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Former NTUC Income CEO Tan Suee Chieh raised corporate governance issues and expressed concern over the potential erosion of NTUC Income’s social mission in light of its sale to Allianz in an open letter to the Monetary Authority of Singapore (MAS).
Australia will introduce new legislation to amend the Credit Act, requiring Buy Now, Pay Later (BNPL) providers to hold an Australian credit license and comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC). The new laws aim to balance consumerprotection with innovation and competition.
The Financial Services Authority ( OJK ) of Indonesia has issued a new regulation to govern Alternative Credit Ratings (PKA), also known as Innovative Credit Scoring (ICS). The regulation outlines the framework for PKA operations, including institutional requirements, governance, data security, and consumerprotection.
The introduction of the Digital Assets Bill and the Financial Conduct Authority (FCA)s ongoing efforts to regulate cryptoassets demonstrates the regulator’s intentions to further define just how digital assets are governed and traded. This could slow innovation and hike costs.
regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumerprotection.”. For example, the government-backed Unified Payments Interface is one of India’s most popular eCommerce payment methods. Don’t let the lack of hard law in the U.S.
OJK acknowledges the valuable input from these stakeholders and is refining the LPBBTI industry regulations as part of its mandate under Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).
The small nation is making a big push in support of FinTech innovation by reforming its payment laws. Singapore is preparing for a FinTech revolution. “It would also give MAS the flexibility to address emerging risks, such as cybersecurity, interoperability, technology and money laundering and terrorism financing. .
These negative developments likely influenced governments across the globe, because the following 12 months saw an extraordinary boom in crypto policy regulation in APAC countries. South Korea In June 2023, South Korea enacted the Virtual Asset User Protection Act, marking its inaugural comprehensive digital asset law.
Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. The DFAL contains an exclusion for persons that contribute “only connectivity software … to a protocol governing transfer of the digital representation of value.”
.” Industry collaboration Bivu Das , UK general manager at Kraken It seems the industry wants the same, as Bivu Das , UK general manager at crypto exchange Kraken expresses support of the new roadmap: “The recent announcements by the government laid out a forward-thinking vision to enable cryptoassets to thrive in the UK long term. “By
The rule changes provide stronger consumerprotection but also raise concerns about industry costs and potential fraud exploitation. Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks.
In parallel with growing market adoption of surcharging, more states have considered and enacted surcharging legislation, often with the stated goal of standardizing surcharging and ensuring consumerprotection. In 2024 alone, more than a dozen state legislatures introduced bills related to surcharging and consumer fees generally.
The small nation is making a big push in support of FinTech innovation by reforming its payment laws. Singapore is preparing for a FinTech revolution. “It would also give MAS the flexibility to address emerging risks such as cyber security, interoperability, technology, and money laundering and terrorism financing. .
The regulator will have the authority to request information from tech firms and also enforce other Indian laws aimed at consumerprotection and fair competition, the sources said. The move aligns with laws passed in 2019 that tech firms like Amazon and Walmart’s Flipkart are having trouble complying with.
It highlights the need for a strategic, proportionate approach to safeguarding that aligns with broader regulatory and consumerprotection goals. The government invited the FCA to consult on the safeguarding regime in 2023. Why is it important? What’s next?
The FTC alleged that First Data ignored repeated warnings from employees, lenders and others that Chi “Vincent” Ko, who ran an independent sales organization affiliated with the company, was laundering payments for clients that were breaking the law.
Amidst this complex backdrop, regulatory efforts, particularly in jurisdictions like Singapore, have taken center stage, offering a glimpse into the future of crypto governance and its potential to shape the industry’s trajectory toward greater safety and integrity. billion (SG$ 32.51
“By establishing a cohesive regulatory framework, the federal government can facilitate the responsible development and deployment of AI technologies, ultimately enhancing the efficiency and inclusivity of the financial services sector.”
This initiative aims to advance sustainable development across ASEAN by aligning environmental, social, and governance (ESG) metrics. During the meeting in February 2024, the exchanges formalised their collaboration by establishing a governance structure and operational plan.
In the UK, consumers and businesses make around 1,500 transactions every second. The government aims to simultaneously boost the economy and drive innovation in payments, via the National Payments Vision and Strategy, which has been shaped by views and inputs of over 100 financial institutions.
The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protectingconsumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections.
The small nation made a push in support of FinTech innovation by reforming its payment laws. .” Alfred noted that Singapore’s flourishing FinTech space can stand to benefit from the challenges being faced in other global markets. Last month, Singapore took a big step in preparation for its own FinTech revolution.
Others pretend to be government agencies or public health organizations designed to trick viewers into entering banking and credit card information. Disrupting internet-based fraud schemes is an important part of our effort to protectconsumers from financial loss and health-related harms.”.
California Assembly Bill 5 ( AB5 ) — and its now famed (and feared) three-part test as to whether a worker could be classified as an independent contractor or must by law be classified as an employee — has been a magnet for controversy almost since day one. As Turner said, labor laws are still rooted in a time when the U.S.
In September, the Australian government proposed the introduction of a ‘Scams Prevention Framework’ (SPF), which would implement new scam obligations across all sectors. The Bill, which would insert the SPF into the Competition and Consumer Act 2010, is expected to be introduced to the federal parliament in November.
However, you must keep in mind several federal and state laws as well as credit card network guidelines (e.g. Surcharging rules Surcharge laws and guidelines can vary from state to state. Plus, there are federal lawsgoverning surcharges. Visa, Mastercard, American Express, Discover, etc.)
These pioneering laws represent the first significant initiatives by governments to establish regulations that protect individuals’ data, aiming to give people more control over how their information is collected, processed, and stored. How can consumersprotect their data privacy online?
According to the news outlet, law enforcement’s initiatives are “an unprecedented level of government attention” for the sector, which has evaded regulators by classifying merchant cash advances as non-loans and, therefore, exempt from personal loan protections under state and federal law.
This surcharge covers costs associated with adopting and maintaining government-mandated sustainable practices. Governments impose regulations to protect the public’s interests and promote fair corporate practices. State and federal laws. Surcharging laws vary by jurisdiction. Consumerprotectionlaws.
At Google, he pointed to its role in online ads as an antitrust and consumerprotection concern. Attorneys general have teamed up to investigate if Google ran afoul of any antitrust or consumerprotectionlaws, while the FTC is looking into the Cambridge Analytica issue at Facebook. Landry said.
Surcharging involves understanding federal laws, state-specific restrictions, and international regulations. Be sure to understand federal laws, state regulations, and international standards to sidestep potential legal issues. Surcharging restrictions for multi-location businesses can get confusing. In Enter the PCI DSS compliance.
Collaboration with law enforcement and the Government The report stresses the importance of ongoing collaboration between financial institutions, regulators, and law enforcement. For payment leaders, the insights from the Half Year Fraud Report 2024 serve as a reminder that the battle against fraud is far from over.
In order to help FinTechs adhere to fair-lending laws, the Government Accountability Office wants regulators to explain their position on applying alternative data. Consumer advocates have raised concerns that assessing alternative data could lead to discrimination and widen the credit gap.
This gives some clarity to the industry, suggesting that should a Labour government come to power, many of the initiatives already in motion, to unlock capital and to bring about consolidation, would continue. A Labour government will work with regulators and industry to develop the roadmap for open finance.
Current antitrust laws are “flexible enough” to handle issues caused by technology firms, said Makan Delrahim, assistant attorney general for the Antitrust Division of the U.S. government was working with state attorneys general to probe online platforms for possible antitrust violations. It was first announced in August that the U.S.
The regulatory landscape for fintechs and financial services companies operating in the European Union is expected to undergo significant changes this year, with new standards, guidelines, and rules governing payments, data privacy, digital assets, and more. The EU AI Act passed in 2024.
California Assembly Bill 5 ( AB5 ) — and its now famed (and feared) three-part test as to whether a worker could be classified as an independent contractor or must by law be classified as an employee — has been a magnet for controversy almost since day one. As Turner said, labor laws are still rooted in a time when the U.S.
The Kenyan National Assembly is considering a law that would make mobile lenders in the country subject to central bank oversight, which would force them to reveal transactions fees and interest rates before they dole out loans. There is need for consumerprotection. These mobile loan apps have commercialized poverty.”.
Lending Club, for its part, said that it plans to cooperate with the DFS investigation, which also looks for information on underwriting and other business procedures and how these myriad practices square with consumerprotectionlaws and lawsgoverning fair business practices.
ETA supports a uniform policy framework for AI that appropriately preserves the innovation and security AI brings, while ensuring appropriate consumerprotection. The CFPB plays an important role in the regulatory framework governing this critical industry. Intellectual Property New ideas are the lifeblood of innovation.
government agency, authorized by the Dodd-Frank Wall Street Reform and ConsumerProtection Act passed in 2010 under the Obama administration, and its director Richard Cordray have been criticized for overextending their authority. The controversial U.S.
Roughly a decade on, is it time to remove some of the rules governing the financial sector that took shape in the aftermath of the Financial Crisis of 2008? To that end, the Federal Reserve proposed last week that some rules be relaxed for 16 financial institutions — though the largest banks in the country are not among them. PSD2 News, Too.
The Kansas businessman – facing a 2017 conviction for violating federal truth in lending and racketeering laws in connection with his online lending business – attempted to apologize for the $3.5 According to Reuters, it served to convince the judge that Tucker had not really accepted that his actions were against the law.
The regulator defended the reduced threshold as maintaining strong consumerprotections while addressing concerns from financial firms. Consumerprotection is at the centre of our proposal. We never contested the principle of reimbursement, and we never will.
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