The Payments Association

OCTOBER 23, 2024

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). What does this mean for Payments firms?

Rules 88

Rules Payments Institute Authorization Reconciliation 88

Global Fintech & Digital Assets

OCTOBER 31, 2023

Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. By Jenny Cieplak , Nima Mohebbi , Parag Patel , Stephen P. The DFPI may also impose fines of up to $20,000 for each day of violation.

Laws 52

Laws Stablecoins Issuers Legal 52

The Paypers

DECEMBER 3, 2020

Europol together with law enforcement authorities from 26 countries have announced the results of the European Money Mule Action ‘EMMA 6’

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Law Enforcement Laws Authorization 31

PYMNTS

JANUARY 13, 2020

Amazon is cracking down on the sale of counterfeit goods, saying it will now cooperate more intensely with law enforcement on those matters. and European law enforcement whenever it can confirm that a fake item was sold to a customer through the site. Now, the company will be much more vigilant.

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Law Enforcement Authorization Product Laws 56

Fintech News

OCTOBER 6, 2024

It will allow law enforcement, sector supervisors, and government bodies to seamlessly screen databases and assess entities of concern for potential risks. On effective enforcement, the IMC proposes strengthening the legislative tools available to law enforcement agencies.

Money Laundering 117

Money Laundering Law Enforcement Financial Crimes Due Diligence 117

PYMNTS

SEPTEMBER 22, 2019

Ecuador ’s government has rushed a draft privacy law to Congress after the nation was hit with a massive data breach impacting more than 20 million people. The researchers informed the Ecuadorean authorities, who closed the breach on Sept. Some of the listings included personal bank details. Then on Sept.

Data Breach 75

Data Breach Laws Breach Privacy 75

VISTA InfoSec

OCTOBER 21, 2024

They are appointed based on article 37 of GDPR, and help organizations stay compliant with data protection laws by overseeing data security policies, monitoring internal compliance, and providing expert advice for staffs managing the potential data privacy risks. Working closely with the supervisory authority on processing-related matters.

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CCPA Privacy Assessments Laws 130

PYMNTS

DECEMBER 29, 2020

According to Anadolu Agency , Turkey's state-run news agency, prosecutors issued the warrant after a joint probe by Turkish financial crime investigators and tax authorities into a reported $132 million money laundering scheme in Turkey, the AP reported. the Associated Press (AP) reported. Also this month, the U.S.

Authorization 67

Authorization Financial Crimes Money Laundering Email Compromise 67

FICO

NOVEMBER 7, 2022

Fighting Scams and Authorized Push Payment Fraud in the US. US regulators seem poised to update the status quo for bank liability for authorized user/authorized push payment fraud, but just how big is the potential? In multiple geographies around the world, there has been a strong focus on authorized push payment fraud.

Scams 52

Scams Authorization P2P Zelle 52

PYMNTS

JANUARY 29, 2020

s Competition and Markets Authority (CMA), which said the site was misleading consumers, according to a report by the Financial Times. Last year, British MPs said the resale sites were “flouting consumer law.”. Ticket reselling company StubHub is being investigated by the U.K.’s In the U.K., StubHub have had years to comply with U.K.

Authorization 52

Authorization Legal Laws Regulations 52

Finextra

SEPTEMBER 12, 2024

As the national independent authority in Ireland, the Data Protection Commission (DPC) is responsible for protecting the personal data of individuals in the EU in accordance with GDPR, the EU's Law Enforcement Directive (LED) and Irish ePrivacy Regulations.

Law Enforcement 59

Law Enforcement Laws AI Authorization 59

PYMNTS

DECEMBER 11, 2019

The lawmakers warned that both companies should allow for “backdoor” access to law enforcement or they would be forced to regulate the technology. Attorney General William Barr, as well as authorities in the U.K. senators went head to head with executives of Apple and Facebook on Tuesday (Dec.

Law Enforcement 52

Law Enforcement Encryption Laws Privacy 52

PYMNTS

FEBRUARY 26, 2020

AB5 was put into law last year. The law makes it harder for companies to classify their workers as independent contractors, which has reverberations for the trucking industry as well. . ” The portal provides motor carrier insurance through a tie-up with Aon , which provides risk, retirement and health solutions. .

Laws 56

Laws Adjustments Legal Authorization 56

PYMNTS

JULY 9, 2020

Authorities in China have confiscated bitcoin, ether and tether worth more than $15 million and luxury cars from those who allegedly ran a purported cryptocurrency scheme, CoinDesk reported. The victim reportedly told authorities, “Simply put, you send one unit of ETH to a designated address, you will receive 60 HT.

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Law Enforcement Laws Stablecoins Addressing 64

Fintech News

FEBRUARY 25, 2024

A major investigation is underway in Singapore involving the police and the Monetary Authority of Singapore (MAS) against two key figures of Samlit Moneychanger, a licensed payment services provider. Violations of these laws carry severe penalties, including fines and imprisonment.

Authorization 102

Authorization Laws Business Day Compliance 102

PYMNTS

DECEMBER 11, 2019

The lawmakers warned that both companies should allow for “backdoor” access to law enforcement or they would be forced to regulate the technology. Attorney General William Barr, as well as authorities in the U.K. senators went head to head with executives of Apple and Facebook on Tuesday (Dec.

Law Enforcement 52

Law Enforcement Encryption Laws Privacy 52

PYMNTS

OCTOBER 7, 2018

Chinese authorities are getting more power to inspect the information technology, or IT, of companies and access property information and business data as part of new cybersecurity rules, reported the Wall Street Journal. It justifies for the authorities the right to basically copy or access anything,” Zarit said. “It

Authorization 59

Authorization Cybersecurity Rules Laws 59

PYMNTS

JANUARY 18, 2019

The Consumer Financial Protection Bureau (CFPB) has asked the United States Congress for the authority to supervise compliance of the Military Lending Act (MLA), the organization announced on Thursday (Jan. The requested authority would complement the work the Bureau currently does to enforce the MLA.

CFPB 48

CFPB Consumer Financial Protection Bureau (CFPB) Authorization Compliance 48

PYMNTS

JANUARY 22, 2020

India is on the verge of passing a data protection law in 2020 that, in some respects, mirrors – and may help inform – other initiatives around the globe. And once the law is official in India, the country will take its place alongside the U.K. Will India prove to be a model for open banking ? and Australia. The Mechanics of It All.

Laws 56

Laws Payments Data Non-Bank End User 56

PYMNTS

APRIL 16, 2019

The Italian Competition Authority (ICA) has launched an investigation into five separate Amazon outfits to determine whether the company is taking advantage of its position as the foremost logistical and eCommerce service, according to a report from Reuters. We are fully cooperating with the Authority,” Amazon told Reuters in an email.

Authorization 46

Authorization Federal Trade Commission FTC Blocks 46

Finextra

NOVEMBER 30, 2023

The Financial Conduct Authority (FCA) has today imposed fines on three money transfer firms after they admitted to fixing prices charged to consumers in Glasgow.

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Laws Authorization Consumer 40

PYMNTS

OCTOBER 17, 2016

It’s one thing if there’s a warrant, it’s another if authorities also have the paperwork to use biometric information to unlock smartphones. For that reason, the warrant authorizes the seizure of ‘passwords, encryption keys, and other access devices that may be necessary to access the device,’” the document read. Signed by U.S.

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Authorization Law Enforcement Encryption Government 72

Global Fintech & Digital Assets

MARCH 5, 2024

Banks should not transfer title or otherwise lend or pledge client assets except (i) to settle transactions or fees/charges owed by the client to the bank, (ii) if the client’s written consent has been obtained, or (iii) when required by law. using hardware security modules, key sharding, backup arrangements, etc.)

Authorization 59

Authorization Product Due Diligence Procedures 59

PYMNTS

JANUARY 10, 2019

According to German law, a transaction must provide info on price and characteristics or delivery details. Daniel Widmann, a technology law expert at Pinsent Masons, said in 2016 that this could cause trouble for the company. There are further special obligations regarding consumers in electronic commerce,” he said.

Laws 57

Laws Consumer Consumer Protection Rules 57

Fintech News

OCTOBER 22, 2024

Indonesia’s Financial Services Authority ( OJK ) has revoked the business license of PT Investree Radhika Jaya ( Investree ), a peer-to-peer lending platform. The decision was made due to Investree’s failure to meet minimum equity requirements and other regulatory provisions.

Legal 104

Legal Laws Authorization Addressing 104

PYMNTS

OCTOBER 27, 2019

China’s congress has passed a cryptography law to promote crypto development and ensure sound cybersecurity, according to a report from Xinhuanet , China’s news agency, on Saturday (Oct. The decree also underlines the training of talent in cryptography and will offer awards for “outstanding contributions.”.

Digital Currency 43

Digital Currency Laws Cybersecurity Money Laundering 43

PYMNTS

JULY 12, 2019

Visa will comply with a Russian law that says international payments systems have to process transactions for the country despite U.S. Visa said Russia is an important market for the company in terms of strategy, and the new law won’t make it leave the country. sanctions , according to reports.

Laws 43

Laws International Payments Non-Bank Payments 43

PYMNTS

DECEMBER 6, 2018

A European Parliament committee voted in favor of making the law stronger. The proposed legislation would also give authorities more power to punish rule breakers, and include a blacklist of unfair trading practices. based ACT | The App Association, app makers’ leading industry body, said the law would be detrimental to his industry.

Laws 57

Laws Agreements Regulations Rules 57

VISTA InfoSec

AUGUST 22, 2023

In 2019, a Swedish local authority was fined over $20,000 for using facial recognition software to monitor high school students’ attendance. The system was designed to identify individuals with criminal records or restraining orders, but it also collected images of all customers, including children and employees, without lawful consent.

Privacy 130

Privacy Compliance Legal Best Practices 130

Fintech News

SEPTEMBER 10, 2024

The Monetary Authority of Singapore (MAS) has confirmed that Worldcoin itself does not fall under the purview of the Payment Services Act 2019. Singapore is scrutinising activities related to Worldcoin , a Sam Altman’s cryptocurrency project that utilises iris scans for user identification.

Privacy 97

Privacy Money Laundering Authorization Breach 97

Segpay

OCTOBER 22, 2024

Privacy-Friendly Cryptographic Security in Compliance with the Law Resistance to traditional ID-based age verification is growing. Concerns about unauthorized access, potential misuse, or even government surveillance are widespread, especially in regions with weaker privacy laws or a history of overreach.

Verification 83

Verification Blockchain Privacy Encryption 83

VISTA InfoSec

SEPTEMBER 15, 2023

Clause 9(1), DPDP Act) If consent is retracted, the data fiduciary must stop the data processor from processing that individual’s data, unless otherwise authorized. For data processed for any function under any law or judgment issued under law. For minors , consent must be procured from the parent or legal guardian.

Data Breach 130

Data Breach Breach Government Governance 130

The Payments Association

NOVEMBER 7, 2024

Laws and regulations create limitations to international competitiveness. While this is going on, authorities can focus on regulations that directly improve competitiveness, reduce limitations, and increase innovation.

Compliance 88

Compliance Innovation Regulations Payments 88

Fintech News

OCTOBER 16, 2024

Parliament has granted new powers to the Monetary Authority of Singapore (MAS) to block deals involving insurers tied to cooperatives. Under the new law, MAS must obtain ministerial approval before allowing such deals to proceed.

Blocks 93

Blocks Authorization Government Governance 93

PYMNTS

NOVEMBER 19, 2019

There is no blanket permission to any agency for interception or monitoring or decryption and permission of competent authority is required, as per due process of laws and rules, in each case,” he further stated on Twitter. and California laws as well as WhatsApp’s terms of service. WhatsApp filed a lawsuit Oct.

Laws 40

Laws Government Governance NOV 40

VISTA InfoSec

SEPTEMBER 28, 2023

Now, this individual could be anyone, but there are a couple of special cases to consider: If the individual is a child, then the ‘Data Principal’ also includes the child’s parents or their lawful guardian. If the individual has a disability, then the ‘Data Principal’ includes their lawful guardian who is acting on their behalf.

Laws 130

Laws Privacy Authentication Authorization 130

The Fintech Times

NOVEMBER 6, 2024

After receiving initial approval from the Regulations Lab within the UAE government under the supervision of the Securities and Commodities Authority (SCA), ADIB is aiming to facilitate this in the future.

Risk Mitigation 57

Risk Mitigation Authorization Mitigation Risk 57