South Carolina embraces new EWA law
Payments Dive
MAY 23, 2024
This week, South Carolina became the fifth state to enact a law regulating earned wage access providers, but it doesn’t subject them to lending laws.
Chargeback Rules: What Laws & Regulations Govern the Dispute Process?
Fi911
JANUARY 4, 2024
We will provide insight into how these regulations differ between card schemes, and help financial institutions to better understand the dispute process from all sides. What Laws Govern Chargebacks in the US? Certain regulations known as “chargeback rules” are, in fact, based on legal statutes.
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KPMG Law Partners with Shieldpay as Payments Provider
Fintech Finance
JUNE 21, 2024
Shieldpay , the payments partner for the legal sector, is working with KPMG Law UK (part of KPMG LLP) to provide payments services for its high value, complex client transactions. Shieldpay has been supporting KPMG Law’s corporate clients as an escrow and paying agent provider for corporate and M&A deals since 2020.
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EWA providers hail new Kansas law
Payments Dive
APRIL 25, 2024
Kansas has joined a pack of states in passing a law backed by earned wage access providers, as regulations for the industry remain a contentious issue.
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CMF publishes regulations on the SFA within the Fintec Law
The Paypers
JULY 9, 2024
The Financial Market Commission has announced the publication of a rule that is aimed at regulating the Open Finance System within the framework of the Fintec Law.
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Russian Regulator Alleges Booking.com Broke Anti-Monopoly Law
PYMNTS
DECEMBER 21, 2020
Russia's federal anti-monopoly service (FAS) has accused Booking.com of reportedly violating antitrust laws in the country and abusing a dominant market position, according to Reuters Monday (Dec. Under Russia's anti-monopoly law, the company could face a fine of around 1 percent to 15 percent of its annual revenue generated in the country.
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Gen AI: Ethics and Regulations
Finextra
FEBRUARY 4, 2024
In this epoch of AI, serious questions about regulations and laws for AI are being raised but why no.
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Changes to UK company law
Neopay
APRIL 22, 2024
The UK’s company law landscape underwent significant changes with the enactment of the Economic Crime and Corporate Transparency Act, effective from 4th March 2024. The post Changes to UK company law appeared first on Neopay. Here is a summary of what you need to know about the new measures.
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Proposed Laws Could Make Washington Leader In AI Regulation
PYMNTS
JANUARY 24, 2020
With an array of bills brought forward by lawmakers during this legislative session, Washington state could become a leader in artificial intelligence regulation. Microsoft , as well as its president, has been asking regulators to make legislation on artificial intelligence (AI) for months.
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DIFC Keeps Up With Digital Asset Development, Enacting New Law and Amending Other Legislation
The Fintech Times
MARCH 14, 2024
Consequently, Dubai International Financial Centre (DIFC), the global financial centre in the Middle East, Africa and South Asia (MEASA) region, has enacted a Digital Assets Law as well as amended existing legislation. Law of Security – DIFC Law No. 3 of 2024, to cater to specific issues arising in relation to this asset class.
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MiCA Regulation — All you should know
Finextra
JUNE 21, 2024
The MiCA regulation has established a unanimous law to govern and regulate crypto assets. The regula.
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Buy Now, Pay Later to Be Regulated Like Other Credit Products in Australia
Fintech News
JUNE 5, 2024
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). If it looks and acts like credit, then it should be regulated as such.
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New Facial Recognition Policy Signed Into Law In Washington State
PYMNTS
APRIL 1, 2020
“This legislation represents a significant breakthrough – the first time a state or nation has passed a new law devoted exclusively to putting guardrails in place for the use of facial recognition technology,” Smith said in the post. In our view, this required a legal floor of responsibility, governed by the rule of law,” Smith said.
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Should Regulators Impose Tougher Penalties on Firms For Non-Compliance?
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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Here’s How 10 APAC Markets Are Approaching Crypto Regulation
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. This transition is currently in progress.
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What’s Lurking Behind the 2024 Regulation Schedule
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).
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Norway targets cryptocurrency mining with data centre law
The Paypers
APRIL 18, 2024
Authorities in Norway have revealed their intention to introduce a new data centre law aimed at regulating operations within these facilities.
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California Adopts Digital Financial Assets Law
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.
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New Law Would Regulate Libra As A Security
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. This bill would bring them the security they deserve by applying the laws we use to regulate financial securities to this new breed of digital currencies.”.
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EU expands AML regulation impacting cryptocurrency compliance
Finextra
APRIL 26, 2024
The European Parliament has voted to adopt a package of laws to strengthen the EU’s AML and terrorist financing toolkit, with a particular impact on the cryptocurrency industry.
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Facebook's Libra will force a reckoning on crypto, privacy law
Payments Source
JUNE 26, 2019
In the eyes of regulators, Facebook and bitcoin have a lot in common. Both challenge citizens' relationship to privacy, and both use technology in ways that current laws were unprepared for.
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“Outrageous” or “Positive News”? Reactions to Payments Regulator Reducing Fraud Reimbursement
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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SEC won’t budge on crypto regulation
Payments Dive
DECEMBER 18, 2023
In denying a petition submitted by Coinbase, the agency has concluded rulemaking isn’t needed for issuers and intermediaries to know which – and how – crypto assets fit within securities law.
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Regulators Say Crypto Asset Holders Subject To Securities Laws
PYMNTS
OCTOBER 13, 2019
financial regulators have warned firms with registered digital assets that they must follow securities laws to prevent money laundering, as well as report any suspicious activity. laws as securities, commodities, and security- or commodity-based instruments such as futures or swaps. “For Earlier this year, U.S.
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Deep Dive: Why The Pandemic Is Pushing MENA Regulators To Upgrade Open Banking, Privacy Laws
PYMNTS
SEPTEMBER 30, 2020
Consumers and businesses have been moving online in recent years, and regulators from the European Union to the Middle East and North Africa (MENA) region have worked to keep up with this migration. The pandemic is dramatically altering how merchants can transact, which data they can store and where they can store it, however.
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Abu Dhabi Global Market Issues Regulations on Distributed Ledger Technology Foundations
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?
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FSB Consults on Recommendations Related to Data Flows and Regulation and Supervision in Cross-Border Payments
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.
HM Treasury launches consultation to enhance money laundering regulations
Neopay
MARCH 15, 2024
HM Treasury has initiated an open consultation aimed at refining the Money Laundering Regulations (MLRs) to bolster their effectiveness while reducing burdens on legitimate customers. However, it highlights the need for technical adjustments to optimise effectiveness and ensure proportional application across regulated firms and customers.
Tencent Vows To Comply With Chinese Regulators’ Increasing Oversight
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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How AML Regulations Are Pulling Credit Unions Into Law Enforcement
PYMNTS
DECEMBER 13, 2018
CUs are also actively communicating with law enforcement agencies, keeping regulators informed about suspicious activity, while receiving tips on noticeable trends that these same agencies are eyeing. AML Compliance Turns CUs Into Law Enforcement. Add it all up, and that can be a lot to handle. About The Tracker .
US moves to regulate BNPL the same as credit cards
Neopay
MAY 28, 2024
Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations already on the books.” While most BNPL companies already abide by this clarified regulation, the new interpretation enforces this across the entire sector.
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Crypto firms shouldn't fear being regulated as securities
Payments Source
JULY 19, 2020
Securities laws, in spite of their shortcomings, exist for very good reasons: To regulate the fair exchange of units of ownership, to protect individuals from fraud or exploitation, and to identify bad actors and hold them accountable.
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Why the U.S. Regulators’ New Resource on BaaS Relationships is Disappointing
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.
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Trust Fund Payment Processing for Law Firms
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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American Fintech Council Backs FAIR Exams Act for Transparent and Accountable Bank Regulation
The Fintech Times
DECEMBER 21, 2023
The American Fintech Council (AFC), the industry association representing fintech and banks, has given its support for The Fair Audits and Inspections for Regulators’ (FAIR) Exams Act, which aims to enhance transparency and accountability in bank examinations. said Phil Goldfeder , CEO of the American Fintech Council.
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Cannabis Law Reform Gains Momentum In Congress
PYMNTS
JULY 11, 2019
In a first-ever congressional hearing on marijuana law reform, the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security convened July 10 to debate altering federal law around cannabis, CNBC reports. The spread of legal cannabis has major payments problems because federal law considers the drug illegal.
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Massachusetts Regulators To Crack Down On Robinhood
PYMNTS
DECEMBER 16, 2020
Robinhood has come under the watchful eye of regulators — this time in Massachusetts. State regulators are set to file a complaint on Wednesday (Dec. 16) saying that the stock-trading platform failed to protect its customers and their assets, violating state laws and regulations.
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SEC Proposal Would Allow Token Sales Under Current Securities Laws
PYMNTS
FEBRUARY 6, 2020
Hester Peirce, a financial regulator at the U.S. Securities and Exchange Commission (SEC), said that tech startups may be able to raise money using digital tokens under current law, but that there would be stipulations, according to a report by Reuters.
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72 With New AML Laws, Latvia Looks To Remove Main Regulator
PYMNTS
JUNE 13, 2019
Latvia’s parliament has passed new regulation to bolster the fight against money laundering and terrorism financing. The move to strengthen its laws comes before a review by international money-laundering standards watchdog Moneyval, which some officials worry will deem the country as risky.
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New CA Privacy Law Requires Retailers To Disclose Data Collection
PYMNTS
DECEMBER 30, 2019
A new law in California requires companies to explain exactly what customer information, if any, is being sold to third parties, according to a report by Reuters. The new law goes into effect on Jan. Some retailers are saying compliance will be difficult because of the law’s unclear language.
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CFPB to treat BNPL loans like credit cards
Payments Dive
MAY 21, 2024
“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.
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AI Development Can’t Be Paused—But It Can Be Regulated
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 But it is possible to mitigate further wrongs by regulating artificial intelligence, and I believe effective proposed regulation should start from organizations using AI.
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What is Regulation F?
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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Proposed US Law Could Hamper End-To-End Encryption
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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