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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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.
Regulations 97
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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.
Laws 78
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Roadmap to Success or Failure: FCA Announces Crypto Regulation Route
The Fintech Times
NOVEMBER 27, 2024
While the FCA still warns that consumers who invest in cryptoassets ‘should be prepared’ to lose all of their money, due to the continuing volatility and lack of regulation surrounding the industry, consumers appear undeterred. In fact, the FCA noted a rise in the average value of crypto held by people from £1,595 to £1,842.
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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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Navigating the maze: Simplifying global regulations in application-to-person communications
The Payments Association
OCTOBER 30, 2024
Compliance in payment communications is essential for trust and security; AI-driven solutions and customised frameworks help businesses meet regional regulations, ensuring secure global operations. Ensuring that communications comply with global regulations is essential for protecting a business’s reputation and operations.
Regulations 100
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How to Appoint a Qualified Data Protection Officer(DPO)?
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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Data Protection Officers and Their Key Responsibilities
VISTA InfoSec
OCTOBER 21, 2024
To overcome these challenges, data protection laws are established. Data protection laws safeguard personal information and establish important guidelines on collection, storage, processing, sharing and disposal of personal data. However, GDPR is the regulation most closely tied to the formalization of the DPO role.
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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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Stabilising The Crypto Frontier: UAE’s Groundbreaking Stablecoin Regulations
The Fintech Times
JULY 15, 2024
In this article, Akshata Namjoshi, Kabir Kuma, and Ahlam Faouzi from KARM Legal Consultants , the emerging technologies-focused law firm, provide an in-depth analysis of the UAE’s regulatory landscape for stablecoins. A unique characteristic of FSRA’s regulatory framework is the regulation and licensing of the issuance of fiat tokens.
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Federal Banking Regulator Opposes State Interchange Bills, Calls Illinois Law “Ill-Conceived”
Electronic Payments Coalition
OCTOBER 22, 2024
The Office of the Comptroller of Currency (OCC) filed a scathing amicus brief highlighting the glaring flaws in a new credit and debit card law set to take effect on July 1, 2025. The OCC called the law “bad policy and an unlawful interference with federally granted powers.” “The
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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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Google Hits Back at US Regulator Over Payment Arm Supervision
The Fintech Times
DECEMBER 9, 2024
The CFPBs decision The CFPB, which enforces federal consumer financial protection laws, announced its decision to supervise Google Payment Corp last Friday. The post Google Hits Back at US Regulator Over Payment Arm Supervision appeared first on The Fintech Times.
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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Morocco advances draft cryptocurrency regulation, explores CBDC
The Paypers
NOVEMBER 27, 2024
Morocco has moved forward with the regulation of cryptocurrencies with a draft law currently under review, according to officials from the country’s central bank.
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.
US Treasury Proposes Sweeping New Disclosure Rules On Bitcoin, Other Cryptos
PYMNTS
DECEMBER 18, 2020
The new regulations, if adopted after a comment period, would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions, including payments involving what are called "unhosted wallets" – effectively secret bank accounts that hold cryptocurrency.
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Banks Push Back On Possible Banking Charters For Big Techs Like Amazon And Facebook
PYMNTS
SEPTEMBER 30, 2020
It would instead offer payment companies a national servicing platform to replace the regime of state regulations such firms would be subject to under existing laws. Commercial companies accessing a payments charter would avoid oversight and regulations that protect the financial system and consumers,” the bank industry leaders wrote.
4 Things Banks Need to Know about the EU AI Act Passed Today
Finovate
MARCH 13, 2024
Member states agreed upon the regulation in December 2023. Regulation is generally effective in creating safeguards for the adoption of new technologies. The law states that citizens have two major rights when it comes to the use of AI in their banking platforms. It’s no secret that AI is a double-edged sword.
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Consumer group pushes for stricter EWA protections
Payments Dive
OCTOBER 16, 2023
In a recent web post, the National Consumer Law Center issued a number of policy recommendations for states seeking to regulate earned wage access companies.
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Protecting Customer Data: Key Principles Every Company Should Know
VISTA InfoSec
MARCH 28, 2024
Companies that excel in data protection comply with stringent regulations and gain a competitive edge by building solid relationships with their customers. Hence, understanding GDPR compliance and other data protection laws is essential in keeping you abreast of regulatory trends.
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Mexico in Focus: Open Banking and Financial Inclusion
Open Banking Excellence
SEPTEMBER 27, 2024
Half a decade ago, Mexico demonstrated its ongoing commitment to updating its financial regulation with the introduction of the Fintech Law. FinTech in Mexico Mexico introduced the Fintech Law in March 2018 as a response to the remarkable 50% growth in the number of fintech firms in the preceding two years.
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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Open Banking Focus: New Opportunities on the Ancient Silk Road
Open Banking Excellence
MAY 2, 2024
Innovation and the business environment in Georgia With fintech and Open Banking, we have a chance to act as a hub to enable the flow of data and the transmission of best practices on standards and regulations. Businesses are empowered to more easily and efficiently navigate the regulator landscape. With a population of just 3.7
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How do Regulations Make the World of Alternative Investment More Secure?
The Fintech Times
NOVEMBER 20, 2024
Where there is a drastic change in the value of something, the risks involved become much greater, so we reached out to industry experts to find out how regulations and regulators have played a role in ensuring alternative investing is secure. However, they can often be restricted in this regard due to strict regulations.
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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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How to Improve Compliance with Multilingual Cybersecurity Resource
VISTA InfoSec
JULY 17, 2024
Navigate legal and regulatory frameworks Dealing with laws and rules about cybersecurity in different countries is a must. Think about the various regulations around the world. You need to know these laws well because they affect how you manage cybersecurity when dealing with multiple languages.
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GDPR and Biometric Data: Ethical Considerations and Privacy Implications
VISTA InfoSec
AUGUST 22, 2023
The General Data Protection Regulation (GDPR) plays a key role in safeguarding individuals’ privacy rights and ensuring the responsible handling of biometric data. was fined EUR 20 million by the Italian SA for violating several GDPR regulations. This was the first time Sweden was issued a GDPR fine.
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Federal Banks, Savings Associations Win Approval For Some Crypto Activities
PYMNTS
SEPTEMBER 22, 2020
The regulator of the nation’s banks has issued its first guidance on stablecoins , the cryptocurrency backed by traditional currency. . A letter by the Office of the Comptroller of the Currency (OCC) published on Monday (Sept.
Regulatory Challenges in Cryptocurrency Taxation Across Different Jurisdictions
Fintech Review
OCTOBER 22, 2024
Cryptocurrencies have rapidly gained prominence over the last decade, presenting both opportunities and challenges for individuals, businesses, and regulators alike. As digital assets become more widespread, taxation laws are being shaped and adapted to accommodate them. million won (£1,500) beginning in 2025.
US Treasury Tells Banks To Treat Hemp Businesses Like Any Other
PYMNTS
JULY 5, 2020
The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. It’s intended to “enhance the availability of financial services and the financial transparency of hemp-related businesses in compliance with federal law,” the notice said.
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Cross-Border Payments Could Further Enable APP Fraud, Says Payments Association Study
Fintech Finance
NOVEMBER 13, 2024
Authorised Push Payment (APP) fraud continues to be one of the most pressing concerns for financial services, the payment industry, law enforcement and the general public – and new developments in cross-border payments may be making it easier.
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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Financial Services Calls for AI and ESG Regulations to Realise Benefits, Says DLA Piper
The Fintech Times
SEPTEMBER 23, 2024
Recognising this, the financial services sector is calling out for clearer and proportionate regulations surrounding AI and ESG to help them realise the benefits these trends offer, according to new survey data from global law firm, DLA Piper. Both ESG and innovation will be key to business success long into the future.”
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SOX VS SOC – Mapping the Differences
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. What is SOX? SOX, a U.S.
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GDPR Compliance for US Companies
VISTA InfoSec
SEPTEMBER 14, 2023
If your business engages with these customers, it is subject to the EU’s General Data Protection Regulation (GDPR). This extensive data privacy regulation has an impact on many U.S. We will examine the effects of GDPR in the US and how businesses can adhere to this European privacy law. GDPR and U.S.
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Understanding Payment Processing Compliance When Implementing Credit Card Surcharging
Stax
JANUARY 15, 2024
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. In case of ambiguities, don’t hesitate to consult with state regulators.
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Thailand Seeks Public Input on Proposed Digital Asset Regulatory Reforms
Fintech News
MAY 27, 2024
This review is required by the Act on Legislative Drafting and Evaluation of Law B.E. 2562 (2019), which mandates regular evaluations of laws. The SEC is conducting this public hearing to address issues and challenges related to the current decree and its associated regulations.
Laws 92
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Income Insurance and Allianz in Talks Over Potential Deal
Fintech News
JUNE 16, 2024
The company said in a statement , “Income Insurance will make further announcements if and when there are any material developments which warrant disclosure, in compliance with applicable laws and regulations.”
Agreements 101
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Cap One could dodge law requiring added processing capacity
Bank Automation
FEBRUARY 23, 2024
Capital One could be excluded from the proposed Credit Card Competition Act of 2023 if its acquisition of Discover Financial Services goes through and the bank creates an in-house processor. Read more on the Capital One, Discover deal The proposed act, introduced in June 2023 by U.S. Richard Durbin, D-Ill, would require credit card […]
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Robinhood May Sell Shares Directly To Users If It IPOs
PYMNTS
JANUARY 8, 2021
16, Massachusetts securities regulators filed a complaint against Robinhood alleging that the company aggressively marketed to inexperienced investors and failed to implement controls to protect them, violating state laws and regulations.
Settlement 145
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Decrypting the UK Cryptoasset Landscape
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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