The Fintech Times

APRIL 8, 2024

Regulatory hurdles and compliance intricacies emerged as focal points, with speakers exploring the complex landscape of legal frameworks governing AI including the EU AI Act and the UK regulator’s approach to AI regulation, highlighting the importance of understanding forthcoming regulatory changes and their implications.

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AI Risk Legal Framework Use Case 59

Fintech News

JULY 17, 2024

These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space. This includes harmonising regulations across jurisdictions, sharing intelligence, and conducting joint operations.

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Money Laundering Law Enforcement AML Non-Bank 99

Neopay

JULY 18, 2024

Anti-Money Laundering Risk: According to the Basel Institute of Governance, the global anti-money laundering risk averaged 5.25 Nordic Region: Countries like Finland, Sweden, Iceland, and Norway rank among the lowest for laundering risk, thanks to stringent regulations and innovative solutions.

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Money Laundering AML Crime Cryptocurrency 52

Fintech News

JANUARY 17, 2024

To address these issues, the Reserve Bank of India (RBI) took action in 2023 by mandating stricter IT governance and risk controls. Regulations bring liability changes Regulators across APAC are updating regulations to protect consumers from evolving scam tactics.

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Deepfake APACS Scams Authentication 110

PYMNTS

SEPTEMBER 2, 2019

3 hearing advises that system-wide governance should be established to regulate virtual asset service providers (VASPs), CoinTelegraph reported Monday (Sept. Although regulation could make it hard for some crypto firms to continue operations, Murray said it’s not the BSA’s job to accommodate everyone. financial system.

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Regs BSA Legal Framework Cryptocurrency 49

Stax

FEBRUARY 5, 2024

They can be variable or fixed, depending on company policy, industry standards, and local regulations. They can be variable or fixed, depending on company policy, industry standards, and local regulations. This surcharge covers costs associated with adopting and maintaining government-mandated sustainable practices.

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Credit Cards Legal On-Demand Regulatory Compliance 88

PYMNTS

DECEMBER 23, 2020

government relations, according to Bloomberg. We support legal frameworks that achieve these goals.”. Meanwhile, Facebook and Google are encountering a bevy of antitrust lawsuits in addition to probes by European and American regulators. For example, Facebook faces an antitrust suit backed by the U.S.

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Federal Trade Commission Legal Framework Laws FTC 76

The Fintech Times

MARCH 23, 2024

Together, they propose a shift in data management and usage, highlighting the distinctiveness inherent in digital representations and advocating for a revised approach to legal frameworks. ” Call to action The need for a more long-term outlook of Government and more private investment is a call to action, says Dr. Wandhöfer.

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Economy Crime Legal Framework Government 59

Segpay

MAY 1, 2024

DORA entered into force on January 16th, 2023, and its legal implementation deadline is January 17 th , 2025. The Act will help regulators to identify and investigate financial crime more effectively. This can result in costly legal proceedings, settlements, and damages awards. DORA isn’t only designed to reduce financial crime.

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Compliance Cybersecurity Procedures Risk Management 52

PYMNTS

NOVEMBER 2, 2018

Australia’s new government entity, designed to support small businesses (SMBs) claiming mistreatment by their banks, has opened its doors, reports in Smart Company said this week.

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Disputes Legal Framework Small Business Governance 61

The Fintech Times

JANUARY 5, 2024

For businesses seeking to allay these fears and develop safe, accountable AI solutions, effective governance is essential.” We can also expect major updates to compliance frameworks with responsible and acceptable AI use policies becoming commonplace.” appeared first on The Fintech Times.

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AI Database Financial Crimes Compliance 75

PYMNTS

JULY 6, 2020

While much of the legal framework has come from European Union (EU) regulators, it is a loose alliance of financial institutions (FIs), heavy-duty tech players and nimble FinTechs making breakthroughs. And as for all the press they get, APIs have an awareness problem to overcome.

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API B2B Payment APIs and Integration Legal Framework 76

The Fintech Times

JULY 2, 2024

There are political shifts, economic reforms, and efforts to modernise outdated legal frameworks. Also, in fintech and various other industries, regulatory frameworks governing digital payments, cybersecurity, and data privacy can differ vastly across borders within the region.

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FinTech Cross-Border Underserved Legal Framework 59

FICO

MAY 13, 2021

Last month, the European Commission issued a new legal framework for AI , designed to make the European Union a centre of excellence for trustworthy AI. Having a documented model development governance process. Ensuring models are adequately supported by degrees of freedom to prevent overtraining.

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AI Legal Framework Risk Compromise 52

PYMNTS

JUNE 10, 2020

The surge in national interest and demand for digital alternatives to traditionally paper-based notary services led to greater consumer awareness and inspired a wave of legislation governing how those services should enforce digital notarization processes’ anti-money laundering/know your customer (AML/KYC) aspects.

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Legal Money Laundering Legal Framework On-Demand 52

Clearly Payments

FEBRUARY 8, 2024

To ensure the smooth operation of this system and protect the interests of all stakeholders, a robust regulatory framework is in place. This article aims to provide an in-depth overview of the key regulatory organizations, payment regulations, and prevailing trends that shape payment regulation in the USA.

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Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 105

PYMNTS

SEPTEMBER 11, 2019

West said Uber intends to follow AB 5 should it be put into law next year, but that it will continue to try to prove that it doesn’t fall under its legal framework. Lyft spokesperson Adrian Durbin had slightly more pointed words about the new law. The 2020 ballot question would exempt them, and other gig economy firms, from AB 5.

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Economy Laws Legal Framework Legal 65

Segpay

AUGUST 20, 2024

As the digital world continues to expand and the young and the old spend an increasing number of hours online, governments around the globe are taking rigorous steps to make the internet a safer environment for minors. The Chinese communist government has implemented some of the strictest measures worldwide.

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Verification Laws Legal Privacy 105

PYMNTS

JANUARY 31, 2018

There was regulatory news on other fronts too, as you might guess, and it went beyond the scope of bitcoin and how cryptocurrencies might be regulated on a world stage. To recap that development, regulators are looking at “answers” to volatile trading and risk to be decided at the G20 summit slated for March.

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Rules Credit Cards Legal Legal Framework 40

Stax

JANUARY 15, 2024

Surcharging involves understanding federal laws, state-specific restrictions, and international regulations. PCI DSS compliance, a global framework, mandates specific requirements and best practices for maintaining credit card data security. In case of ambiguities, don’t hesitate to consult with state regulators.

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Credit Cards PCI DSS Compliance Process 88

PYMNTS

JANUARY 15, 2021

To get a bit more granular, in an interpretive letter , the OCC said that regulated financial institutions (FIs) can participate in independent node verification networks (INVN for short – namely, a blockchain network). But those same payments mechanisms must be in compliance with various regulatory and legal frameworks.

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Stablecoins OCC Regulations Office of the Comptroller of the Currency 101

Segpay

MARCH 20, 2024

Regulatory Compliance Challenges Deploying generative AI in banking is subject to a complex regulatory landscape governed by stringent data protection, consumer privacy, and financial regulations.

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AI Privacy Non-Bank Fraud Detection 111

CB Insights

OCTOBER 26, 2020

This regulation reduced trading profits and created a need to cut costs, spurring investment banks to spin off unprofitable divisions or eliminate them entirely. And across equity research and sales & trading, poor performances and new regulations have led to widespread layoffs as banks have figured out they can do more with less.

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Underwriting Research Online and Mobile Banking Non-Bank 78

Fintech Review

SEPTEMBER 17, 2024

Decentralised Autonomous Organisations (DAOs) are transforming the governance structures within the blockchain and cryptocurrency spaces. Operating without central authority, DAOs promote decentralised decision-making, with the promise of democratising governance across various sectors. What Are DAOs?

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Government Governance Innovation Legal 76

PYMNTS

NOVEMBER 4, 2016

” CryptoCoinsNews also reported that a digital currency pyramid scheme in Vietnam led the government to, once again, warn against its citizens using bitcoin. It’s much tougher to legitimize and regulate it. Elsewhere in the world, officials continue actively seeking legitimacy and regulation for bitcoin. Washington, D.C.,

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Bitcoin Digital Currency Law Enforcement Legal Framework 76

CoinRemitter

JUNE 30, 2024

Decentralized Autonomous Organizations (DAOs) are at the forefront of the decentralized ecosystem, offering a new way to govern, handle finances, and make informed decisions. Blockchain technology manages the organization, coordinating tasks and governance without needing a central authority. Shareholders vote on big issues.

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Fintech Finance

JULY 1, 2024

In line with current practice, payment service providers would only have access to the personal data that are required to ensure compliance with EU law, such as anti-money laundering regulations. To use data for commercial purposes, payment service providers would need users’ explicit consent.

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PYMNTS

JUNE 27, 2016

What that would do, of course, is put bitcoin in a regulatory framework that enables lawmakers to tax, regulate and monitor bitcoin transactions in a way that may give more legitimacy to the concept of the cryptocurrency. For now, there are no specific laws around bitcoin, which means bitcoin is already legal.

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Bitcoin Legal Framework Legal Cryptocurrency 44