PYMNTS

DECEMBER 9, 2020

What makes the current developments so interesting and exciting is that “we're just seeing that they're at the end of the innovation growth cycle,” he explained. All of these new FinTechs and digital innovators are changing the landscape as the role of payments rapidly shifts in the broader financial services arena.

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Innovation Fintech Payments Regulation 306

PYMNTS

MAY 6, 2019

The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. The national licenses would let FinTechs lend money and paychecks to consumers. lakh (roughly $1.6

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National Fintech New York Exercises 165

PYMNTS

FEBRUARY 25, 2019

The Conference of State Bank Supervisors (CSBS) said earlier this month that it had put in place a set of action items to standardize the national experience of FinTechs and non-bank entities. We have formed a working group of state regulators to develop the model. Our FinTech industry advisory panel did include a few community banks.

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Regulation Fintech Community Bank Community 147

PYMNTS

AUGUST 2, 2019

banking system. The Feds focused on Amazon’s resiliency and backup systems, some of the people said, describing the visit as the first of what is expected to be ongoing oversight of the tech giant. Regulators’ influence over non-banks is limited, and banks are left to vet their own vendors. Efforts from lawmakers in the U.S.

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Regulation Virginia Google Capital 144

PYMNTS

FEBRUARY 16, 2017

According to Bloomberg , the Monetary Authority of Singapore published a new consultation paper that revealed new and existing venture capitalists will no longer be subject to the same rules that apply to fund managers overall, including capital requirements and business conduct regulations.

Regulation 183

Regulation Capital Fintech Innovation 183

PYMNTS

DECEMBER 10, 2018

The statement gave a nod to “private sector innovation” that can use tech to detect and report financial crimes such as money laundering and terrorist financing. In China, China’s banking and insurance regulator, as reported by Reuters, wants banks to meet credit demand from private firms “to the greatest possible extent.”

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Regulation Fintech FDIC National 172

PYMNTS

OCTOBER 10, 2019

The Chief of Russia’s Central Bank Elvira Nabiullina said she doesn’t see any pertinent or obvious reason to create a national digital currency, according to a report by Russian News Agency TASS. The regulator made the remarks at the Finopolis forum of innovative financial technologies.

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National cryptocurrency Study Comparison 100

PYMNTS

MAY 29, 2017

but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption. FinTech has no doubt changed the face of the financial services industry in the U.S.,

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Regulation Fintech Conference Innovation 133

PYMNTS

JANUARY 14, 2021

Bitcoin is about to get even more scrutiny by regulators, on a global stage. As reported by Reuters this week, Lagarde said at a conference sponsored by the newswire that bitcoin should be regulated — worldwide. She went on to say that “there has to be regulation. She pointed to the crypto’s use in criminal activity.

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Bitcoin Regulation Tools cryptocurrency 152

Abrigo

AUGUST 6, 2019

The Financial Crimes Enforcement Network (FinCEN) is tasked with protecting the financial system both within the United States and internationally. Financial criminals are working hard, using technology and innovation to their advantage, to stay one step ahead of FinCEN and financial institutions.

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System Las Vegas San Antonio San Diego 264

PYMNTS

APRIL 22, 2020

Global concern over the coronavirus spreading on contaminated surfaces in public places is unleashing rapid development of innovative biometric products that could assist a touchless society. The system can scan up to five people for fevers in real time as they pass through the entrance, and it sends measured temperatures to staff.

Innovation 209

Innovation New York City System Tools 209

CFPB Monitor

JULY 27, 2020

The OCC issued a letter last week stating that “a national bank [and a federal savings association] may provide. The letter states: Consistent with OCC regulations and guidance on custody activities, the risks associated with an individual account should be addressed prior to acceptance. The letter states that the OCC.

National 113

National cryptocurrency Risk Management Regulation 113

PYMNTS

SEPTEMBER 24, 2019

The bumpy road cryptos face under scrutiny from regulators (we’re looking at you, Libra ) was a springboard into a larger discussion between Zac Cohen, general manager at Trulioo , and Karen Webster on the challenges FIs and others face when deploying new technologies. Toward an Interoperable ID System.

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Innovation Fraud Technology Security 182

PYMNTS

MAY 23, 2017

Innovation is happening at the speed of payments — which, as it turns out, can be pretty fast these days. I travel three weeks out of four to meet our stakeholders in the markets they are in — customers, agents, regulators and employees. Sometimes this can even happen in nations that have had stability for decades.

Innovation 190

Innovation Payments Compliance Risk Management 190

PYMNTS

SEPTEMBER 24, 2019

Bank of Japan Head Haruhiko Kuroda spoke to business leaders in Osaka about the importance of having a coordinated global plan to regulate Libra and other cryptocurrencies, Reuters reported on Tuesday (Sept. He urged policymakers to ensure that the highest level of regulation is applied to such assets.

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Regulation social media cryptocurrency Policies 108

PYMNTS

SEPTEMBER 14, 2016

Pivoting from concerns and risks around financial technology innovation in the banking system, the U.S. Comptroller of the Currency said the agency will roll out a new framework for regulating marketplace lending. The agency regulates, supervises and charters national banks and is an independent bureau within the Treasury.

Lending 100

Lending Regulation Conference Study 100

PYMNTS

DECEMBER 7, 2020

UK Regulations to Create New Digital Markets Unit. antitrust regulators are creating a Digital Markets Unit that will be given the duty to enforce rules applicable to Big Tech firms. Regulators also called out the tech company’s warranty terms for not covering water damage. But there is growing consensus in the U.K.

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Apple Regulation Taxes Marketing 143

PYMNTS

OCTOBER 14, 2019

Between $800 billion and $2 trillion USD is laundered each year, according to the United Nations Office on Drugs and Crime, and fraudsters undoubtedly hope to raise those amounts. AML and the problem of innovation. Starting an innovation battle can be more difficult than expected for banks, in part because of how U.S.

Strategy 109

Strategy Fraud Innovation Regulation 109

PYMNTS

APRIL 16, 2019

Among the most recent headlines, in Asia this past week, the Monetary Authority of Singapore (MAS) and the National Bank of Cambodia have signed a memorandum of understanding (MOU), that Business Times said will boost partnerships on FinTech and financial services innovation.

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Fintech San Francisco National Innovation 211

PYMNTS

SEPTEMBER 11, 2019

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. 11) about the importance of innovation and the regulation of non-banking financial institutions (NBFI), according to a release.

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social media Compliance Innovation Regulation 116

PYMNTS

SEPTEMBER 20, 2020

If the European Union (EU) gets its way, the 27-nation bloc will have the power to split or force the sale of giant technology companies that threaten smaller rivals and their customers. Breton said regulators in Brussels are preparing a list of activities that tech companies would be required to eliminate.

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Compliance Regulation System Taxes 175

Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The key is simple: financial institutions just need to improve the efficiency of their people and systems. The question is, how to do this, while keeping the regulators happy?

Regulation 70

Regulation Compliance Analysis Innovation 70

Chris Skinner

MAY 1, 2017

Back in December, I picked up on this new Office of the Comptroller of the Currency (OCC) Ruling to issue national FinTech bank charters. This would enable a FinTech to go through ONE regulator to get to market, rather than the 200 or more they would have go through today.

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America Fintech National Regulation 211

Abrigo

JULY 16, 2021

financial system. Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. financial system. While these are general today, the AMLA requires that regulations be written around each Priority, as appropriate. financial system. How to prepare.

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Community Regulation Training Policies 195

PYMNTS

OCTOBER 21, 2020

In an interview with Karen Webster, the European Banking Federation’s ( EBF ) Alexandra Maniati , Director of Cybersecurity & Innovation, said the European banking industry is, increasingly, embracing the cloud to pivot to new financial services and products across the Continent.

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Data Regulation National Examples 317

PYMNTS

NOVEMBER 27, 2019

The National Standardization Group for Facial Recognition Technology was launched last week by Hong Kong-based SenseTime and 27 other tech companies. Although facial recognition and biometrics offer security authentication and transaction speed, the measure also opens the door to data theft as cybercriminals seek ways to beat the system.

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Regulation National Security Technology 130

Abrigo

NOVEMBER 2, 2021

On January 1, 2021, the Senate voted into law the National Defense Authorization Act (NDAA). The AMLA is extensive, and there are many steps involved before FinCEN can implement the act, such as conducting studies, writing regulations, and publishing guidance. With the 2021 change in administration in Washington, D.C.,

Compliance 195

Compliance Regulation Resources Policies 195

PYMNTS

FEBRUARY 8, 2018

percent of domestic and cross-border payments in December 2017, SWIFT found, with the company’s Head of Payments Markets, Asia-Pacific, Michael Moon noting, “Experts suggest that capital controls and uncertainties over future regulations mean that a significant reversal of the decline in RMB usage for trade and payments is unlikely in 2018.”.

Innovation 111

Innovation Payments blockchain Analysis 111

PYMNTS

MARCH 14, 2019

And there, Kohli said, innovation is helping corporates adapt to and manage these global risks. The rise of third-party payment providers, and the opportunity for traditional institutions to collaborate with them, has also opened doors for cross-border payments innovation. Treasurers’ Biggest Worries.

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Payments Innovation National Fraud 193

FICO

MARCH 7, 2023

Home Blog FICO Responsible AI: Are European Firms Ready for the Regulators? There are significant changes coming in Europe, which highlight getting a handle on responsible AI use, with the banking and financial services sector among those that will be most impacted by increasing regulation.

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Regulation America Compliance Fraud 52

PYMNTS

JANUARY 11, 2021

Although blockchain technology and Bitcoin, its best-known inhabitant, have been around for 10 years, the world is just now entering a seismic transition from holding account-based assets to a system that uses token-based digital assets. Hamstringing American Innovation. This is a really seismic shift.”. Evolution Happens.

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blockchain Bitcoin Regulation System 193

PYMNTS

OCTOBER 16, 2018

So, it is in far-flung corners of the globe where, in recent days, regulators and cross-border efforts have promoted a bit of cross-pollination between tech-savvy upstarts and more entrenched players in the financial arena. At times, that collaboration even moves with a bit of regulatory underpinning.

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Fintech Regulation cryptocurrency Innovation 188

PYMNTS

FEBRUARY 20, 2020

Financial Stability Board (FSB) Chair Randal Quarles has warned global financial regulators that they must accelerate the creation of a framework for cryptocurrency and other forms of digital money, Reuters reported on Wednesday (Feb. He sent the letter ahead of the 2020 IIF G20 Conference happening in Riyadh, Saudi Arabia this weekend, Feb.

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cryptocurrency Meeting Conference Regional 194

PYMNTS

DECEMBER 7, 2020

Plus, the European Union (EU) is looking to implement a two-tier system of legislation with its Digital Services Act. Revolut has rolled out an acquiring solution for its Revolut Business starter pack that will let companies in 13 nations in Europe take credit card payments through the web. The product will have a 1.3

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Payments cryptocurrency Cards System 130

PYMNTS

JANUARY 13, 2017

But thanks to faster cross-border payments solutions, the distance between nations across the world is shrinking considerably. But with so many unknown questions about how the technology functions, greater regulation may be required to help governments and the public trust and accept it. Rewiring an old system. In short, no.

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Regulation blockchain Payments Technology 100

Abrigo

FEBRUARY 8, 2022

Takeaway 1 NBFIs are agile and innovative and are competing head-to-head with traditional financial institutions. Takeaway 2 NBFIs should ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators. Stay up to date on regulations affecting NBFIs and other BSA trends. DOWNLOAD .

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Compliance Training Regulation Fraud 195

PYMNTS

FEBRUARY 24, 2020

The country’s government and regulators are keeping pace with those in the European Union and the U.S. as they upgrade their online data and financial rules to support global digital banking innovations. Confronting the Chinese Privacy Myth . In China, there is [an] ever-shifting gray line,” Chorzempa said. The law is still ambiguous.

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Regulation Policies Data Compliance 160