PYMNTS

JANUARY 22, 2021

India's central bank wants stricter regulations for big shadow lenders, according to a new report from Bloomberg. 22) report, wants to prevent events like the collapse of a major financier in 2018 — which continues to have effects on the financial system even now. The Reserve Bank of India , according to the Friday (Jan.

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PYMNTS

JUNE 9, 2020

The EU enacted open banking rules in 2018, inspiring regulators worldwide to reconsider how they were transacting funds or transmitting data. The COVID-19 pandemic’s impact on daily business has generated new questions surrounding these initiatives that regulators are now scrambling to answer. and the EU. Australia and Canada.

Regulation 132

Regulation Online California Regional 132

PYMNTS

FEBRUARY 1, 2019

31) that it was going to increase investment in the upcoming year, and expressed concern over new regulations in India that would limit its business in the country, according to a report by CNBC. . Amazon had been pulling back on expenditures and hiring less in 2018. Amazon announced during an earnings call on Thursday (Jan.

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Regulation Maine Marketing Operations 116

PYMNTS

OCTOBER 30, 2020

billion of these payments in 2018 alone for a total of $97.04 Compliance with oversight laws, especially those involving anti-money laundering (AML) or know-your-customer (KYC) regulations, is a perennial struggle for FIs of all sizes. Cash payments are quickly falling to the wayside, with only 26 percent of all U.S.

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Operations Payments Compliance System 228

PYMNTS

SEPTEMBER 12, 2019

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

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

Abrigo

DECEMBER 5, 2019

Banking regulators, state regulators, and FinCEN release joint statement. The much-needed guidance comes almost a year after The Agriculture Improvement Act of 2018 (2018 Farm Bill) was signed into law. Banks should follow standard SAR requirements for any unlicensed operations or other suspicious activity.

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Regulation United States Training Compliance 195

PYMNTS

SEPTEMBER 13, 2019

We need regulation,” she said in Copenhagen. “So Vestager said the data protection rules that were put in place in 2018 did allow for control over personal data, but fell short when it came to tech companies using data to make conclusions about individuals or in terms of maliciously undermining democracy.

Regulation 108

Regulation Data Guidelines Maine 108

Bank Innovation

MARCH 2, 2018

The 16 registered cryptocurrency exchanges currently operating in Japan will soon form a self-regulating body, after a $530 million heist of digital coins in the region led to investor concerns, Reuters reported today.

cryptocurrency 199

cryptocurrency Regional Regulation Operations 199

PYMNTS

NOVEMBER 30, 2020

The operation's purview will include enforcing new regulations governing consumer data privacy and the preservation of small businesses and small- and medium-sized news operations. government, digital business added 150 billion pounds (about $200 billion) to British economy in 2018. According to the U.K.

Marketing 189

Marketing Regulation Google Innovation 189

PYMNTS

APRIL 30, 2019

million during its first year of operations. While 2018 was a challenging year for the industry, I am pleased with the ways in which our team navigated difficult market dynamics, and believe we are well-positioned to scale our business strategically over time,” Novogratz said in a press release. The decrease was mainly due to $48.7

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Bitcoin Company social media cryptocurrency 100

PYMNTS

JANUARY 18, 2018

Regulation has undoubtedly acted as a catalyst to major financial services trends in areas like small business (SMB) lending, faster payments and, most recently, open banking and collaboration with FinTechs. In its Global Banking Outlook 2018 survey , EY assessed 221 financial institutions across 29 markets. Optimism Up.

Regulation 156

Regulation Innovation Fintech Marketing 156

CFPB Monitor

OCTOBER 4, 2018

On September 21, 2018, the Attorney General for the State of Washington filed a lawsuit (see complaint ) against several companies engaged in purchasing charged-off consumer debts, for operating as “collection agencies” without a license, in violation of the Washington Collection Agency Act (WCAA).

Washington 84

Washington Operations Regulation National 84

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. Regulation E – Mistakes Made in the Consumer Liability/Error Resolution Process. Regulation E – Mistakes Made in the Consumer Liability/Error Resolution Process.

FDIC 60

FDIC Compliance Regulation Training 60

PYMNTS

JULY 5, 2020

The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. Hemp, a strain of cannabis with lower concentrations of THC, the substance that makes users high, was legalized in 2018.

US 352

US Nevada Arizona Guidelines 352

PYMNTS

JULY 8, 2019

To that end, Andrea Enria, the European Central Bank supervisor, said this past week that the European banking system is operating with excess capacity, and that efficiency might be spurred by mergers and acquisitions. As many as 1.6 30, 2014 to Dec. The bank was fined the equivalent of $1 million USD.

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System Regulation Capital Report 108

Insights on Business

FEBRUARY 15, 2018

To help risk and compliance professionals understand the opportunities and navigate the fundamental changes happening to our business, IBM has designed a RegTech-focused curriculum for the upcoming Think 2018 conference happening March 19-22 in Las Vegas, NV. Learn more about and register for IBM Think 2018 here.

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Las Vegas Compliance NV Meeting 87

PYMNTS

JULY 4, 2018

The top court in India is keeping in place a ban that prevents banks, financial institutions and other regulated entities from providing services related to cryptocurrencies, Bloomberg reported. billion in 2018. Chief Justice Dipak Misra led a bench that said the Reserve Bank of India’s directive will still stand.

Bitcoin 104

Bitcoin cryptocurrency Comparison Regulation 104

PYMNTS

DECEMBER 28, 2018

The court found Grab ran afoul of regulations in Vietnam because it runs a taxi business and is not just a technology company. billion in funding it raised in 2018 and the more than $6 billion in total it has raised from investors. The fine comes at a time when Grab is in growth mode and garnering a lot of attention from investors.

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Operations Maine Report Regulation 116

PYMNTS

NOVEMBER 26, 2019

The Prudential Regulation Authority (PRA), the supervisory arm of the Bank of England (BoE), has fined Citigroup a record-breaking $56.3 million for not completing accurate returns between 2014 and 2018, according to a report by Reuters.

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Report Capital Regulation Meeting 191

CFPB Monitor

JANUARY 9, 2020

The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR cessation and transition risk.” (LIBOR is the acronym for the London Inter-Bank Offered Rate.).

Regulation 78

Regulation New York Management Taxes 78

PYMNTS

JANUARY 25, 2021

In today’s top payments news around the world, India’s central bank wants stricter regulations for big shadow lenders, while global foreign direct investment (FDI) dropped last year and the pandemic will continue to impact it this year. The central bank of India wants more stringent regulations for large shadow lenders.

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United States Regulation Payments Lending 217

PYMNTS

OCTOBER 18, 2016

businesses collectively facing fines of up to £122 billion in 2018. The report noted that cybersecurity is a huge issue for businesses operating in the U.K. Cybersecurity breaches could result in U.K. The report noted that, while the U.K. If the breaches continue at the same pace, PCI estimated the fines would rise from £1.4

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Security Report Regulation Branding 100

PYMNTS

JUNE 29, 2020

Small- to medium-sized businesses (SMBs) have been especially hard hit, as many have pivoted quickly to enable online transactions and adhere to the regulations that often accompany them. The health crisis has brought about changes to this rule, however, and these may have long-term implications for payment standards and regulations.

How To 239

How To Payments Management social media 239

Perficient

AUGUST 16, 2020

However, you may not know that there are certain rules/regulations that must be accounted for so you can remain compliant with FCC regulations. This law was signed on February 16, 2018, and officially went into effect on February 16, 2020. On March 23, 2018, the President signed the RAY BAUM’S Act into law.

System 348

System Regulation Texas Compliance 348

PYMNTS

OCTOBER 2, 2019

Watchdog officials started monitoring the Singapore-based Grab last year after it acquired the Southeast Asian operations of Uber, which was its main competitor. Grab cooperated with the commission and has not been informed of any breach of competition laws since the March 2018 acquisition, a spokeswoman for the company told Bloomberg.

Regulation 108

Regulation Maine Lending Mobile 108

PYMNTS

SEPTEMBER 23, 2020

Banks in the EU have been racing to comply with the General Data Protection Regulation ( GDPR ) and the revised Payment Services Directive ( PSD2 ) since both measures were enacted in 2018. FIs in Fidor’s native Germany should by now be familiar with the standards set by GDPR, PSD2 and other regulations aimed at online banking.

Compliance 225

Compliance Regulation Guidelines Security 225

PYMNTS

JANUARY 14, 2021

Commerzbank Chief Risk Officer Marcus Chromik told a parliamentary committee that the bank agreed to extend credit to Wirecard in 2018, based on assurances about the company's prospects. The scandal has widened since then to include regulators and banks, in addition to the individuals running Wirecard.

Fraud 146

Fraud Regulation Operations Report 146

PYMNTS

JULY 23, 2020

Regulators in Mexico passed a law governing FinTechs in March 2018, just two months after PSD2 went into effect in the European Union, and others in the region have since followed suit. This steady march toward online banking tools has played a key role in how Brazil’s regulators are structuring its open banking rules.

America 165

America Regulation Regional Tools 165

PYMNTS

JUNE 4, 2018

Digital is turning us into freelance workers whose worries about healthcare costs could finally help drive down those prices, and whose online purchasing seems increasingly likely to be influenced by Alibaba and other China-based operations. on-demand workforce will increase 23 percent year over year in 2018, with some 6.8

Google 110

Google United States Trends Data 110

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. Last year, regulated marijuana sales in Colorado were nearly $1.55 Last year, regulated marijuana sales in Colorado were nearly $1.55 billion the previous year.

Industry 155

Industry Colorado Taxes California 155

PYMNTS

MARCH 27, 2020

While the advancement of open banking regulations may be seeing a small skip due to the spread of the coronavirus , many countries saw business and typical banking operations halted right after deciding upon new online privacy rules. Considering t he global nature of COVID-19, regulators outside of the U.S. Security .

Data 199

Data Retail US California 199

PYMNTS

NOVEMBER 16, 2020

They allege that Apple stores tracked user data without getting consent, which is a violation of Europe’s privacy law, the General Data Protection Regulation (GDPR). This is the first time a company is being legally called out for violating the 2018 data privacy mandate.

Tools 153

Tools Apple social media Regulation 153

PYMNTS

AUGUST 16, 2019

15) that Hong Kong authorities have reportedly opened an investigation into Chinese banks operating in the city. Unnamed sources told the publication that Citic Bank International has similarly tamed its efforts to expand investment banking operations.

Lending 148

Lending Regulation Operations Analysis 148

CFPB Monitor

MAY 19, 2022

The Department alleges that 100% of the loans to Connecticut residents originated on the Platform from June 2018 to August 2021 either contained a Lender Tip or a Solo Tip. Consumers are encouraged to offer a Lender Tip in an amount up to 12% of the loan amount and a SoLo Tip of up to 9% of the loan amount.

Connecticut 78

Connecticut Operations Fintech Regulation 78

Abrigo

JUNE 10, 2020

The former Chief Operational Risk Officer was fined for insufficient action on AML program deficiencies and staffing issues. The regulators don’t care what your budget is,” Luttrell says. FinCEN in coordination with the Office of the Comptroller of the Currency (OCC) in February 2018 issued a $185 million civil penalty against U.S.

Resources 195

Resources Regulation Compliance Policies 195

Bobsguide

OCTOBER 22, 2018

“The regulatory burden on a financial institution operating in multiple regimes - plus Brexit - is incredibly large,” said Harry Chopra, chief client officer of AxiomSL on the sidelines of Sibos 2018 in Sydney, Australia. “You get regulatory fatigue at some point,” said.

Regulation 68

Regulation Management Operations 68

PYMNTS

JULY 28, 2020

Fifty-eight percent of worldwide eCommerce transactions were made using these platforms in 2018, for example, and consumers have since become even more accustomed to them. Robust international operations require winning over many sellers and operating smoothly around the world, activities that can be challenging for platforms.

Marketing 159

Marketing Regulation National Operations 159