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.

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.

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.

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.

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.

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.

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

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?

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.

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

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

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?

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).

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.”.

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.

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.

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.

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.

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.

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.

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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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

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.

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.

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

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.

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

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

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.

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

Treasury Finds Promise In, Urges Regulation Across, FinTech Landscape


The report urged regulation that would standardize efforts across these tech upstarts, with an eye on new services and the way data is collected and stored. Last Tuesday (July 31) marked the debut of a report from the Department of the Treasury that looks to have federal regulations, combined with laws at the state level, as well as data breach protections set in place to help foster FinTech growth. The national mandates, once enacted, would of course pre-empt state laws.

Reg Tracker: National Tech Privacy, Facial Recognition Rules Loom (Perhaps)


New rules may loom for technology providers pertaining to privacy — on a national level. In another nod toward privacy, Microsoft wants to see government regulation of facial recognition technology. Microsoft President Brad Smith remarked ,“We believe Congress should create a bipartisan expert commission to assess the best way to regulate the use of facial recognition technology in the United States. Bloomberg reported that the top 10 regulated banks in the U.S.

Amid Regulators’ Gaze, Trump Administration ‘Taking A Look’ At Google?


The Washington Post reports that, amid a number of other controversies and regulatory actions and examinations fixated on Google, the Trump administration is, in the words of economic adviser Larry Kudlow, “taking a look” at the prospect of regulating Google and its eponymous search engine. 96 percent of results on ‘Trump News’ are from National Left-Wing Media, very dangerous. Google internet search News President Trump regulation search engine

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India Brings Charges In Punjab National Bank Fraud Case


The Central Bureau of Investigation (CBI), India’s main investigative agency in the country, has filed charges in the Punjab National Bank fraud case against Nirav Modi, the jewelry retail owner, and his uncle Mehul Choksi, as well as senior executives at the state-run lender.

NHTSA Looks To Remove Self-Driving Car Regulations


National Highway Traffic Safety Administration (NHTSA) wants input from the industry in finding ways to remove regulatory issues that prevent the rollout of autonomous vehicles. Reuters , citing a report from the NHTSA, reported that the government agency wants to identify any unnecessary regulations that serve as barriers to widespread adoption of self-driving cars. The U.S.

Switzerland Hopes To Relax FinTech Regulations, Boost Competition


Finextra reported that Switzerland’s Federal Council is attempting to ease regulations on FinTech firms by the beginning of next year. The council has introduced a three-point plan it hopes will increase competition in the nation’s financial sector. Regulation FinTech regulation SwitzerlandThe new plan will allow the Swiss Financial Market Supervisory Authority (FINMA) to introduce a less stringent license to firms in deposit taking.

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