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

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. billion — 91 percent — of those penalties, while European regulators demanded $1.7 imposed a full $23.52

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

JANUARY 26, 2020

Corbett stepped down from the job because it was “impossible” to overcome regulations on Bird Rides while Brexit was in process. The micromobility company launched in London in 2018, and has struggled since then to get its business off the ground. The eScooters receive active use within that area.

Regulation 133

Regulation Taxes Company Operations 133

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

PYMNTS

MAY 22, 2019

WeChat Pay is a unit of Tencent’s popular WeChat mobile messaging platform, while Alipay is operated by Ant Financial, an affiliate of Chinese eCommerce giant Alibaba. In a statement to Reuters, Tencent said its WeChat Pay unit meets all regulations in the countries where it operates. “As

Taxes 158

Taxes Regulation Payments System 158

PYMNTS

MAY 8, 2020

Supreme Court decision allowed sports betting in 2018 and inspired 2019 laws that govern the fledging industry in 10 states and set guidelines such as how online casinos can operate and how sports betting would be taxed. Pennsylvania reported similar figures, with tax revenues from brick-and-mortar gambling declining to $50.5

Online 176

Online Industry New Jersey Pennsylvania 176

PYMNTS

FEBRUARY 2, 2021

1, a milestone that also made Action 24/7 the only locally owned sportsbook gaming operator of four licensed by the state. “I While the instant betting and payout abilities are a positive, there is no competing with the black market when it comes to the collection of taxes. We’re bringing sports gambling out of the shadows,” she said.

Tennessee 262

Tennessee Payments social media Regulation 262

PYMNTS

JANUARY 7, 2020

The financial center operates with its own legal, regulatory and tax infrastructure and traces its roots back to 2005. As reported by the Gulf Times , the Qatar Central Bank adopted new regulations in December that focus on combating money laundering and terrorist financing.

cryptocurrency 132

cryptocurrency Bitcoin blockchain Course 132

PYMNTS

MARCH 14, 2019

Both corporates and banks have said Know Your Customer ( KYC ) regulations are their most pressing compliance concerns, with nearly three-quarters of businesses with more than $1 billion in revenues pointing to KYC as their top challenge. ” and an overall rise in complexity of current regulations. ” Technological Troubles.

Fraud 115

Fraud Survey Taxes Regulation 115

PYMNTS

DECEMBER 15, 2017

Twenty-nine percent said they already spend as much time on company strategy as they do on operational and financial management tasks. More than 80 percent agreed that a key priority for 2018 will be to continue focusing on operational efficiencies. ”

Marketing 116

Marketing Payments Survey Taxes 116

Abrigo

FEBRUARY 10, 2022

Since 2016, three serious document leaks have made international news and exposed the activity of powerful political elites or wealthy individuals who used shell companies to disguise the source of funds and avoid taxes. As of 2018, financial institutions must determine beneficial ownership as determined by two prongs: ownership and control.

Training 195

Training Regulation Report Compliance 195

PYMNTS

AUGUST 20, 2019

That’s especially important as businesses gain scale, as they expand reach into new geographic areas — and as they grapple with AP operations. In a release, Tipalti said earlier this month that it saw an increase of 250 percent in customer bookings in the first half of 2019 compared to the first half of 2018.

Management 127

Management Payments Taxes Software 127

PYMNTS

APRIL 30, 2018

Fifty-four percent of small business owners say they are optimistic about the national economy , found Bank of America’s 2018 Business Advantage Small Business Owner Report. More than 90 percent of survey respondents said they feel the government did not adequately prepare the small business community for the new tax code.

Taxes 144

Taxes America National Community 144

PYMNTS

APRIL 1, 2019

workforce (36 percent) participated in the gig economy during 2018. Companies are also turning to digital marketplaces to tap into workers’ expertise while lowering operating costs. . A December 2018 survey from Connect Solutions found that this kind of remote employment offers perks for both workers and employers.

Payments 183

Payments Survey Online Company 183

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 Genesis plans to offer a “full suite of treasury management services,” including audit and tax reporting, investment management, and custody and liquidity services for the industry.

Management 164

Management cryptocurrency blockchain Regulation 164

ForwardBanker

NOVEMBER 20, 2019

The mergers and acquisitions (M&A) train that left the station in 2018, fueled by things like tax reform, interest rates inching up, and FI-friendly regulation keeps on chugging along. American Banker reports that the pace of M&A slowed slightly in 2019, but even so, more than 180 mergers were announced as of the end of.

Training 44

Training Taxes Regulation Report 44

PYMNTS

JULY 13, 2018

The current quarter included a 10-cent per share income tax expense. . Officials said non-interest income was down $684 million from the first quarter of 2018, to about $9 billion in the second quarter, citing lower mortgage banking fees and other income. per share, while earnings came in at 98 cents. Revenue fell to $21.6

South Dakota 101

South Dakota San Francisco Indiana Wisconsin 101

PYMNTS

DECEMBER 8, 2016

company looking to do work abroad, it means you can’t ignore these various regulations, either. “If you want to roll out eInvoicing across your global enterprise, you need to be mindful of these different regulations in different parts of the globe that you need to be in compliance with,” he said. .

Compliance 100

Compliance Regulation Taxes Fraud 100

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. The delicate balance between bank-FinTech competition and collaboration continues to teeter in the U.S.

Fintech 144

Fintech Payments Meeting Capital 144

PYMNTS

DECEMBER 18, 2018

The tax man cometh, logging miles — in a manner of speaking. The mileage rate increase should spur businesses to consider how they reimburse the drivers who are part of everyday business operations, especially in the age of the mobile (literally) worker. 58 per mile, up three and half cents from 2018’s rate. On Friday (Dec.

Compliance 148

Compliance San Francisco Operations Taxes 148

PYMNTS

FEBRUARY 21, 2018

It’s surprisingly common for the information settlement mechanism like SWIFT to be on a separate ledger from the payment settlement mechanism, which is the system more likely to be scrutinized by the bank’s internal controls, as well as the various audits, including inspection by regulators.”. “In

blockchain 130

blockchain Los Angeles Regulation Oregon 130

PYMNTS

OCTOBER 22, 2018

As of September 2018, losses from gift-card fraud have hit $53 million. They may pretend to be the IRS and tell people they cannot use other payment methods because of their delinquent tax status,” according to the FTC. India Strategic Partnership Forum, admitted that the payments companies were frustrated with the regulators.

Data 134

Data Fraud Cards Regulation 134

PYMNTS

MARCH 18, 2019

Last week, NACHA issued an ACH operations bulletin announcing the delay of the rollout of a third Same Day ACH (SDA) processing window by six months, to March 19, 2021. The regulator notified NACHA that they need more time to evaluate required changes to their system before giving it the green light. A Couple of Important Dots.

Payments 201

Payments Cards Operations System 201

PYMNTS

FEBRUARY 20, 2019

Worldwide legal cannabis products represented a $55 billion market in 2018, and most analysts estimate that it will have nearly tripled to reach $147 billion by 2025. the domestic market for legal cannabis in 2018 was $9.1 From there, the regulation of CBD gets a little more complicated. Here in the U.S.,

Retail 136

Retail District of Columbia San Francisco Denver 136

ForwardBanker

NOVEMBER 20, 2019

The mergers and acquisitions (M&A) train that left the station in 2018, fueled by things like tax reform, interest rates inching up, and FI-friendly regulation, keeps on chugging along. The post M&A: How Deluxe Can Help Financial Institutions appeared first on Deluxe FS.

Training 28

Training Taxes Regulation Report 28

PYMNTS

NOVEMBER 6, 2018

Taxes, minimum wage, global trade tariffs — there are a lot of regulatory changes weighing heavily on the minds of U.S. And, in addition to changing healthcare regulations, industry consolidation has threatened to squeeze out the small players. small business owners.

Capital 130

Capital Iowa Management Community 130

BankUnderground

NOVEMBER 8, 2023

In a new working paper , we show that cap-and-trade schemes lead to lower volatility in GDP and financial variables, and result in reduced welfare costs of the business cycle , when compared to the more widely known carbon taxes. We find that a cap-and-trade system keeps the economy significantly more stable.

Policies 65

Policies Regulation Taxes Compliance 65

PYMNTS

SEPTEMBER 4, 2019

Merchants must handle the sales tax compliance obligations of each locale from which they receive money if they want to sell online. The complexities of sales tax compliance affect business decisions by both sellers and marketplaces, according to Ted Hettich, chief sales officer at U.K. Deciphering obligations. he said. .

Taxes 131

Taxes Policies Compliance Retail 131

FICO

JANUARY 18, 2019

Despite advances in customer due diligence, including the addition of advanced analytics to compliance officers’ toolkits, the scandals of 2018 confirmed that many banks are struggling to bring their operations up to regulators’ standards, to say nothing of best practices.

Compliance 40

Compliance Regulation Taxes Analytics 40

PYMNTS

NOVEMBER 7, 2019

Consumers around the world log in to eBay with their Facebook profiles, purchase lunches with Apple Pay and in some cases pay their taxes or register to vote with government-provided digital identities. Digital identities are flexibly changing forms as they gain ubiquity. The Estonian enactment is also notable for its ethical considerations.

System 131

System Guidelines National Online 131

PYMNTS

OCTOBER 5, 2016

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. The user base of prepaid cards has grown significantly as well.

Cards 189

Cards Google Tools Regulation 189

PYMNTS

FEBRUARY 27, 2019

million judgement on the defendants in this fake online review case — though, if the company pays $50,000 to the agency, as well as “certain unpaid income tax obligations,” that full judgement amount will be suspended. The power of online reviews go beyond large, distantly located eCommerce operations, too. Power of Reviews.

Online 108

Online San Francisco California Operations 108

PYMNTS

OCTOBER 23, 2019

The average American ate out 185 times in 2018 — dropping from 216 times in 2000. It’s about providing a full consumer experience while bringing more digital and mobile efficiency to back-end business operations, he told PYMNTS. But that trip down memory lane is worthwhile only to remind ourselves of how much is indeed changing.

Retail 101

Retail System Mobile Innovation 101

PYMNTS

NOVEMBER 7, 2019

Brazil’s potential customer base tempts global subscription service providers, as the South American country boasts a population of 200 million and had 132 million people with internet connections in 2018. percent tax on foreign merchant transactions by using local payment methods.

Online 100

Online Payments Cards Fraud 100

PYMNTS

NOVEMBER 29, 2019

And in the wake of all those sales lies a pressing issue for merchants plying their trades online: figuring out the tax liabilities. At the same time, navigating tax policies is proving to be a complex business. tax policy at Avalara , noted that this holiday season is the second one post-Wayfair. The hard part?

Taxes 134

Taxes South Dakota New York Nebraska 134

CB Insights

DECEMBER 15, 2020

Get the free 64-page download to learn how industries are using tech to reimagine nearly every facet of their operations. As profits are squeezed by growing regulation and client acquisition costs , the global wealth management industry is seeing increased consolidation. First name. Company Name. Phone number. Source: Bloomberg.

Management 87

Management Fintech Industry Trends 87

Banking 2020

NOVEMBER 17, 2014

regulators have already put in place similar strictures for the eight largest (you might say systemically important) banks. regulations don’t go into effect until 2018, and the new FSB proposal is essentially the start of a lengthy debate. (For But in this operating environment, that’s not in any way feasible.

System 70

System Taxes Course Regulation 70