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FinCEN has announced its decision to issue an RFI related to the requirements for banks under the CIP Rule to collect a TIN from a client before opening an account.
regulation, fraud management, fraud detection, online fraud, fraud prevention, AML, financial crime, cybercrime
Kim Kacal, Payments lead for North America at Accenture, and Tim O'Donnell, Payments managing director at Accenture, explore the roadblocks keeping some banks from embracing FedNow, the Federal Reserve’s new instant payment service.
FedNow, banks, ISO 20022, B2B payments, ACH, real-time payments, artificial intelligence, fraud detection
Capital One has announced its acquisition of US-based credit card issuer Discover Financial Services in an all-stock transaction valued at USD 35.3 billion.
acquisition, payments , online payments, mobile payments, digital payments, ecommerce
Vast Bank has decided to shut down its mobile crypto app and exit the cryptocurrency industry after receiving a consent order from the Office of the Comptroller of the Currency (OCC) in October 2023.
cryptocurrency, cryptocurrency exchange, crypto asset, banks, mobile banking
The US bank regulator OCC has imposed a USD 65 million fine on RBC’s American unit, the City National Bank, over its risk management and internal controls.
regulation, banking, online banking, mobile banking, digital banking, financial services, financial institutions
The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, has announced that it intends to increase its focus on money laundering issues.
AML, money laundering, transaction laundering, CFT, online security
US-based bank Citi has launched the Citi Securities Lending Access platform in a bid to bring new lending opportunities to Sweden
lending, product launch, banks, financial institutions
In the wake of the FTX meltdown from November 2022, governments and financial regulators from around the world are working on regulating crypto.
regulation, compliance, cryptocurrency, digital assets, crypto asset, crypto
This article provides insights for banks and fintech seeking to navigate the evolving Banking-as-a-Service landscape and partnerships while ensuring compliance with regulatory requirements.
embedded finance, BaaS, compliance, regulation, risk management, fintech, banks
The Metropolitan Bank Holding Corp, the holding company for Metropolitan Commercial Bank, has announced the shutting down of its crypto-asset-related vertical, according to Coin Telegraph.
cryptocurrency, crypto asset, banks, regulation
The UK’s National Crime Agency has decided to assemble a specialised team to proactively investigate cryptocurrency-related crime.
cryptocurrency, digital assets, financial crime, cybercrime
The Federal Reserve, FDIC and OCC have released a joint statement in order to warn banks about the risks associated with crypto assets.
cryptocurrency, digital assets, banks, regulation
US-based Citi Treasury and Trade Solutions has announced plans to launch ‘24/7 Clearing’ as a service, starting with 24/7 USD Clearing in Q4 2022.
product launch, banking, online banking, online payments, cross-border payments, API
Citigroup has joined a government-sponsored effort to expand access to credit in underserved communities, launching two pilot programs early in 2023.
banks, product launch, credit card, payments , study
The Paypers delves into some regulatory updates happening in the US and Canada that financial institutions need to consider, plus highlights the regtech, IDV, and blockchain analytics kings in the Americas region.
digital identity, financial crime, regtech, blockchain analytics, cybercrime, fraud prevention, identity verification
Federal regulators have fined Bank of America USD 225 million for ‘botching the disbursement of state unemployment benefits at the height of the pandemic’.
banks, regulation, fraud management, prepaid card, fraud detection
Stablecoin issuer Circle has announced it is in discussions with US regulators to become the fourth crypto-native company to open a federal trust charter through the Office of the Comptroller of the Currency (OCC).
stablecoin, regulation, funding, crowdfunding, AML, KYC, online payments, cryptocurrency, cryptocurrency exchange
SoFi Technologies, a digital personal finance company, has acquired Golden Pacific Bancorp and its wholly owned subsidiary Golden Pacific Bank, National Association.
acquisition, merger, financial institutions, banks, digitalisation
Office of the Comptroller of the Currency (OCC) and the Federal Reserve have approved SoFi’s applications to become a Bank Holding Company through its proposed acquisition of Golden Pacific Bancorp.
regulation, banks, banking license, acquisition, merger
With decentralised technologies set to revolutionise the global financial system and its institutions, Douwe Lycklama from Innopay explores the opportunities of DeFi for the financial sector
DeFi, INNOPAY, digital assets, blockchain, B2B payments