Fintech News

MARCH 12, 2024

It also addresses the need for stringent compliance measures in response to tighter global regulations on digital assets, exemplified by recent actions from regulatory bodies in the Asia-Pacific region, including the Monetary Authority of Singapore and Hong Kong’s new crypto travel rule.

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Transactions Security Deepfake Travel Rule 109

Neopay

NOVEMBER 27, 2023

These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.

Money Laundering 52

Money Laundering Consulting Finance AML 52

Neopay

MAY 7, 2024

Here are the main updates proposed by the FCA and their implications for regulated firms: Sanctions: enhancing control and compliance In response to geopolitical events such as Russia’s invasion of Ukraine, the FCA is proposing more rigorous controls and checks concerning sanctions.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

PYMNTS

OCTOBER 28, 2020

Fed Reserve, FinCEN Seek Input on Bank Secrecy Act Rule Changes. The Federal Reserve Board and The Financial Crimes Enforcement Network (FinCEN) are looking for input on a potential regulation that would amend recordkeeping and travel rule regulations under the Bank Secrecy Act.

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ACH Cybersecurity Fincen Travel Rule 40

PYMNTS

JUNE 18, 2020

The payment network was also designed to be in compliance with the relevant federal and international regulations regarding money transfers, providing “end-to-end Travel Rule compliance solution for satisfying both FinCEN requirements and FATF recommendations.”.

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Bank Routing Number Cross-Border Payments Fincen Payments 98

Fintech News

JULY 17, 2024

These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space. This includes harmonising regulations across jurisdictions, sharing intelligence, and conducting joint operations.

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Money Laundering Law Enforcement AML Non-Bank 106

Neopay

JANUARY 25, 2024

This risk is increased where credit and financial institutions engage in business relationships with providers of crypto-asset services which are not authorised under Regulation (EU) 2023/1114.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Global Fintech & Digital Assets

JANUARY 8, 2024

Background The Consultation Paper follows the discussion paper released by the HKMA in January 2022 (Discussion Paper) seeking the public’s views on its proposed approach to the regulation of stablecoins (see Latham’s blog post ), and its conclusions issued in January 2023 (Discussion Conclusions). FRS issuers would be regulated and licensed.

Stablecoins 59

Stablecoins Consulting Issuers Non-Bank 59

PYMNTS

SEPTEMBER 24, 2019

The ICE contract does have some blessing from regulators, having been given the go-ahead by the Commodity Futures Trading Commission over storing the bitcoin tokens. We have to get to a place where we can be confident that trading is better regulated.”. In other crypto exchange news, Binance U.S., which operates as the U.S.

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Bitcoin Travel Rule Cryptocurrency Money Laundering 72

PYMNTS

NOVEMBER 20, 2019

Here’s the news peg upon which this latest PYMNTS discussion with Cohen hung: the Financial Action Task Force (FATF), a respected and influential global standards body that deals with AML issues, has published guidance on how its 37 members should regulate cryptocurrency exchanges. Travel Rule. Better Use Cases.

Travel Rule 49

Travel Rule Rules Digital Currency Cryptocurrency 49

FICO

AUGUST 16, 2021

It is expected that spend will continue to increase, although levels may not be as high as anticipated because of the ongoing confusion around foreign travel rules. Those that act quickly, offering the most appropriate options, will be viewed most positively by their customers and the regulators.

Credit Cards 52

Credit Cards Travel Rule Issuers Card Issuer 52

Fintech News

JANUARY 24, 2024

On January 14, 2019, the Singapore Parliament passed its comprehensive Payment Services Act (PS Act), replacing the former Payment Systems Oversight Act and Money-Changing and Remittance Businesses Act to broaden the scope of regulated payment activities to include emerging trends and industries like digital assets and cryptocurrencies.

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Service Provider Cryptocurrency Payments Institute Stablecoins 98

PYMNTS

DECEMBER 10, 2020

Government regulators and cryptocurrency exchanges are frantically looking for ways to regulate and prevent the laundering of stolen money through cryptocurrencies, with some methods showing more promise than others. Cryptocurrency-related crimes totaled $4.3 billion in 2019, a larger sum than in 2017 and 2018 combined. or the U.S.,

AML 88

AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

JANUARY 24, 2021

The measure also includes a temporary restriction on permits for Israeli airlines and a limit on exceptions to previous travel rules implemented to blunt COVID-19, according to the release.

Travel Rule 64

Travel Rule Rules Risk Continuity 64