PYMNTS

JULY 17, 2020

Chinese regulators have seized control of nine financial institutions (FIs) alleging they violated rules and jeopardized the country’s financial system. In addition, the China Securities Regulatory Commission said it seized New Times Securities, Guosheng Securities and Guosheng Futures and two trust firms, New China Trust Co.

Regulation 151

Regulation Security Regional System 151

Cisco

NOVEMBER 1, 2022

In 2017, New York Department of Financial Services (NYDFS) passed cybersecurity regulation 23 NYCRR 500, requiring all financial services companies to implement multi-factor authentication (MFA). Since its creation, the Cybersecurity Framework has continued to offer updates and guidance on best security practices. The solution?

Regulation 124

Regulation Security System New York 124

Perficient

JUNE 1, 2022

So far in our 6-part blog series explaining the intricacies of TRACE, we have defined TRACE reporting, detailed the prep work to be done in order to effectively report TRACE transactions , and reviewed considerations for alternative trading systems. by programming systems to delay reporting until the end of the reporting period.

Report 294

Report Security Regulation System 294

PYMNTS

APRIL 16, 2019

In the April Intelligence of Things Tracker , PYMNTS explores the latest security efforts from providers to crack down on fraud, and the emerging use cases where IoT tech can be applied — if consumers are willing to give it a chance. While security concerns remain, the IoT market is continuing to expand. Meanwhile, the U.S.

Regulation 204

Regulation Data Nevada blockchain 204

PYMNTS

JANUARY 6, 2020

Regionally operated payment systems in Jamaica will consequently be regulated more closely. The bank explicated that FMIs are crucial to Jamaica’s financial system and the country’s broader economy, contributing to overall financial growth.

System 131

System Payments Regulation Security 131

PYMNTS

JANUARY 18, 2022

18) that it plans to regulate cryptocurrency advertising like other financial products and ensure that promotions are “fair, clear and not misleading,” according to a Bloomberg report. That includes the crypto billboards that have recently been spotted along the London subway system, the report says. Treasury said Tuesday (Jan.

cryptocurrency 147

cryptocurrency Regulation social media Guidelines 147

PYMNTS

NOVEMBER 4, 2020

Trade finance is an area of financial services that is notorious for its continued use of paper and legacy systems. Trade finance players, including corporates, banks and regulators, are finally ready to embrace modernization and technology. In such a highly complex and regulated field, change is never easy.

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Regulation Tools Compliance Technology 234

PYMNTS

DECEMBER 9, 2020

The passwords, user names and Social Security numbers that once helped us prove we are who we say we are now are vulnerable or have already been compromised. And new regulations are taking root or are on the horizon to help protect consumers, their data and how that data might be used.

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Regulation Security Data Course 234

PYMNTS

NOVEMBER 19, 2020

Securities and Exchange Commission (SEC) Chairman Jay Clayton thinks inefficiencies in traditional payments are boosting favorability for bitcoin, a report from Coindesk says. I think we're going to see this mature and I think we're going to see more regulation around the payments space," he said.

Bitcoin 263

Bitcoin System Payments cryptocurrency 263

CFPB Monitor

AUGUST 12, 2022

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Cyber Security Regulations. The Amendments, if adopted, would further regulatory trends and impose important new requirements on covered entities. The Amendments contain three significant changes relating to ransomware.

Regulation 147

Regulation Cyber Security New York Trends 147

PYMNTS

NOVEMBER 27, 2020

Compliance with financial regulations market-to-market around the globe is increasingly automated yet relies on the same human emotion that undergirds all forms of exchange: trust. In other words, banks and financial institutions (FIs) have an obligation to make sure you are who you claim to be. Here again, trust is the heart of the matter.

Compliance 198

Compliance Regulation Payments Study 198

PYMNTS

AUGUST 11, 2020

Merchant cash advance companies avoid much of the regulation banks face by claiming that rather than giving loans to businesses, they’re paying the business cash now in return for a cut of future revenue. Critics argue that the total cash outflow required of businesses that get money from merchant cash advance companies can be disastrous.

Lending 237

Lending Regulation Philadelphia New York 237

PYMNTS

OCTOBER 12, 2020

Facebook's proposed global digital currency Libra is expected to get pushback from G7 leaders who are anticipated to publicly oppose the project due to a lack of regulations, according to a Reuters report on Monday (Oct. The draft will be presented on Tuesday (Oct. 13) during a meeting of finance ministers and central bankers from the U.S.,

Regulation 200

Regulation Meeting System Security 200

PYMNTS

JUNE 20, 2019

On Wednesday (June 20), Fed chairman Jerome Powell said that the country’s central bank has “significant input into the payments system,” which is the eCommerce system that Libra will affect. Libra won’t, he said, displace the current currency system, or complicate monetary policy. “I It’s something we’re looking at,” he said.

Regulation 168

Regulation cryptocurrency System Bitcoin 168

PYMNTS

NOVEMBER 10, 2020

Phixius provides interoperability between various participants connecting to the platform, enabling better security in moving data as opposed to storing it in a central repository like the cloud. According to Throckmorton, Phixius fixes issues with the old system by using congruent regulations and leveraging blockchain technology.

Security 181

Security Fraud Customer Experience blockchain 181

PYMNTS

MARCH 25, 2019

Thus, IoT security is becoming an essential part of modern conversations. Bad actors are eyeing weaknesses in these systems to launch attacks, according to Steve Bunnell, former general counsel for the U.S. Department of Homeland Security (DHS) and data security and privacy practice chair of D.C.-based

Security 205

Security Data Regulation Washington 205

PYMNTS

OCTOBER 29, 2018

As a result of the passage and adoption of open banking regulations, like PSD2 in Europe, banks and other financial firms are sharing data more freely than ever before. The risk of attack can be mitigated by following a sound API architectural approach, one that integrates security requirements and tools into the API itself.

Security 192

Security Fraud Tools Data 192

PYMNTS

NOVEMBER 16, 2020

The European Central Bank (ECB) has plans to independently investigate an incident that affected its TARGET2 real-time gross settlement system on Oct. 23 this year, which resulted in a near 10-hour outage, according to a press release.

System 217

System Payments Operations Software 217

Tomorrow's Transactions

DECEMBER 12, 2023

I was extremely fortunate to be invited to the recent BIS Securing The Future Monetary System conference in Basel. This was a terrific event, bringing together some of the cleverest people in security from the worlds of banking; academia and industry to discuss the issues faced in securing our future CBDC based monetary systems.

Regulation 44

Regulation Conference Security System 44

PYMNTS

FEBRUARY 16, 2020

Facebook is something in between a newspaper and a telecommunications company, said CEO Mark Zuckerberg , and he wants it to be regulated accordingly, The Wall Street Journal reported. And in comments made last March, he said he believes more regulation is needed on social media companies.

Guidelines 131

Guidelines Regulation How To social media 131

BankUnderground

JULY 12, 2021

Systemic risk in the bank sector is often associated with long periods of economic downturn and large social costs. In a new paper , we develop a microstructural contagion model to disentangle and quantify the different sources of systemic risk for the euro-area banking system. A new definition of systemic risk.

System 125

System Exercises Policies Regulation 125

Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. Applications include analysis of regulations, news flow, earnings reports, consumer complaints, analyst ratings changes, and legal documents. Cybersecurity.

Regulation 309

Regulation Industry Risk Management Analysis 309

PYMNTS

JANUARY 23, 2020

The European Union’s long-anticipated 5th Anti-Money Laundering Directive (5AMLD), which modernizes security rules to reflect the needs and threats facing today’s economy, took effect in mid-January, and its impacts are already being felt across the payments space. Fiat-focused digital wallets must also boost their security.

Fraud 157

Fraud Security Regulation cryptocurrency 157

Perficient

MARCH 2, 2021

On February 18, the Federal Reserve Board announced a final rule that they claim is intended to reduce risk and increase efficiency in the financial system by applying derivative netting protections to a broader range of financial institutions. major swap participants (MSPs) and major security-based swap participants (MSBSPs); 2.

Regulation 309

Regulation Security System Marketing 309

PYMNTS

AUGUST 1, 2019

Investigators from the Federal Reserve carried out an inspection of Amazon ’s cloud in April as Washington looks into ways to regulate companies that provide the service. People familiar with the matter said the regulators were most interested in looking at Amazon’s resiliency and backup systems.

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Regulation Washington Virginia Seattle 108

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.

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New York Compliance Regulation Analysis 221

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers.

Compliance 221

Compliance New York Regulation Analysis 221

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

PYMNTS

NOVEMBER 16, 2020

In other news, the Securities and Exchange Commission of Pakistan (SECP) is researching the potential for innovation, as well as the inherent risks, in virtual assets, the SECP said in a paper published on Nov. The SECP also examined various regulatory measures in the paper. Meanwhile, Binance on Monday (Nov.

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Bitcoin Regulation Innovation Security 296

PYMNTS

AUGUST 8, 2019

We used to provide a knowledge-based authentication system, but we found that the fraudsters, on average, were better able to answer the questions than were individuals,” he said. The system helps you collect the least amount of data from the largest number of users,” he said. They had a higher match rate, a higher success rate.”

Security 147

Security Knowledge Base Fraud Online 147

Celent Banking

NOVEMBER 11, 2015

New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase. The timing will undoubtedly put pressure on regulators to push through strong regulation. Information security.

Cyber Security 100

Cyber Security Regulation Security New York 100

PYMNTS

JULY 16, 2018

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. The move on the part of global regulators comes as the Securities and Exchange Commission in the U.S.

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Regulation San Francisco Bitcoin cryptocurrency 110

PYMNTS

AUGUST 5, 2019

The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972. That stipulation is very important for the creation of the FedNow system.

System 212

System Payments Kansas Online 212

Bobsguide

JANUARY 16, 2019

Systems consolidation is the name of the game if firms are to meet the reporting requirements of the Securities Financing Transactions Regulation (SFTR), according to Broadridge senior product director, Dean Bruyns. “Obviously it takes work and it takes budget. These are hurdles that.

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System Meeting Regulation Security 121

PYMNTS

JUNE 14, 2019

But despite intelligence of things (IoT) solutions being put to use in many cases, the field continues to be hampered by security issues. The June IoT Tracker explores the latest advancements in IoT security and new applications of smart technology. New security threats are emerging, too. Get the full scoop in the Tracker.

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Regulation Security Technology Survey 161

Perficient

AUGUST 26, 2022

With the move to electronic trading and increased trade volume, FINRA has been considering ways to provide more timely and detailed data to the marketplace and regulators. Agency debt securities. Asset-backed securities (ABS). Agency pass-through mortgage-backed securities (MBS). Current Time Requirements.

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Report DC Security System 275

PYMNTS

JUNE 14, 2018

The Securities and Exchange Commission’s (SEC) leading authority on bitcoin, cryptocurrency and initial coin offerings (ICOs) has ruled that some well-known cryptocurrencies like bitcoin and Ethereum are not securities. As such, they can expect to come under the regulatory control of the SEC and relevant securities laws.

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Bitcoin Security San Francisco cryptocurrency 159