US Considers AI Regulation For Foreign Countries

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government is looking to find a way to regulate artificial intelligence (AI) so other countries can’t use the technology against it. Regulation AI artificial intelligence china News regulations trump administration What's HotA new proposal shows that the U.S.

US Reps Call For Crypto Regulation Research

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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.

Tim Cook: Tech Regulations Are ‘Inevitable’

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Apple ’s CEO believes that new regulations for the tech industry are “inevitable.”. According to the Financial Times , Tim Cook said in an interview that “the free market is not working” and that the tech industry should embrace regulation.

Correspondent Banking Continues Its Decline Despite Regulator Efforts

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But the checks by banks help to quell these kinds of violations, so the situation has caused frustration for regulators. International AML financial regulation global banking international International Banking money laundering money transfers News remittances SBank Regulation What's Hot

CFTC Ups Crypto Regulation In 2018

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According to The Wall Street Journal , the federal derivatives-market regulator also handed out around $900 million in penalties, higher than the amount in five of the eight years of the Obama administration.

Facebook Could Face Coordinated Regulation By Nine Countries

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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?

Under GDPR, EU Regulators Probe Data Brokers, Credit Rating Agencies

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A campaign group has asked EU regulators to investigate several data brokers, credit rating agencies and adtech companies to see if they are breaching the General Data Protection Regulation (GDPR).

India’s RBI Wants Its Governor To Lead Payments Regulator

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Following the proposal of a payments regulator to be established independent of the Reserve Bank of India (RBI), the central bank has put forward a public objection. The regulator would have a chairperson chosen with input from the RBI, but the central bank objects to having the regulator outside of its control and not led by its governor, Reuters reported. International bank regulations india News payments regulator RBI Reserve Bank Of India What's Hot

State Regulators Report: Money Services Firms Handled $1.2T In 2017

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As noted by the Conference of State Bank Supervisors (CSBS), state regulators earlier this month released the inaugural Money Services Business Industry Report, which featured transaction data tied to 2017 and focused on licensed money transmission and payments.

Report 201

China To Increase Regulation Of Financial Holding Companies

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China is reportedly looking at new regulations that would impact Alibaba and Ant Financial in an effort to boost oversight of financial holding companies. Regulation alibaba Ant Financial china financial holding companies News regulation What's Hot

Slow regulations versus fast tech

Chris Skinner

Before 2010, I was writing a lot about technology but it was all heavily geared towards regulations. MiFID and PSD were top of mind, along with Basel III and other global, European and domestic regulations. I wrote a lot about regulations.

Bitcoin Daily: Hublot Unveils Bitcoin Watches; Swiss Regulator Throttles Bank Crypto Trading

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With the rules, regulators are requiring Swiss banks to “[assign] a flat risk weight of 800 percent to cover market and credit risks, regardless of whether the positions are held in the banking or trading book.”

Bitcoin Daily: AML Crypto Regulation Will Be Dictated In June 2019

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According to Reuters , the Paris-based global AML watchdog revealed that jurisdictions around the world will be required to license or regulate cryptocurrency exchanges, as well as select firms providing encrypted wallets and firms providing financial services for ICOs.

Investors Warned To Heed Big Bank Regulator Fines

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Investors shouldn’t shrug off fines against big banks that run afoul of banking regulations because they impact returns over the longer term. Meanwhile, Credit Suisse was called out by the regulator for not having enough oversight, although it wasn’t hit with any fines.

Treasury Targets Chinese Investors With New Tech Regulation

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According to the Wall Street Journa l , foreign investors in 27 industries — including semiconductors, telecommunications and defense — will be subjected to the new regulations because the Committee on Foreign Investment in the U.S. A U.S.

Citizens Advice Files Complaint With British Regulator

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Following a complaint from Citizens Advice, Britain’s competition regulator might investigate financial service and telecom companies. Europe API British regulator cma Competition Regulation FCA financial services News regulation uk What's HotThe group had contended that consumers were being “ripped off” if they didn’t switch providers, Reuters reported. The charity claims that customers were being overcharged by $5.2 billion annually.

EU Probes Regulator Oversight On Danske Money Laundering Scandal

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Regulation AML banking Banks Danske Bank DoJ EBA EU Financial Crime investigation money laundering News regulation scandal What's Hot

Regulating the cryptocurrency markets

Chris Skinner

I guess that this is logical as my last line was that government control of cryptocurrencies is “not so easy for cryptocurrencies that have … The post Regulating the cryptocurrency markets appeared first on Chris Skinner's blog. Blockchain Fintech Future Grid Innovation Opinion Payments RegulationSomeone made the comment on my platform piece about what happens when there are no Jack Ma’s or Mark Zuckerberg’s, as the whole thing is decentralised?

US Regulators Lead Pack In Penalties On Firms And Individuals

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In the rundown of how individual countries rank, in terms of regulators levying fines on people and corporations, the United States tops the list. Regulators globally are also using a wider range of enforcement tools in an attempt to improve conduct,” he said.

Uber Gets Fined By UK, Dutch Regulators For 2016 Data Breach

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and Dutch regulators on Tuesday (Nov. regulators. Regulation data breach News Regulators ride-hailing Ridesharing security & fraud U.K. Uber was hit with a fine by U.K. 27) for the data breach in 2016 that impacted millions of users.

In UK, P2P Firm Seeks Help from Regulators

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In the United Kingdom, a peer-to-peer (P2P) property lender has taken what the Financial Times called “the unusual step” of asking a regulator for aid amid a legal dispute. Legal FCA Financial Conduct Authority financing investors legal dispute lendy News P2P UK bank regulators

5 Startups Rebooting Regulation

Bank Innovation

The rise of insurtech is running parallel to the rise of regtech, as financial firms and startups apply artificial intelligence, blockchain, and other technologies to the dizzying world of financial regulation. Fintech has another cousin.

Global Regulators Propose Crypto Monitoring Framework

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Cryptocurrencies such as bitcoin and ether don’t pose much of a risk to global financial stability at the current time, but that isn’t stopping global regulators from creating a framework to monitor risk from cryptocurrency. Reuters cited the Financial Stability Board which is in charge of coordinating financial regulation among the Group of 20 Economies when reporting that the framework covers how risks from crypto assets could spread to other areas of the financial system.

China Central Bank Creates AML Regulations For Online FIs

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

Asian Banks Want Regulators To Allow More FinTech Solutions

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As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. FinTech solutions – facial recognition, for example – hold out great hope for the industry, but haven’t been embraced as quickly as some might like by regulators around the world,” said Mark Austen, the association’s chief executive.

Deputy Attorney General Rod Rosenstein Calls On Regulators To Tackle Crypto

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laws for anti-money laundering (AML) regulate digital currencies, per CoinDesk. Cryptocurrency AML bitcoin crime cryptocurrency Cybercrime digital currency Ethereum international money laundering News regulations virtual currency What's Hot

Germany’s Antitrust Regulator Opens Probe Into Amazon

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According to a report in Reuters citing the regulator, the Federal Cartel Office said Thursday (November 29) that it has received “many” complaints requestiong regulation of the business practices that Amazon has been engaging in recently. “ Amazon acts as a kind of ‘gatekeeper’ to customers.

Ether In The Crosshairs Of Regulators

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Regulators in the U.S. are considering the regulation of digital tokens outside bitcoin. The Wall Street Journal reported that the inquiry is focused on the cryptocurrency Ethereum, which hasn’t been in the crosshairs of regulators as of yet. If regulators determine Ethereum is a security and is subject to SEC rules, the WSJ reported it could spur a sell-off and upset cryptocurrency trading exchanges such as Coinbase that let people buy and sell ether.

Michigan Passes Self-Driving Regulations

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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. The new regulations allow for testing and deployment of on-demand networks of self-driving vehicles as well as the eventual sale of self-driving cars to consumers. On Friday of last week (Dec.

Treasury Pushback On Financial Regulation?

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“We were very focused on what we can do by executive order and through regulators,” Fortune quoted Mnuchin as stating. Separately, IBM gives an inkling of how technology might be leveraged to help shape financial regulation. The tech behemoth is using Watson, the artificial intelligence platform, to launch software that helps FIs deal with financial regulations, with an eye on compliance. Bank Regulation Featured News financial regulation News treasury

SEC To Regulate Bitcoin ICOs, Token Sales

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The Securities and Exchange Commission is getting into the bitcoin market, saying it will regulate the popular digital currency and other cryptocurrencies. Seeking Alpha noted the regulations apply to companies that use distributed ledger or blockchain technology for things like an initial coin offering or token sales. According to a report in Seeking Alpha , the SEC said the cryptocurrencies are subject to federal securities laws.

Workers’ Union Creates Payroll Card To Circumvent Dues Regulations

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has developed its own payroll debit card with ADP to circumvent proposed regulations that would impact the ability for unions to have member dues deducted automatically from paychecks. It’s an effort by the union to ensure member dues are paid as unions prepare for upcoming regulations that could restrict unions’ collection of fees from members. B2B Payments ADP B2B debit card fees Healthcare labor News payroll regulations SEIU What's Hot In B2B Workers Unions

US Regulators Lead Pack in Penalties on Firms and Individuals

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. In the rundown of how individual countries rank, in terms of regulators levying fines on people and corporations, the United States tops the bill. Regulators globally are also using a wider range of enforcement tools in an attempt to improve conduct,” he said.

China Regulators Eyeing Rules Concerning ICOs

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Regulators in China are gearing up to issue new rules on digital coin offerings and could move to ban them until the new rules are put in place. According to a news report in Business Insider , citing the Beijing-based financial magazine Caixin , Chinese regulators including the People’s Bank of China and the China Securities Regulatory Commission are currently looking at how best to approach initial coin offerings (ICOs). It’s just not regulators in China eyeing the ICO market.

Sandbox Bill Announced For FinTech, Gov Regulations

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From an entrepreneur’s standpoint, it removes bureaucracy and regulation upfront, while gauging customer interest, and enables them to focus on product development.”. With this bill, firms must prove to the regulator three main things: 1) their product or service serves a public interest; 2) it improves access to the industry; and 3) the product doesn’t pose a risk to both the financial system and consumers.

Three Crypto Operators Sued By US Regulator

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In addition, the regulator charged, the three operators broke laws governing commodity trading. Bitcoin bitcoin CFTC cryptocurrency News regulation SEC What's HotIn the latest sign of regulatory action in the virtual currency realm, the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against three virtual currency operators, with allegations that the trio had defrauded customers.

The regulator’s view of bitcoin, 2017

Chris Skinner

As mentioned on Friday, they see … The post The regulator’s view of bitcoin, 2017 appeared first on Chris Skinner's blog. Blockchain Digital Bank Fintech Grid Innovation Opinion Regulation

US Reps Ask SEC For Clarity On Crypto Regulation

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In an effort to get more clarity on the regulation of digital currencies, U.S. The lawmakers are looking for the official to lay out how the agency plans to regulate digital currency in clearer terms, CNBC reported. Cryptocurrency bitcoin cryptocurrency cryptocurrency regulation cryptos Ethereum ICO News SEC What's Hotrepresentatives wrote to U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton.

Japan and Swiss Regulators Sign Fintech Pact

Bank Innovation

The Japanese Financial Services Agency, or FSA, has signed a fintech letter of cooperation with Swiss regulators the Financial Market Supervisory Authority, the agencies announced yesterday.

Regulators Treading Slowly But Surely Into FinTech

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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.

Bitcoin Regulations Catch Good Guys Along With The Bad

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Department of Justice has naturally done its best to set up regulations that would prevent criminals from using the cryptocurrentcy for nefarious purposes. But those regulations may be doing more harm than good, since they’re also keeping vigilante security consultants from doing business to protect their law-abiding clients from those same cybercriminals. With digital currency still relatively young, it will probably be a while before regulators get it right.

Are New Prepaid Card Regulations Too Much?

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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?