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.
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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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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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.
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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NJ Legislators Propose Tighter Data Privacy Regulations
PYMNTS
MARCH 2, 2020
New Jersey joins Washington, Illinois and other states and regions in introducing data privacy laws. The California Consumer Privacy Act went into effect in January, and the European Union’s General Data Protection Regulation ( GDPR ) went into effect in 2018.
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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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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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European Parliament Introduces Instant Credit Transfer Law for Banks and PSPs
The Fintech Times
FEBRUARY 12, 2024
The new regulation looks to ensure that retail clients and businesses, especially SMEs, will not have to wait for their money. The post European Parliament Introduces Instant Credit Transfer Law for Banks and PSPs appeared first on The Fintech Times.
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Just How ‘Crucial’ is Collaboration? Working With Regulators to Fight Financial Crime
The Fintech Times
SEPTEMBER 23, 2024
Throughout this month, we have explored a plethora of regtech-related topics, including the challenges facing compliance teams , how AI can automate compliance processes and what more (or less) the regulators should be doing. This is why support from regulators is crucial. ” Should firms be sharing insight?
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.
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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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 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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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 .
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.
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.
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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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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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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Walking the tightrope: How payments companies can balance compliance with innovation
The Payments Association
NOVEMBER 7, 2024
However, it is also under the perception of being beset by tough legal challenges, high fraud levels, and constant scrutiny from governments trying to regulate an industry evolving at a rapid pace. The state of play Navigating the fine tightrope that is regulation and compliance often feels like a maze.
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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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