Innovative Payments Association

JUNE 26, 2024

Regulators are facing a deadline for any new rules that they want to put in place, but that deadline isn’t the election, or even the inauguration of a new president. CRA dates back to 1996, when it became law as part of the Small Business Regulatory Enforcement Fairness Act. 5 U.S.C. § § 804(2). 5 U.S.C. §

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Regulations Rules Laws Government 52

Fintech News

FEBRUARY 27, 2024

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.

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APACS Regulations Stablecoins Cryptocurrency 120

The Fintech Times

SEPTEMBER 12, 2024

However, it is key not to forget the role of the regulator. Despite this, the UK regulator didn’t hand out any fines or punishments, prompting us to ask if tougher penalties or consequences would lead to better outcomes. Should regulators impose tougher penalties on firms that fail to comply?

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Compliance Regulations Financial Crimes Non-Bank 59

Global Fintech & Digital Assets

NOVEMBER 16, 2023

Recognizing new realities in decentralization, the regulations aim to provide market players with governance flexibility within distributed ledger technology foundations. The Regulations were published on November 1, 2023. Latham & Watkins has advised ADGM in drafting the Regulations. What are DLT Foundations?

Regulations 52

Regulations Technology Distributed Ledger Technology (DLT) Audit 52

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. The DFAL contains an exclusion for persons that contribute “only connectivity software … to a protocol governing transfer of the digital representation of value.”

Laws 52

Laws Stablecoins Issuers Legal 52

PYMNTS

NOVEMBER 21, 2019

A group of senators have introduced a bill that would classify Facebook’s proposed cryptocurrency Libra as a security under the law, according to a report by CNBC. Bringing clarity to the regulatory structure of these digital assets protects consumers and ensures proper government oversight going forward,” Garcia said.

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Laws Regulations Security Stablecoins 58

The Fintech Times

JANUARY 22, 2024

UK businesses will need to meet new standards following the Financial Reporting Council (FRC)’ s “small but important” revisions to the UK Corporate Governance Code. The post Enhanced Transparency: FRC’s Overhaul of UK Corporate Governance Code appeared first on The Fintech Times.

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Government Governance Due Diligence Audit 59

Fintech Finance

JULY 16, 2024

The Financial Stability Board (FSB) published today, for public consultation, its proposed recommendations to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers.

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Cross-Border Payments Cross-Border Consulting Regulations 98

The Fintech Times

SEPTEMBER 4, 2024

The UK’s Payment Systems Regulator (PSR) has announced a significant reduction in the maximum fraud reimbursement limit for authorised push payment (APP) scams, lowering it from £415,000 to £85,000 just weeks before new rules take effect in October. Rocio Concha, director of policy and advocacy at UK consumer body Which?,

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Regulations Scams Payments Caps 59

FICO

MAY 25, 2023

Home Blog Feed test AI Development Can’t Be Paused—But It Can Be Regulated Since Generative AI is here to stay, ChatGPT’s base grew by 9,900% in 60 days, with 1.8 We want to work with the government to prevent that from happening.” Sorry, Sam, it’s too late for prevention; the bell’s been rung, the cows are out of the barn , etc.—and,

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AI Regulations Audit Governance 52

PYMNTS

NOVEMBER 13, 2020

As government regulators in China increase tech industry oversight, Tencent said it will comply with new laws intended to curb antitrust activities and tighten FinTech acceleration, according to a Bloomberg report on Friday (Nov. The regulators are looking more closely at transaction-based platforms, Lau said, per Bloomberg.

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Regulations NOV Laws Digital Payments 90

Finovate

MAY 6, 2024

From the perspective of an onlooker, it appeared that regulators were issuing the consent orders to make examples out of certain players in the industry, foregoing formal BaaS regulation. Regulators’ New Resource on BaaS Relationships is Disappointing appeared first on Finovate.

Regulations 52

Regulations Community Banks FDIC Due Diligence 52

The Paypers

SEPTEMBER 21, 2021

The Australian Government has announced considering new laws that would tighten the regulation of digital payment services by tech giants such as Apple and Alphabet’s Google.

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Government Governance Regulations Laws 31

The Payments Association

MARCH 26, 2024

As the crypto market continues to innovate and grow, governments and regulators around the world are struggling to keep pace. The constantly shifting policy and regulatory landscape is also challenging for crypto businesses to navigate—particularly for firms seeking to operate in the UK where cryptoasset rules remain in flux.

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Financial Crimes Crime Consulting Compliance 88

PYMNTS

JUNE 13, 2019

Latvia’s parliament has passed new regulation to bolster the fight against money laundering and terrorism financing. After a series of recent scandals, the country’s government was accused of being too lenient with banks. But the current head of the commission, Peter Putnins, is critical of the changes.

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AML Money Laundering Laws Regulations 48

Payment Savvy

MAY 5, 2021

Most people think that payment processing for law firms is a simple and straightforward process. However, it is a complex procedure that is governed by strict regulations. Due to the above reasons, law firms need to adopt an advanced payment processing system. Payments received must be deposited to a trust account.

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Laws Process Payments Debit Card 52

Fintech News

JULY 21, 2024

This move is part of a new regulation for Information Technology-Based Joint Funding Services (RPOJK LPBBTI), which is currently in development and incorporates feedback from various stakeholders.

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P2P Caps Consumer Protection Risk Management 109

The Paypers

DECEMBER 1, 2023

The Australian government has announced a delay on its BNPL laws until 2024, due to resourcing pressures on the federal government’s legislative drafting teams.

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BNPL Regulations Laws Government 36

PYMNTS

FEBRUARY 21, 2020

It accomplishes that by threatening a critical immunity named Section 230 that firms have with federal law. The action is said to be the newest exhibit of how Washington lawmakers and regulators are taking another look at the need for incentives that had aided the growth of digital firms.

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Encryption Laws Best Practices Law Enforcement 83

Fintech Finance

FEBRUARY 6, 2024

However, regulations concerning invoice formats, systems, tax rules and timelines can be challenging and differ across countries. With over 25 years in product, trade and tax compliance, Hornburg has worked with governments and private sector companies globally, bringing a wealth of experience defining and delivering digitalization efforts.

Compliance 52

Compliance Regulations Cross-Border Automation 52

VISTA InfoSec

OCTOBER 26, 2023

To accomplish this, companies must adhere to specific regulations and standards. federal law passed in 2002 to protect investors from fraudulent financial activities. SOX establishes regulations around financial reporting, mandates internal control audits, and strengthens corporate governance. It applies to all U.S.

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Audit Compliance Laws Government 130

The Paypers

AUGUST 30, 2021

The Australian government has announced it is considering new laws that would tighten the regulation of digital payment services by tech giants such as Apple and Alphabet's Google.

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Regulations Laws Government Governance 60

Payment Savvy

NOVEMBER 30, 2021

This federal law, known as Regulation F goes into effect on November 30, 2021. Regulation F affects everything from debtor communication to multi-state compliance. From a quick recap of the FDCPA to highlighting several points collectors should know about the legislation, get ready to get savvy on Regulation F.

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Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

PYMNTS

OCTOBER 16, 2020

In May 2019, the government took over Baoshang Bank in the first seizure of its kind in almost 20 years. The People’s Bank of China (PBOC) set the terms for commercial banks to seek bankruptcy, while outlining actions for lenders to follow as they aim to leave the market or reorganize through its first changes to the law as of 2015.

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Regulations Central Bank Risk Government 112

The Paypers

AUGUST 25, 2022

The Turkish government has published an amendment to the Law on the Regulation of Electronic Commerce in the country.

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Regulations Laws Government Governance 36

PYMNTS

NOVEMBER 9, 2020

Here’s the latest news from the technology industry, which is coming under increasing global scrutiny from governments and consumers. Regulation. EU Gears Up To Propose New Big Tech Regulations. Australian Regulator Looks Into Merger Law Changes. Turkey Hits Big Tech Platforms With $1.18M Penalty.

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Regulations Privacy Compliance Laws 84

Global Fintech & Digital Assets

FEBRUARY 26, 2024

By Simon Hawkins and Adrian Fong On 7 February 2024, the Hong Kong Monetary Authority (HKMA) released a consultation paper on its proposal for implementing new regulations on the prudential treatment of cryptoasset exposures (Consultation Paper).

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Consulting Regulations Distributed Ledger Technology (DLT) Stablecoins 52

Fintech News

AUGUST 6, 2024

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). billion (EUR 1.5

Consumer Protection 106

Consumer Protection Consumer Risk Management Best Practices 106

PYMNTS

MAY 4, 2016

It can seem like the low-hanging fruit of political topics, but there’s new evidence coming out that small and medium-sized businesses are feeling the crunch from government regulations. Only 44 percent of survey respondents said that the regulations that apply to them actually achieve what they’re intended to.

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Government Governance Regulations Small Business 40

VISTA InfoSec

SEPTEMBER 28, 2023

This new law, approved by the president on August 11, 2023, dictates how organizations handle personal data. Until then, businesses should adhere to existing Indian privacy laws, primarily the Sensitive Personal Data or Information Rules (SPDI) 2011. All data fiduciaries must adhere to the act’s regulations (Clause 2 (g), DPDP Act).

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Privacy Audit Data Breach Compliance 130

PYMNTS

NOVEMBER 4, 2020

regulators have taken a more hands-off approach by issuing non-binding guidelines, thus allowing industry stakeholders to pave the way forward. regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”.

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Laws API Regulations Non-Bank 68

PYMNTS

JULY 24, 2020

The central bank of Kenya is putting forward new legislation to govern interest rates charged for digital lenders’ loans. Online lenders will need the green light from the central bank to roll out new offerings or hike lending rates if the legislation is put into law, Quartz Africa reported.

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Central Bank Government Governance Online and Mobile Banking 63

PYMNTS

JANUARY 29, 2021

eCommerce giants, India is considering revising its rules after allegations surfaced that Amazon and Walmart’s Flipkart devised ways to sidestep investment regulations. The Indian government is weighing if those mandates should be solidified to extend to merchants’ parent companies. In response to local merchants’ complaints about U.S.

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Regulations Rules Consulting Laws 71

The Fintech Times

AUGUST 23, 2024

The Bank of Mongolia , also known as Mongol Bank, serves as the nation’ s central bank, overseeing monetary policy and financial regulation. Recognising the potential of digital technology to drive economic development, the government has been proactive in promoting digitalisation.

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Economy FinTech Government Governance 115

PYMNTS

DECEMBER 23, 2019

The same framework should be in place to improve technology used by regulators in efforts to strengthen supervision throughout the industry, the think tank also says. Yiping also believes the government should unite each financial regulatory body of data platforms to improve monitoring potential risk and ability to act faster on any problems.

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Regulations AI Finance Central Bank 81

Neopay

MARCH 26, 2024

This note sets out the next phase of delivering a Smarter Regulatory Framework for the UK by replacing assimilated law on financial services. Details The Financial Services and Markets Act 2023 (FSMA 23) repeals assimilated law for financial services in order to deliver a Smarter Regulatory Framework (SRF) which is tailored to the UK.

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Treasury Laws Rules Governance 52

Fintech News

JANUARY 14, 2024

The decision by Google comes on the heels of a crackdown by the Indian government’s Financial Intelligence Unit (FIU) which had recently issued show cause notices to nine crypto firms. Following the footsteps of Apple Inc. Among the affected crypto firms are Binance, OKX, Kraken, Huobi, Gate.io, Bittrex, and Bitfinex.

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Blocks Government Governance Laws 120