyond. Store Front Business Index: Main Street USA, A-OK? Are SMBs Ready For EMV?

Trends 100

Trends Retail Fraud Mobile 100

PYMNTS

JUNE 1, 2016

Turkey’s 2016 tourism revenue is expected to be down by more than $11 billion, and some are calling it “the lost year of tourism” for the country. Tourism is said to have accounted for 12 percent of Turkey’s GDP in 2014 and its 37 million tourists that year made it second only to Italy as a favorite global tourist destination.

Regulation 100

Regulation Operations Survey Mobile 100

PYMNTS

JUNE 24, 2020

The B2B firm said it works with “leading money transfer operators, mobile wallet operators and financial institutions to facilitate digital transactions without borders,” and is regulated in more than 45 countries around the world. That’s up from $601 billion in 2016.

Payments 243

Payments Fintech Course Operations 243

PYMNTS

FEBRUARY 24, 2020

Financial institutions (FIs) and merchants from other regions have been dipping their toes into the Chinese market, but open banking has compounded the difficulty involved in setting up operations. The country’s government and regulators are keeping pace with those in the European Union and the U.S. The law is still ambiguous.

Regulation 160

Regulation Policies Data Compliance 160

PYMNTS

JANUARY 23, 2020

“The actions announced by the OCC today reinforce the agency’s expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations,” Comptroller of the Currency Joseph Otting said.

Community Bank 185

Community Bank Regulation Community Meeting 185

PYMNTS

SEPTEMBER 29, 2020

29) announced a deal for the AML platform of Beam Solutions , a San Francisco-based startup that focuses on transaction monitoring and helping financial companies comply with KYC regulations. Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

San Francisco 153

San Francisco Compliance Regulation cryptocurrency 153

PYMNTS

JULY 20, 2016

We’re a few weeks away from the opening ceremonies of the 2016 Summer Olympic games, to be held, this time, in Rio de Janeiro, Brazil. ” That may be the case due to a lack of research into suppliers, local tariffs and regulations, or it could be due to FX volatility. . “The Olympics are a global activity.”

Course 100

Course Payments Regulation Company 100

PYMNTS

JUNE 17, 2019

The dispute over the Office of the Comptroller of the Currency ‘s (OCC’s) national bank charter, which became available to FinTech firms last year, has reportedly caused technology conglomerates to shy away from a tool that aims to provide nonbank firms with a more streamlined way to operate on a national level.

Google 142

Google National Fintech Regulation 142

PYMNTS

JANUARY 24, 2021

At least at first, the regulations place requirements only on larger companies. Niraj Hutheesing , founder and managing director of Cygnet Infotech said in a prepared statement: “Cygnet Infotech is an established GST Suvidha Provider since 2016, and has developed comprehensive solutions for GST, eWay Bill, and other tax compliance solutions.

Taxes 178

Taxes Compliance Software Fraud 178

PYMNTS

JULY 22, 2016

It’s even more surprising given that 2016 could be the year that regulation begins to really kick in for these lenders — in the U.S., based ZipBooks will help the small business accounting startup strengthen the underwriting process for its SME finance operations, reports announced on Wednesday (July 20).

Lending 100

Lending Regulation Big Data Risk Management 100

PYMNTS

JANUARY 9, 2020

Stronger regulatory rules compelled P2P services to plunge to 343 last year compared to 2,680 in 2016. Last November, Beijing ordered all current P2P platforms to comply with new regulations within a framework of just two years. Good operators got punished along with scoundrels.”. billion yuan (US$70.4 trillion yuan (US$189.2

Lending 131

Lending Regulation Capital Industry 131

PYMNTS

JANUARY 23, 2020

“The actions announced by the OCC today reinforce the agency’s expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations,” Comptroller of the Currency Joseph Otting said.

Community Bank 136

Community Bank Regulation Community Meeting 136

CFPB Monitor

MARCH 30, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions. Section 4013 – Temporary Relief For Troubled Debt Restructurings.

Regulation 122

Regulation United States Community Bank National 122

PYMNTS

JANUARY 24, 2020

Wells Fargo ’s woes, which began in earnest in 2016 when a scandal involving millions of fake accounts created to boost numbers came to light, are continuing and don’t show any signs of abating any time soon, according to a report by Reuters.

Regulation 180

Regulation Community Examples Security 180

PYMNTS

DECEMBER 9, 2018

ATM machine companies in India are warning that they will have to shutter as many as half of India’s cash machines because of new regulations, reported the Financial Times. Some of the new regulations go into effect in 2019 and call on the cash machine companies to upgrade software of many of the 240,000 ATMs in India.

ATM 182

ATM Regulation Industry Report 182

Celent Banking

JUNE 15, 2016

The panelists were Paolo Cederle, CEO, UniCredit business integrated solutions; Christophe Chazot, group head of innovation, HSBC; and Damian Pettit, RBS head of payment operations. I had the honor of moderating day two’s strategic roundtable discussing future challenges and opportunities for banks.

Payments 100

Payments blockchain Technology Security 100

PYMNTS

DECEMBER 6, 2018

The firings are the result of a scandal that started in 2016, when investigations revealed that employees trying to meet sales targets opened about 2.1 Earlier this year, the bank was hit by another scandal involving its wealth management business , opening up more investigations by federal regulators. .

Management 124

Management Retail Regulation Resources 124

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 deal is still awaiting approval by the bank’s shareholders and the board. He was replaced by Deutsche Bank executive Ravneet Gill.

Regulation 100

Regulation Taxes Maine Capital 100

PYMNTS

FEBRUARY 22, 2018

But Wooi Siang Lee, president and COO at Jewel Paymentech , said with growth comes new challenges for the operators of these sites. If a seller spends the night uploading a thousand new products, any operator would be hard-pressed to review them all in the morning, and the problem only gets bigger as the operation scales.

Regional 110

Regional Operations Regulation Branding 110

PYMNTS

NOVEMBER 26, 2018

The equivalence framework will govern a large chunk of financial services, and where the EU can judge whether a third country’s regulations are strong enough to allow that firm to operate within the EU. In terms of cross-border activity, lenders that operate with the U.K. as their home base must have EU subsidiaries in place.

US 146

US United States Regulation cryptocurrency 146

PYMNTS

FEBRUARY 25, 2020

A “future bank” focused solely on providing regulated services for digital assets is preparing to start, according to Coindesk on Monday (Feb. But while NBU had been exploring that idea as far back as 2016, tests among a limited number of participants revealed no discernible advantage to using a CBDC.

NJ 130

NJ New Jersey Bitcoin blockchain 130

Abrigo

JULY 7, 2021

Every bank and credit union in the United States either operates in a state that has legalized or decriminalized some form of cannabis or borders one that has. Steven Kemmerling , CEO of CRB Monitor, first introduced the idea of CRB tiers in 2016 to differentiate the types of marijuana-related businesses and their perceived risks.

Compliance 195

Compliance Operations Regulation United States 195

PYMNTS

JULY 5, 2020

The German payment processing company’s operating performance in Europe and the Americas was far worse than previously known, according to a report from KPMG, the Netherlands-based global accounting firm, obtained by the newspaper. But such profits did not exist, the Times reported. million) in 2017, the KPMG report revealed.

Payments 170

Payments Cards America Report 170

CFPB Monitor

DECEMBER 19, 2016

Mulvaney has been described as a “ staunch deficit hawk ” and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration. Although the CFPB is currently not required to submit its regulations to OMB for review, that could change as a result of the D.C.

Regulation 60

Regulation South Carolina Report Operations 60

PYMNTS

MARCH 12, 2019

The Australian Securities and Investments Commission (ASIC) is criticizing top Australian banks for what the regulator said is an inefficient process of reviewing internal systems that allowed the banks to charge excess fees to customers. The Royal Commission has referred two dozen cases for regulators, which could result in prosecution.

Regulation 108

Regulation National Resources Security 108

PYMNTS

FEBRUARY 3, 2020

“On the basis of this fact-finding, the Commission will consider how best to address more systemic issues, including by ex ante regulation, if appropriate, to ensure that markets stay open and fair,” the paper noted. By way of example, the regulations would require a company such as Google to explain its search result processes.

Data 130

Data Marketing Rhode Island Google 130

PYMNTS

MAY 1, 2020

We will continue working with MRC on accreditation, as we have since 2016.”. The WSJ said the audit process started in 2016, when Facebook acknowledged it has overstated its video viewing statistics for more than two years, the report said. Facebook expressed disappointment to WSJ that the letter was made public.

social media 233

social media Video New York California 233

PYMNTS

JANUARY 24, 2020

Wells Fargo ’s woes, which began in earnest in 2016 when a scandal involving millions of fake accounts created to boost numbers came to light, are continuing and don’t show any signs of abating any time soon, according to a report by Reuters.

Regulation 130

Regulation Community Examples Security 130