Payments Dive

JULY 18, 2023

Buy now, pay later platforms, artificial intelligence and other developments “if left unchecked, could increase consumers’ exposure to fraud and manipulation,” the regulators said Monday.

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Fintech Finance

OCTOBER 7, 2024

The new rules from the Payment Systems Regulator (PSR) make it a mandatory requirement for banks to cover consumers’ losses from APP fraud up to £85,000, as long as they haven’t been “grossly negligent”. But it has left banks to decide if they will apply an “excess” of up to £100 of any fraud claim. billion in the UK.

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Finextra

AUGUST 23, 2024

An Australian court has ruled in favour of the country's securities regulator against the local operator of the Kraken crypto exchange over design and distribution obligations when offering a margin trading product.

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PYMNTS

DECEMBER 6, 2020

Britain's highly anticipated report outlining new rules to govern Big Tech will call for establishing specific rules for certain sectors of the digital economy and major players within them, the Financial Times (FT) reported. Effective regulation] means not being afraid to try using new tools and approaches,” he said.

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The Paypers

DECEMBER 18, 2023

Saudi Central Bank has announced the issuance of Rules for Regulating Buy Now Pay Later Companies, as part of its role in supervising the BNPL companies.

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Stax

AUGUST 1, 2024

However, card brand rules and state and federal laws have been established to prevent merchants from abusing this privilege. In this article, we’ll explore Visa’s rules around credit card surcharging and what merchants need to know about them. Per the latest reports, Visa wants to enforce its surcharging rules more seriously.

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Rules Credit Cards Caps Processors 88

The Fintech Times

SEPTEMBER 12, 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. However, it is key not to forget the role of the regulator.

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Neopay

SEPTEMBER 26, 2024

To address these ongoing concerns, the FCA has announced plans to tighten its regulations. ” Key changes in the FCA’s proposals The FCA’s proposals aim to implement a new safeguarding regime based on the Client Assets (CASS) rules, which have been successfully applied in other financial sectors.

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Fintech News

MAY 15, 2024

Thailand’s Securities and Exchange Commission (SEC) is calling for public input on proposed regulations concerning capital requirements for securities companies and derivatives business operators involved in digital asset services. Feedback from the previous hearing has been considered in the latest draft.

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Neopay

AUGUST 22, 2024

Rachel Reeves, the UK Chancellor, is urging regulators to demonstrate how they are promoting the City’s competitiveness while safeguarding consumers. The Payment Systems Regulator (PSR) has led the effort to combat fraud, particularly authorised push payment (APP) fraud, which cost UK citizens £460 million last year.

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Rules Treasury Push-to-Card Regulations 52

Finextra

FEBRUARY 26, 2024

The European Council has adopted a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

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Instant Payments Rules Payments Regulations 136

Finovate

SEPTEMBER 18, 2024

The regulatory body is currently taking public comment on the rule. Maintaining records of custodial accounts will help regulators ensure that deposit insurance can be quickly and accurately provided in the event of a bank failure. A large piece of this provides clarity about FDIC insurance.

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Finextra

DECEMBER 15, 2023

The Securities and Exchange Commission has denied a petition from crypto exchange Coinbase asking the regulator to put in place new rules specifically for the digital asset sector.

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Rules Regulations Security 75

Finextra

JUNE 10, 2024

The UK payments industry has called on the new interim Payment Systems Regulator (PSR) chief to postpone the implementation of new APP fraud rules by a year, warning that failure to do so could lead to "permanent damage" to the sector.

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Rules Payments Regulations 78

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. It requires federal agencies to submit any major rule to the Government Accounting Office and to both houses of Congress before the rule goes into effect.

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PYMNTS

JANUARY 20, 2021

The People’s Bank of China (PBOC) has issued new draft rules that seek to rein in any non-bank company that dominates at least half of the payments market or combination of two companies that dominate at least two-thirds of the market.

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Regulations Rules Payments Non-Bank 70

BioCatch

SEPTEMBER 9, 2024

The United Kingdom’s new Authorised Push Payment (APP) reimbursement rules are slated to commence in under 30 days. Given the significant amount of consultation between the industry and the Payment Systems Regulator (PSR), you might well imagine that the details are set in stone.

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The Fintech Times

JULY 11, 2024

Starting in October 2024, the Payment Systems Regulator (PSR) will implement new rules for authorised push payment (APP) scams – where fraudsters trick people into sending money online to fake payees – setting a £415,000 maximum reimbursement level to cover the money lost. Meanwhile, Which? ” Which?

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Rules Scams Payments Regulations 64

Fintech News

SEPTEMBER 4, 2024

The updated regulations broaden the scope of services digital asset businesses can provide without being considered a means of payment and include new types of operators like digital asset custodial wallet providers. These changes follow a public hearing held in July, where the SEC gathered feedback on the proposed amendments.

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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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Fintech Finance

JULY 15, 2024

The new proposed Interpretive Rule would ensure that nonbank financial companies adhere to the same credit card lending rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.

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Neopay

JULY 30, 2024

The Financial Conduct Authority (FCA) has launched a comprehensive review aimed at streamlining regulations to reduce burdens on businesses and foster economic growth. The FCA is calling on the financial industry to identify and highlight rules that could be simplified or eliminated if they overlap with the Consumer Duty.

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The Fintech Times

JULY 27, 2024

After the Competition and Markets Authority (CMA), the UK competition regulator, revealed four UK high-street banks have failed to comply with banking rules designed to keep customers safe, we ask if tougher penalties or consequences are required. ” HSBC, Lloyds, TSB and AIB all received public letters regarding the breaches.

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PYMNTS

SEPTEMBER 8, 2020

With the boom of eCommerce both before and during the pandemic, European Union regulators are taking another look at antitrust rules regarding internet sales and distribution platforms. The goal, she added, is “to ensure that the rules remain fit for a world that is increasingly digital and changing at a fast pace.”.

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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 126

Bank Automation

JUNE 4, 2024

The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say. The rule, published May 22 to take effect 60 days later, “makes the model more sustainable because [BNPL] has been around for a long time, it has […]

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Neopay

JUNE 24, 2024

Earlier this month, industry body The Payments Association called on the incoming head of the Payments Systems Regulator (PSR) to delay activating new APP fraud regulations around reimbursements. Source : Payments Cards and Mobile The post New regulation on APP fraud will come into play as planned appeared first on Neopay.

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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

The Paypers

MAY 25, 2023

The government of Japan has decided to implement stricter rules for cryptocurrency transactions to comply with global regulations.

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Cryptocurrency Rules Transactions Government 77

Payments Dive

AUGUST 20, 2024

CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions. His remarks follow significant industry pushback.

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CFPB BNPL Rules Credit Cards 88

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

Neopay

JULY 18, 2024

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

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Travel Rule Money Laundering Rules Finance 52

International Payments Processing

DECEMBER 9, 2021

The constant evolution in the payment’s ecosystem requires major card networks like Visa to change their regulations to protect cardholders from fraud and cybercrime. Visa has updated rules that acquiring banks, merchants, and registered ISOs must follow. These regulations will help merchants reduce fees and chargeback liability.

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Rules Disputes Issuers ISOs 88

International Payments Processing

DECEMBER 9, 2021

The constant evolution in the payment’s ecosystem requires major card networks like Visa to change their regulations to protect cardholders from fraud and cybercrime. Visa has updated rules that acquiring banks, merchants, and registered ISOs must follow. These regulations will help merchants reduce fees and chargeback liability.

Rules 88

Rules Disputes Issuers ISOs 88

The Fintech Times

JUNE 10, 2024

The Payments Association is urging for a delay in the rollout of new authorised push payment (APP) fraud rules, leveraging the recent leadership change at the Payment Systems Regulator (PSR) as a pivotal moment to push for reconsideration. The rule changes require the FPS to ensure that Pay.UK

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Rules Payments Caps Non-Bank 59

The Fintech Times

JANUARY 11, 2024

The Computer & Communications Industry Association (CCIA) has responded to the Consumer Financial Protection Bureu ‘s request for comments on a proposal to define and regulate larger participants in the general-use digital consumer payment marketplace.

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Regulations CFPB Request for Comment Funds Transfer 64

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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