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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Laws Regulations AI Privacy 91

PYMNTS

APRIL 1, 2020

Washington State Governor Jay Inslee signed a bill on Tuesday (March 31) establishing specific rules – backed by Microsoft – governing facial recognition software, according to a blog by Bill Smith, president of Microsoft. In our view, this required a legal floor of responsibility, governed by the rule of law,” Smith said.

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Laws Law Enforcement Government Governance 121

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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APACS Regulations Stablecoins Cryptocurrency 114

Payment Savvy

MAY 11, 2023

Visa has a set of rules and regulations that govern the use of its payment network, and these rules and regulations are subject to change from time to time. In this article, we will discuss the recent visa rule changes and how they impact you.

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Rules PCI DSS Disputes Payment Networks 52

PYMNTS

DECEMBER 18, 2020

Treasury Department proposed sweeping new rules late Friday (Dec. The rules effectively require financial institutions to report such digital transactions in much the same way they have been required to report cash transactions since 1970. The comment period ends Jan. 4, according to the official Federal Register posting.

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Treasury Rules Bitcoin Ransomware 141

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. Do the FSRA rules still apply?

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Regulations Technology Distributed Ledger Technology (DLT) Audit 52

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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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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Privacy Regulations Laws Rules 70

PYMNTS

DECEMBER 3, 2019

Department of Agriculture’s (USDA) interim final rule on hemp production. After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance. The statement provides FIs with federal data that defines the legal status of hemp, as well as the U.S.

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Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

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

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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Laws Stablecoins Issuers Legal 52

Fintech News

DECEMBER 18, 2023

However, a small proportion of recent remittances faced freezes by Chinese law enforcement agencies, with unclear reasons behind these actions. The regulator said in a statement, “MAS has been actively engaging the remittance companies involved. Approximately 430 reports were against Samlit Moneychanger.

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Rules Law Enforcement MFA Laws 104

PYMNTS

DECEMBER 10, 2020

Several companies, including Twitter , are urging European Union regulators to “defend the Open Internet.” The letter praises “the laws that laid a foundation for the spectacular growth of the internet – with its economic, social and cultural revelations.” Strict rules must be enforceable,” he said.

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Rules Legal Framework Legal Regulations 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.

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Regulations Community Banks FDIC Due Diligence 52

The Fintech Times

SEPTEMBER 4, 2024

This month, The Fintech Times will look at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer. Regulatory rules are constantly changing, with new ones being introduced at a rapid rate. .

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Compliance Rules Regulations Cybersecurity 64

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

MARCH 20, 2020

The policy being drafted by India’s trade ministry also calls for a new regulator to provide oversight and enforce compliance. The regulator will have the authority to request information from tech firms and also enforce other Indian laws aimed at consumer protection and fair competition, the sources said.

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Rules Law Enforcement Laws Regulations 73

PYMNTS

NOVEMBER 30, 2020

The British government is establishing a new Digital Markets Unit tasked with enforcing laws that apply to Big Tech companies, such as Google and Facebook , authorities announced in a press release. s Competition and Markets Authority (CMA), the agency that oversees enforcement of antitrust laws. According to the U.K.

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PYMNTS

SEPTEMBER 9, 2019

The law in question is Assembly Bill 5, a measure that would reclassify many gig workers in the state – Uber and Lyft drivers in particular – as regular W-2 employees instead of as 1099 independent contractors (their current designation). This law directly affects the ability of that individual to even exist in the marketplace,” he said.

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Laws Economy Rules Addressing 48

Payment Savvy

NOVEMBER 30, 2021

In 2020, the Consumer Financial Protection Bureau (CFPB) published two rules which implement the Fair Debt Collection Practices Act (FDCPA). This federal law, known as Regulation F goes into effect on November 30, 2021. In that case, you must comply with this comprehensive new rule. What is Regulation F?

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Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

Global Fintech & Digital Assets

DECEMBER 18, 2023

By Jenny Cieplak , Parag Patel , Barrie VanBrackle , and Deric Behar On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule, Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (the Proposal), to supervise large providers of digital wallets and payment apps.

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CFPB Regulations Consumer Financial Protection Bureau (CFPB) Non-Bank 75

PYMNTS

NOVEMBER 26, 2020

Thierry Breton , EU's digital chief, says tech giants breaking the bloc's new rules could face fines or more severe punishments like breaking up their European businesses, Reuters reported. Breton is set to present the draft rules, called the Digital Services Act (DSA) and the Digital Markets Act (DMA).

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Rules Regulations Laws Research 71

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. India changed its foreign direct investment (FDI) rules in 2018 to stop international firms from selling goods from merchants they have a financial stake in.

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Regulations Rules Consulting Laws 71

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. Compliance and oversight The ruling specifically calls out banking as an “essential private and public service” and categorizes it as a high-risk use of AI.

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AI Laws Fraud Detection Assessments 111

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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AML Money Laundering Laws Regulations 48

PYMNTS

DECEMBER 30, 2020

Uber trips will jump 24 percent in cost starting in the new year in Seattle, with the rideshare company raising prices to accommodate a new law requiring drivers be paid the city's minimum wage, GeekWire reported. minimum wage in 2021. That means the rideshare companies will have to pay their drivers at least $0.56

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Laws Volume Rules Continuity 102

The Paypers

JUNE 30, 2023

The UK has passed a bill that gives regulators the power to supervise crypto and stablecoins.

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Stablecoins Laws Rules Regulations 36

Fintech Finance

FEBRUARY 6, 2024

However, regulations concerning invoice formats, systems, tax rules and timelines can be challenging and differ across countries. ” The post Basware Appoints Head of Compliance to Help Customers Navigate Global E-invoicing Regulation appeared first on Fintech Finance.

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Compliance Regulations Cross-Border Automation 52

VISTA InfoSec

JULY 17, 2024

Overcoming language barriers and security vulnerabilities Talking to people in a language they understand makes it easier for them to follow security rules. Navigate legal and regulatory frameworks Dealing with laws and rules about cybersecurity in different countries is a must.

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Cybersecurity Compliance Encryption Best Practices 186

Open Banking Excellence

NOVEMBER 14, 2023

Now Europe is preparing for the introduction of a sequel to this game-changing regulation: the PSD3. However, this time the latest Payment Services Directive is accompanied by the Payment Services Regulation (PSR). Together, these new rules will enable Europe to push forward into Open Finance – the next stage of Open Banking.

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Non-Bank Rules Authentication Regulations 130

PYMNTS

JANUARY 21, 2019

21) by a French regulator, in what the Wall Street Journal reported is the largest penalty under the new European General Data Protection Regulation (GDPR) privacy law. It’s also one of the highest-profile regulator actions coming from GDPR which went into effect last year. Alphabet Inc.’s

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Regulations Privacy Rules Laws 76

The Fintech Times

SEPTEMBER 8, 2024

As a result of this new licence, Binance Kazakhstan is one step closer to becoming the first digital asset trading facility (DATF) operator to be fully regulated in the country. Binance Kazakhstan successfully tested its offerings, passing a rigorous assessment by the regulator.

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Security Audit Money Laundering ISOs 59

PYMNTS

MAY 16, 2019

Jack Ma, the Chinese billionaire and founder of Alibaba, expressed concerns technology companies will be harmed by increased regulation coming out of Europe. CNBC , citing comments Ma made during the Viva Technology Conference in Paris Thursday (May 16), reported Ma said increased rules and laws hurt innovation and restrict tech companies.

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Regulations Innovation AI Laws 66

PYMNTS

AUGUST 9, 2020

A plan by India to regulate what it terms “non-personal” data has roiled the executives of Big Tech companies like Amazon , Facebook and Google and advocates for freedom and competition in business, Reuters reported. The panel’s proposals also run contrary to Indian Prime Minister Narendra Modi’s initiative to get more U.S.

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Rules Laws Regulations Governance 67

PYMNTS

NOVEMBER 9, 2020

Regulation. EU Gears Up To Propose New Big Tech Regulations. The European Commission will soon put forward a “revolutionary” revamp of digital rules that could negatively impact Big Tech’s business models, CNBC reported, citing experts. Australian Regulator Looks Into Merger Law Changes.

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Regulations Privacy Compliance Laws 84

VISTA InfoSec

JUNE 3, 2024

If your company has ever worked with businesses in European Union countries, you probably had to follow the EU’s General Data Protection Regulation (GDPR). This rule, which started on May 25, 2018, gives customers more control over their data and makes data collection and use more transparent.

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MFA Credential PCI DSS Compliance 130

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