Regulators Investigate China’s Ex-Securities Regulator


Liu Shiyu, the former head of China’s securities regulator, is being investigated for violating anti-corruption laws. In February it arrested 62 Chinese nationals abroad and seized $1.5

Regulating the unregulated

Chris Skinner

I was thinking about this question of how to regulate global technology platforms that don’t recognise national boundaries, mainly in the context of crypto and digital currencies. How can you regulate a global currency that has no view of state or national laws?

Lawmakers Hit A Wall In Creating National Privacy Law


to come up with a national privacy law have hit a wall, with Senators unable to agree on how strict the rule should be. If Congress comes up with a national law, the tech companies hope it will override what California has on the books. Efforts from lawmakers in the U.S.

Bump On The Road To National FinTech Charters?


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 suit can proceed.

Ireland Crypto Regulation Looms


In Ireland, reported CryptoGlobe , the Irish cabinet has approved legislation that will bring more regulation to the sector. Separately, in India, the action toward crypto regulation seems to be … inaction.

Regulators Say US Bank Cybersecurity Oversight Needs Streamlining


regulators are saying cyberattacks pose the greatest risk to U.S. banks in upcoming years, but the regulation and testing processes are convoluted and complicated for institutions in both spaces to assess, according to a report by the Financial Times.

Google Fined $57M By French Regulator In Largest GDPR Action


21) by a French regulator, in what the Wall Street Journal reported is the largest penalty under the new European General Data Protection Regulation (GDPR) privacy law. It’s also one of the highest-profile regulator actions coming from GDPR which went into effect last year.

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With New AML Laws, Latvia Looks To Remove Main Regulator


Latvia’s parliament has passed new regulation to bolster the fight against money laundering and terrorism financing. million) for allowing clients to violate sanctions imposed by the European Union and United Nations on North Korea.

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The Case For Federal IoT Regulations


Plus, Klein addresses California’s new IoT security law and why the federal government should act now to release national smart device security legislation. Smart technology is unlocking supply chain efficiencies, providing emergency alerts and much more.

People’s Bank Of China To Regulate FinTech


The People’s Bank of China (PBOC) announced that it is planning to steadily develop a system of rules to regulate financial technology (FinTech) in the country. I would predict in 2019, the government will regulate more.

US Considers AI Regulation For Foreign Countries


government is looking to find a way to regulate artificial intelligence (AI) so other countries can’t use the technology against it. leadership in this field,” and will operate within the technology committee at the National Science and Technology Council.

Australia To Invest $390M In Financial Regulation


Australia is including an additional $390 million in its new budget to boost its financial regulation sector, according to Reuters. In addition, National Australia Bank advisors engaged in misconduct and illegal activity, including misappropriation of client funds, according to the report.

2019 To See Increase In Nation-State Cyberattacks, Ransomware


There will also be a significant increase in nation-state attacks, infecting routers and networks connected to storage devices worldwide, while terrorist-related groups will work to carry out cyberattacks on cities through Crimeware-as-a-Service (CaaS).

FinTechs Press States To Streamline Regulations


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.

National Funding Explores AltFin’s Uncertain Growth Trajectory


However, Dave Gilbert, founder and chief executive officer of SMB alternative lending firm National Funding , said he’s seen a trend of growing traction within the small business community. Discussions and debates around alternative finance transparency have amplified in recent months, particularly as regulators begin to consider how to protect small business borrowers.

Crypto Regulations Move Into The Spotlight


In one example, as noted by CoinDesk, Pakistan is mandating regulations for the crypto space. Recommendations from that nation’s Financial Action Task Force governing the electronic money institutions have may be on offer, and would require those firms to be licensed by the government. There has not been any significant progress in the Supreme Court case which makes it difficult to predict when we will see the regulation.”

Big Tech Increasingly In Regulators’ Spotlight — And Crosshairs


It’s been a whirlwind few weeks — OK, make that months — for big tech firms as regulators look ever more closely at business tactics. Regulation Amazon Big Tech European Union Facebook Google News regulation

Will an OCC, FDIC Charter Help Varo Money Become the First National Mobile Bank?

Bank Innovation

Want a national bank that’s mobile-only? Exclusive Mobile Payments Startups fdic Financial Regulation Mobile banking OCC OCC charter PayPal SoFi Varo MoneySo does Varo Money.

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Treasury Targets Chinese Investors With New Tech Regulation


Treasury-led interagency committee is now requiring foreign investors involved in deals that could give them access to critical technology to submit to national security reviews. national security and technological superiority. A U.S.

Correspondent Banking Continues Its Decline Despite Regulator Efforts


The shift could possibly cause payments to move underground and particularly impact nations that are dependent on remittances, Reuters reported. But the checks by banks help to quell these kinds of violations, so the situation has caused frustration for regulators.

Amid AML Efforts, Regulators Focus On FinTech


And as reported by sites such as American Banker and National Law Review , a bipartisan group of senators is working on a bill that may reform the Bank Secrecy Act, which in turn may raise the threshold for reporting currency transaction reports to $30,000, from the current levels of $10,000.

How AML Regulations Are Pulling Credit Unions Into Law Enforcement


CUs are also actively communicating with law enforcement agencies, keeping regulators informed about suspicious activity, while receiving tips on noticeable trends that these same agencies are eyeing.

US Reps Call For Crypto Regulation Research


Virtual Currency Market and Regulatory Competitiveness Act of 2018, seeks to have regulators research regulations for digital currencies that currently exist in other places around the world. To help further use of digital currency and head off price manipulation, two U.S.

Congress extends national flood insurance program by two weeks


Congress extended the National Flood Insurance Program through June 14, preventing the federal initiative from expiring on Saturday. Flood insurance Natural disasters Real estate Law and regulation

Regulators struggling to oversee crypto assets

Bobs Guide

The International Organization of Securities Commissions (Iosco)’s attempt to harmonize crypto regulation will have no immediate impact, as national regulators are still failing to understand jurisdictional governance, says a lawyer.

Five At Five: Instacart Makes A National Play


News American Express commerce news cross-border payments Five at Five grocery Instacart payments news regulations Retail Ripple SWIFTWelcome to Five at Five, your late look at the day’s payments and commerce news.

Standing Up to a Reckless Regulator

Finer Points

So in some ways ICBA’s federal lawsuit against the National Credit Union Administration for its […]. Advocacy Community Banks Credit Unions Regulation Taxes WashingtonEvery now and then we have the chance to stand up for what’s right against powerful forces. As the legacy of a group of colonists who stared down and defeated the world’s greatest empire, it’s virtually our birthright as Americans.

Facebook Could Face Coordinated Regulation By Nine Countries


Facebook could face coordinated regulation by nine countries after chief executive Mark Zuckerberg refused to be questioned by an international committee on fake news. Facebook international News regulation security & fraud What's Hot

Internet Association Says Companies Support National Data Privacy Rules


that are more modern, but urged lawmakers to approach the issue nationally. According to a report in Reuters , citing The Internet Association, the trade group wants the rules to preempt a new regulation on the books in California that comes into effect in 2020. Regulation consumer data data privacy data regulation Internet Regulation News privacy law Privacy Policy user data

Are New Prepaid Card Regulations Too Much?


According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. Could this be a case of good intentions gone awry?

Japan, Australia Back X-Border eCommerce Data Regulation


More than 70 nations are planning to restart World Trade Organization talks in an effort to create a standard set of rules to govern the sharing of eCommerce and cross-border data. This doesn’t mean, however, that the nation couldn’t join the call for more cohesive regulation.

Regulators Urge Tech Innovation To Combat Financial Crime


The agencies tied to the joint release include the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration and the Office of the Comptroller of the Currency.

EU Probes Regulator Oversight On Danske Money Laundering Scandal


The EBA can make recommendations that national supervisors must follow. Regulation AML banking Banks Danske Bank DoJ EBA EU Financial Crime investigation money laundering News regulation scandal What's Hot

Michigan Passes Self-Driving Regulations


9), Michigan became the first state in the union to pass statewide, comprehensive self-driving vehicle regulations that allow autonomous vehicles to drive … well, autonomously. Michigan, the legacy home of the nation’s auto industry, now leads the nation in autonomous vehicle policy, says Recode — ahead of Florida, California and a few others with some current legislation. On Friday of last week (Dec.

Reducing costs of AML while still appeasing regulators

Insights on Business

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The question is, how to do this, while keeping the regulators happy?

Glitch At National Bank of Canada Exposes Personal Information


The National Bank of Canada, the sixth largest lender in Canada, has become the latest high-profile firm to announce a data breach. According to a report in Reuters , the National Bank of Canada said Thursday (Sept. The revelation on the part of National Bank of Canada comes as consumers in the U.S. News of Equifax’s data breach has resulted in outcry from consumers, lawmakers and regulators.

National Australia Bank Builds SME Lending Features


With home loan growth expected to slow to 4 percent in 2018, National Australia Bank (NAB) wants to build its business elsewhere, namely in SME lending. Finally, National Australia Bank is also looking to streamline SME customer on-boarding, allowing sole traders to open an online account in about 10 minutes. Australian regulators have been pressuring the nation’s top banks to improve their small business lending practices.

China Central Bank Creates AML Regulations For Online FIs


The People’s Bank of China has announced new anti-money laundering (AML) and counter-terrorism financing regulations for online financial institutions (FIs).

Thai national telecom regulator launches mobile-banking app

The Paypers

(The Paypers) The National Broadcasting and Telecommunications Commission (NBTC) has announced the launch of a mobile-banking fingerprint app

Regulators Ask Banks To Go Easy On Govt. Workers During Shutdown


banking regulators asked lenders to help workers who couldn’t pay their bills or needed credit in the meantime, according to a report from Reuters. Loans bank loans credit federal reserve Government lenders News paychecks regulations Regulators What's HotAs Friday (Jan.

Voters Want Big Tech Regulation On The Hill, Says Study


Much has been said about how Europe is shaping up to be ground zero for seismic changes in Big Tech, as regulators are, have been and will continue to impose mandates on what can and cannot be used in terms of consumer data.

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Regulation and Compliance: Ready for Review

Independent Banker

The better prepared, the less likely they are to run afoul of the continually shifting regulations. Regulators and industry consultants agree that community banks are generally doing a great job handling their regulatory oversight and requirements.

Regulators Treading Slowly But Surely Into FinTech


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. ” “Regulators are likely to fail not only because they lack technical expertise regarding FinTech, but also because they have always been targeting nodes in the system and never had to face such a peer-to-peer network,” Santori added.