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.

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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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?

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).

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.

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.

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.

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.

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.

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.

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

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.

UK Lawmakers, Regulators Call For Overhaul Of Cash System


Lawmakers and regulators in the U.K. Reuters , citing lawmakers and regulators in the U.K., The national system for people to have access to their cash via machines is basically broken,” said Nicky Morgan, chair of Parliament’s Treasury Select Committee, according to Reuters.

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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?

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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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.

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

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).

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.

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.

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.

Deputy Attorney General Rod Rosenstein Calls On Regulators To Tackle Crypto


laws for anti-money laundering (AML) regulate digital currencies, per CoinDesk. He also noted that the Financial Action Task Force (FATF) “urges all nations to make clear that global anti-money laundering standards apply to virtual currency products and service providers.”.

Tech Trade Group Pushes National, Not State Data Privacy Laws


Dean Garfield of the Information Technology Industry Council — a trade group that represents Google , Microsoft and other tech companies — is calling for faster development of national privacy norms to avoid opposing state rules. While the California bill faced no opposition, the legislation has alarmed some of the lobbying group’s members as a potential template for other state or national legislation.

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.

Data Security Needs National Standards, Panelists Tell House Subcommittee


In the wake of breaches that have compromised the data of millions of Americans and companies as far-flung as Equifax and Uber, industry observers and participants told a House subcommittee on Wednesday that data security should be standardized at a national level. A national data standard would supersede the current fragmentation that exists via a multitude of state laws, added those who testified before the House Financial Institutions and Consumer Credit subcommittee.

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.

National ATM Council Says NYC Ordinance Is Costly, Burdensome


The National ATM Council (NAC) argued in testimony to the Committee on Consumer Affairs of the New York City Council last week that a proposed ordinance would impose costly and burdensome new security regulations on ATM operators all around the city. According to a press release , the National ATM Council said it argued last week that City ordinance Int. Regulation ATMs EMV National ATM Council Payment Methods What's Hot

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Canadian Regulator On Innovation’s Slow Roll


Last month, Canada’s Competition Bureau released its final study on tech-led innovation in FinTech, offering regulators some thoughts on competition in the payments sphere, along with suggestions on where the competitive landscape could be improved. In order to boost competition within FinTech, said the Bureau, among other recommendations, regulation should be neutral when it comes to technology, and move to embrace Open Banking.

Misinvoicing Costing Nations Billions, Warns UNCTAD


For others, however, entire national economies can be affected. According to the UN Conference on Trade and Development (UNCTAD), that’s exactly what’s happening in some developing nations, in which invoice errors across Africa and South America are leading to the loss of up to two-thirds of commodity export value. According to UNCTAD, the trading practices of trading partners should be examined just as carefully as the practices of exporting nations.

Singapore Eases Regulations Over Venture Capitalists


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. The agency did note, however, that it will deal with “errant VC managers” on a case-by-case basis and continue to retain its powers to regulate venture capitalists.

Punjab National Bank Continues Internal Investigations Into $2B Diamond Heist Scandal


India’s Punjab National Bank (PNB) is conducting an internal investigation into an alleged $2 billion fraud, vowing to come down on anyone involved in the crime. “We International bank fraud bank regulation Indian Bank News PNB Punjab National Bank Reserve Bank Of India What's HotWe are examining every aspect of it, and if we find others involved, we will not spare them,” said PNB CEO Sunil Mehta, according to Reuters. In February, PNB announced that it had discovered $1.8

Currency Comptroller: New Plan Regulating Marketplace Lending


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. Regulation Comptroller FinTech laws new plans regulations Thomas CurryPivoting from concerns and risks around financial technology innovation in the banking system, the U.S.

Gibraltar Moves Toward World’s First ICO Regulations


The world’s first ICO regulations are coming, care of Gibraltar. The rapid global proliferation of initial coin offerings has become an issue of mounting concern among regulators and central banks around the world – in particular, the growth of ICOs has fueled massive growth in the cryptocurrency market in general. Regulation bitcoin cryptocurrency Gibraltar ICOs News regulation

Senator Mark Warner Drops New Policy Proposals For Regulating Tech


And then today, three-and-a-half months after Mark Zuckerberg spent about 10 hours testifying in front of senators and congress people to apologize for the Cambridge Analytica incident (and explaining the internet to our elected representatives), the other shoe dropped when it came to the long-speculated subject of the federal government regulating big tech. In fairness to Facebook, it is far from the only target of the regulations. The Suggested Regulations.

Maxine Waters Says Regulators Should Consider Shutting Down Wells Fargo


Maxine Waters, the top Democrat on the House Financial Services Committee, issued a report last week suggesting that regulators might want to consider shutting down the scandal-ridden Wells Fargo. According to CNN Money , the 38-page report also slammed regulators for failing to punish the bank more severely for its recent scandals, which include opening as many as 3.5 Bank Regulation bank regulation Banking Charter scandals Wells Fago

Mastercard Would Be Glad To Help Central Banks Issue National Digital Tokens


In an interview with The Financial Times , Sarker said Mastercard would be willing to facilitate if the coin in question was a national cryptocurrency that was legitimate and was used as a national digital currency issued by central banks. “If If governments look to create national digital currency, we’d be very happy to look at those in a more favorable way [compared with existing cryptocurrencies],” Sarker said. “So

Elon Musk: AI Needs To Be Regulated


During a meeting at the National Governors Association, Tesla’s Elon Musk shared his thoughts on this topic. “I AI is a rare case where I think we need to be proactive in regulation instead of reactive. Because I think by the time we are reactive in AI regulation, it’s too late. Artificial Intelligence AI artificial intelligence Elon Musk News regulation Tesla What's Hot

Happy Birthday, Switzerland, the Crypto Nation

Daily Fintech

Today is Swiss National Day. With 4 official languages, super localised democracy, so many rules and regulations that even people who have lived here all their lives can get it wrong, the headaches in your go to market plan multiply. The Crypto Nation journey from 2008 to 2018.

Online Platforms: Why Consumers Rule And Regulators Don’t


Regulators didn’t destroy A&P in the end. Under the stewardship of the Hartford brothers, A&P expanded its store footprint to become the world’s largest grocery chain during the 60-year period between 1915 and 1975 and the nation’s largest retailer across all categories until 1965. Then look at who is going to the legislature and regulators looking for help in blunting the online platforms.

State Supreme Court Revives NY Payroll Card Regulation Efforts


New York’s years-long payroll card regulation saga took an unexpected turn recently when the New York State Supreme Court annulled a previous appellate court ruling, reviving efforts to introduce stricter payroll card rules. Reports in The National Law Review on Monday (July 23) said the New York State Industrial Board of Appeals (IBA) ruling, issued in February of last year, was annulled by the state’s Supreme Court in Albany County.