Things worth reading: 2nd June 2017
Chris Skinner
JUNE 2, 2017
The race to become Islamic banking’s fintech hub The super-rich are different: they pay less tax. The post Things worth reading: 2nd June 2017 appeared first on Chris Skinner's blog.
2017 Marketing Regulation Taxes 
How Online Sales Tax Impacts Different eCommerce Models
PYMNTS
SEPTEMBER 4, 2019
Since 1992, when eCommerce was still in its infancy, online retailers have not had to collect sales tax. States can now tax sales by companies that do not have a physical presence within the state. Will this increasingly regulated online sales tax environment affect this growth? Online Sales Tax and Marketplaces.
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Will eSports And Other Online Businesses Spike Digital Taxes?
PYMNTS
JANUARY 17, 2020
Historians and economists regularly look to tax policies to get a sense of what happened within a particular industry, society or country. No doubt the chronicles to come about the rise of the internet age and the spread of digital culture will include serious treatment of tax issues. Taxing Confusion. billion in 2022.”.
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Bitcoin, Peers Slammed On South Korean Tax Fears
PYMNTS
JANUARY 22, 2018
The financial publication Barron’s reported that regulations — new ones, rumored to be in the offing — were the impetus that sent the price skidding. The rumors were enough to send several dozen brethren down in crypto-land, as Barron’s noted that the top 60 coins — ranked by market cap — slipped in tandem with bitcoin.
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China Turns To Tax Policy To Bolster Entrepreneurs
PYMNTS
MAY 7, 2018
China introduced new tax initiatives aimed at bolstering the nation’s entrepreneurs, according to local news reports on Friday (May 4). Vice finance minister Cheng Lihua introduced seven new tax policies during a press conference Friday, with the goal of saving small businesses $9.45 billion a year, reports from Xinhua said.
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EU Wants US Tech Giants To Pay Revenue Tax
PYMNTS
SEPTEMBER 12, 2017
Germany, France, Italy and Spain’s finance ministers have announced plans to tax tech multinationals, such as Amazon and Alphabet Inc./ This news is just the latest sign that European politicians and regulators are uncomfortable with the growing strength of U.S. politicians, especially because of the amount of taxes in play.
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Turkey Is Most Difficult Market for Regulatory Compliance
PYMNTS
JUNE 14, 2017
Tax and accounting compliance can be an overwhelmingly monumental task as companies expand their geographic footprint. Not only do regulations vary from jurisdiction to jurisdiction, but the consequences of non-compliance vary greatly, too. There are also an “extremely high number” of tax rules.
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London’s Airbnb Regulations Will Cost The Company $400M
PYMNTS
JANUARY 3, 2017
Airbnb has $400 million or so in losses in London to look forward to in 2017, thanks to new regulatory enforcement of the 90-night limit for hosts. If its listings hold constant, Airbnb could see its bookings in 2017 drop by a third thanks to the new rules. billion in 2017.
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TurboTax Bid For Credit Karma Triggers Antitrust Worries
PYMNTS
MARCH 2, 2020
As the leader in DIY taxes, TurboTax has been dealing with escalating competition from Credit Karma, which is now a leading financial app among younger customers. Credit Karma started offering a free tax filing service in 2017. Regulators blocked the deal from going through.
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130 Colorado’s Marijuana Industry Tops $6B
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.
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Buying into AML risks in real estate
Abrigo
JUNE 27, 2023
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. In 2017, over 5.51 Why real estate?
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Bitcoin Daily: Malaysia Will Start Regulating ICOs, Russia May Invest In Bitcoin To Take On Sanctions
PYMNTS
JANUARY 15, 2019
Malaysia’s initial coin offering (ICO) regulations are said to take effect on Tuesday (January 15) per a notice from the Securities Commission (SC) in the country, Coindesk reported. At the same time, it was said that those who engage in digital asset dealing will have to follow rules for anti-money laundering (AML), among other regulations.
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108 GonzoBanker Awards 2017
Gonzobanker
DECEMBER 19, 2017
Heavy-handed regulators. Seriously, sit back with a pocket flask of Pappy Van Winkle, smoke a cigar (or your combustible of choice if you live in Colorado, California, Washington, Oregon, Nevada, Main or Massachusetts) and enjoy the 2017 GonzoBanker Awards. One word can summarize this action-packed banking year, GonzoBankers – tiring.
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Bitcoin Plunges Over 50 Percent
PYMNTS
JANUARY 17, 2018
Bitcoin wasn’t alone in its fall, as other cryptocurrencies lost value over investor concerns that regulators would take measures to curb speculation. There is a lot of panic in the market. At the time, police and tax authorities had reportedly been raiding local exchanges on alleged tax evasion charges.
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Economic Nexus Laws’ Unexpected Impacts On Restricted Substance Retailers
PYMNTS
SEPTEMBER 30, 2019
eCommerce sales tax laws are having unintended consequences in the tobacco industry. These laws were meant to make online sellers face sales tax requirements similar to those for retailers with on-the-ground locations, putting both types of businesses on equal footing. in 2017 had a 52.75
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US Banks Expected To Lose 200K Jobs To Technology
PYMNTS
OCTOBER 1, 2019
Cloud computing, on the other hand, could bring in significant savings, while Big Data would enable “more surgical marketing.”. John Cryan, former Deutsche Bank boss, warned in 2017 that up to half of the 97,000-strong workforce of the bank could go.
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Bitcoin Daily: China Plans Crypto Crackdown, Mail Chimp Blocks Crypto And ICO Marketing
PYMNTS
MARCH 30, 2018
tax deadline approaches, CNBC reported. Customers, in all, said they lost more than $11 million in 2017 due to tech support fraud. Bitcoin fell below $7,000 on Thursday (March 29) – and analysts expect sales of bitcoin and other cryptos to increase as the April U.S. The price of bitcoin was $6,826.68 as of 11:13 p.m.,
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EU May Create Algorithms To Find Anti-Competitive Pricing
PYMNTS
MAY 4, 2018
To find companies that may be using software to fix prices, EU regulators may create their own algorithms. So, of course, we would like to have our own algorithms to be out there, looking into the market, figuring out if there has been collusion taking place.”.
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Guest Post: Financial Markets and Economic Update by Dorothy Jaworski
Jeff For Banks
NOVEMBER 1, 2017
Quarterly Financial Markets & Economic Update- October, 2017 I love this time of year. The markets have not given way to anything, with long term bonds still trading in a tight range and short term rates having risen from Fed action. The overall forecast for GDP in 2017 is 2%. in September, 2017.
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Citibank Agrees To Settle SEC ‘Dark Pool’ Claims For $12M
PYMNTS
SEPTEMBER 14, 2018
Sansone, chief of the SEC enforcement division’s market abuse unit, said, “Market participants deserve to make informed decisions about where they execute their orders. The company disclosed it “self-reported” the findings to regulators, as pertains to Regulation Z and the CARD Act. In a statement , Joseph G.
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The Middle Market’s Expense Management Conundrum
PYMNTS
JANUARY 22, 2018
Expense management technology is now a saturated market, particularly for the small business space – which is notoriously difficult to serve, because they are too small for large, enterprise-grade solutions, but too large for consumer-specialized tools. “Some observers will define the market as $10 million in the top line to $1 billion.
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First Cannabis Company To Go Public Raises $153M
PYMNTS
JULY 20, 2018
at the close of trading on Thursday (July 19), the company had a market value of nearly $2 billion. “It It is a big deal for the cannabis industry’s expansion plans,” said Matthew Kennedy, an IPO market strategist at Renaissance Capital, which runs exchange trade funds that buy newly listed shares. million in 2017 and $5.2
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South Korea Says It Will Not Ban Crypto-Trading
PYMNTS
JANUARY 31, 2018
South Korea is one of the world’s major hubs for crypto trading — and a local ban was considered a stumbling block for an exploding market. It has also been a weight on the price of bitcoin, which has seen its prices struggle in early 2018 after explosive growth capping off 2017.
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Genesis Molds Treasury Management For The Crypto World
PYMNTS
SEPTEMBER 26, 2018
Earlier this year, CoinDesk data revealed more money was raised via ICO in the first quarter of 2018 than in the entirety of 2017, totaling $6.3 ICO market.” “There is a big gap in the market,” says David Siemer, founder and CEO of Wavemaker Partners. billion raised in those first three months.
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Top Banks Keep Ahead Of FinTechs’ Competitive Threat
PYMNTS
SEPTEMBER 18, 2019
In a market without Open Banking regulations, FinTechs continue to enter in to the market, collaborating with bank partners to offer their own financial services — which often compete directly with other financial institutions. According to its latest research, some of the U.S.’s
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144 Amazon And Google Face New European Problems
PYMNTS
SEPTEMBER 20, 2018
European regulators this week continued to show their love, respect and admiration for U.S.-based Assuming that caught your attention, here’s the real story: It’s shaping up as a busy week for regulators in Europe (including Turkey, which for purposes of this article, qualifies as Europe). “The
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Report: US Banks Will Cut Jobs As Robots, Tech Bring About Change
PYMNTS
OCTOBER 1, 2019
Cloud computing, on the other hand, could bring in significant savings, while Big Data would enable “more surgical marketing.”. John Cryan, former Deutsche Bank boss, warned in 2017 that up to half of the 97,000-strong workforce of the bank could go.
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France Seeks To Fine Amazon For Abusing Its Price Power
PYMNTS
DECEMBER 18, 2017
According to new reports, France’s government has filed a formal complaint against Amazon alleging the eCommerce giant has abused its position in the market. Amazon has faced other issues in the EU in 2017. The filing follows a two-year investigation by France’s local answer to the CFPB: the DGCCRF. million) fine.
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102 Baker Technologies Raises $3.5M, Enables Cannabis Dispensaries
PYMNTS
MARCH 15, 2017
As of 2017 , there are 28 total states that have voted to legalize marijuana in some form for medical purposes. Naturally, investors are taking notice — though marijuana is still classified as a Schedule I narcotic by federal guidelines, and regulations in states where cannabis is legal can get complicated. and Canada.
FinTech Partnerships With FI Marked By Global Scope
PYMNTS
JUNE 15, 2018
In the Middle East , RAK Bank has said it will offer Sage accounting software to business banking customers, in an agreement that helps those firms manage value-added tax (VAT) compliance mandates. The software firm, Sage, has had five of its accounting offerings focused on VAT, accredited by the UAE Federal Tax Authority.
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Cryptos, Blockchain Listed Among SEC Priorities In 2020
PYMNTS
JANUARY 8, 2020
Call it, perhaps, a New Year’s Resolution list — for regulators. The digital assets market has grown rapidly and presents various risks, including for retail investors who may not adequately understand the differences between these assets and more traditional products,” according to the office. In documents released Tuesday (Jan.
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138 ‘Think Locally’ Takes On New Meaning For X-Border Merchants
PYMNTS
FEBRUARY 13, 2017
With old rules evolving into new ones, geographic boundaries and their own set of regulations are just some of the many complexities that add friction to the process of international business. Bullock discussed the compliance challenges of various payment scheme regulations that cross-border merchants often need to confront.
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Greenline Ventures Launches New Small Business Fund
PYMNTS
FEBRUARY 8, 2017
The financing will leverage New Markets Tax Credits (NMTC), alongside private capital, to provide short-term financing to small businesses with competitive rates and flexible terms, the company said. Expect 2017 to be a strong year for loan originations for big banks.”. Its NMTC equity investor is U.S.
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100 Geoswift UK Gets Authorization As Payment Institution From FCA
PYMNTS
JANUARY 19, 2017
We hold a positive outlook for the B2B cross-border potential between Europe and China in 2017 and look forward to establishing deeper partnerships with the FCA license,” he said. In a press release , Geoswift said it presently partners with global banks, financial service providers, payment solutions providers and merchants in the U.K. “We
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Italian Banking Association Embraces Need For Speed For Future Of Real-Time Payments
PYMNTS
FEBRUARY 1, 2021
As Camporeale told Webster, Italian banks were among the first to adopt the SEPA instant credit transfer schemes, back in November 2017. The FIs, in turn, should consider making special offers for users and incentivizing low-value, high-frequency transactions — including cash back for consumers and tax rebates for merchants.
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Guest Post: Financial Markets and Economic Update by Dorothy Jaworski
Jeff For Banks
JULY 8, 2017
The markets continue to roll and bond markets continue to trade in a 25 basis point range, hitting the higher end when they think the economy is strong (why else would the Fed raise rates?) The Fed has raised rates by 25 basis points twice so far in 2017 and has promised one more increase. million, at the end of May, 2017.
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Threats, Risk Coming At Businesses From All Sides
PYMNTS
JANUARY 23, 2017
Businesses face mounting risk thanks to things like geopolitical uncertainties and regulation but are also threatened by something as seemingly arbitrary as group chat platforms. That’s according to SAP SuccessFactors and Oxford Economics, which surveyed 4,100 FinServ executives across markets.
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The Blockchain Wave Isn’t Always Smooth Sailing
PYMNTS
JANUARY 10, 2018
The blockchain hype certainly hasn’t risen without catching the attention of regulators. Reports noted the efforts echo those seen in Nevada, with one bill that aims to “prohibit cities and villages and counties from taxing or otherwise regulating the use of distributed ledger technology.”. Regulatory Moves.
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Climate and capital: some outstanding issues
BankUnderground
JUNE 8, 2022
There is a lively debate about whether and how capital regulations for banks and insurers should be adjusted in response to climate change. The second approach is to estimate capital shortfalls for banks arising from the ‘stranding’ of specific sectors exposed to climate policy ( Battiston et al (2017) ).
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How Does ChatGPT Describe the Economy and Banking?
Jeff For Banks
FEBRUARY 4, 2023
The labor market has also improved, with unemployment declining and job growth picking up. Additionally, the implementation of new policies by the government, such as changes to taxes and regulations, could also influence economic outlook. The tool is still new and evolving.
Guest Post: FInancial Markets and Economic Update by Dorothy Jaworski
Jeff For Banks
AUGUST 12, 2018
This is because the economy has been gaining momentum, however modest, from the tax cuts and deregulation. As well as the economy has been doing from the momentum of tax cuts and reduced regulation, there are always looming issues. for the year ending June, 2017, and +4.2% The economy has grown 2.2%
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60 Businesses Can Have Their Identities Stolen, Too, Experts Warn
PYMNTS
JUNE 14, 2018
Identity theft is an unfortunately reality for more consumers as data breaches continue to rock the market. Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. Research from Auriemma Consulting Group estimates that identity theft has cost banks at least $6 billion, and cost consumers $58.9
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NEW STUDY: For X-Border Success, Four Payment Methods Are Just As Good As 140
PYMNTS
NOVEMBER 30, 2017
out of 100 in Q1 2017. How regulations and licensing are hampering X-Border trade. In fact, according to Eugene Laney, head of international trade affairs at logistics company DHL Express, the evolution of technology and commerce has come with equivalent shifts in regulations and consumer expectations. out of 100 from 56.8
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Widening Borrower Protection’s Scope To SMBs
PYMNTS
JANUARY 29, 2020
small businesses had sought a loan online, compared to just 19 percent that did so in 2017. As online lending platforms proliferate among the SMB borrowing community, however, experts warn that a lack of regulation means these companies rarely publicly reveal interest rates and fees. ” Knowing Their Options.
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