Articles with tag: regulators

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China-based P2P lenders report USD 115 bln in losses due to scams

17 Aug 2020 | Digital Identity, Security & Online Fraud

Peer to peer (P2P) investors based in China have reported losses of over USD 115 billion in unpaid debt, due to failed lending platforms.

China, P2P lending, lenders, P2P lenders, scams, losses, unpaid debt, lending platforms, Chinese Banking Regulatory Commission, regulators, funds, investigations, scammers, fraudulent schemes

Metro Bank acquires RateSetter

04 Aug 2020 | Payments General

Metro Bank has announced its intention to purchase peer-to-peer lender RateSetter for up to USD 15.6 million.

Metro Bank, banks, P2P, lender, RateSetter, UK, regulators, loans, Australia

Visa to offer Bitcoin, Ethereum, and Ripple payments

27 Jul 2020 | Cryptocurrencies

Payments provider Visa has announced plans to incorporate cryptocurrencies such as Bitcoin (BTC) into its payments network.

VISA, Bitcoin, Ethereum, Ripple, payments, BTC, merchants, cryptocurrencies, stablecoins, Tether, payment method, regulators, Coinbase, Fold, digital currencies, payment network, crypto wallets, cards, prepaid cards

Morgan Stanley to share its climate impact

21 Jul 2020 | Online & Mobile Banking

US-based bank Morgan Stanley has announced plans to publicly disclose how much its loans and investments contribute to climate change.

Morgan Stanley, US, United States, bank, loans, investments, climate change, climate impact, financial regulators, fossil fuels, government policies, greenhouse gas emissions, Partnership for Carbon Accounting Financials, financial company, financial institutions

Estonia revokes crypto businesses licenses to crackdown on illicit financial flows

16 Jun 2020 | Cryptocurrencies

Following a USD 220 billion money-laundering scandal involving Danske Bank, Estonia has cancelled 500 cryptocurrency companies’ licenses, as part of a crackdown on illicit financial flows.

AML, crypto, Estonia, Danske Bank, crypto licences, regulators, AML, fraud prevention

Potential ML breaches in Australia reported by HSBC

09 Apr 2020 | Digital Identity, Security & Online Fraud

HSBC has reported itself to Australia's financial regulator for possible breaches of AML rules, the bank disclosed in a regulatory filing by its Australian subsidiary.

HSBC, money laundering, breaches, Australia, financial regulator, AML, bank, financial institutions, UK, financial crime, regulators

US banking regulators urge banks to help borrowers struggling due to coronavirus

26 Mar 2020 | Payments General

US banking regulators have announced they would not penalize banks that help borrowers struggling to repay loans due to the coronavirus outbreak, and vowed to provide “appropriate regulatory assistance” to affected institutions.

US, banking, regulators, banks, borrowers, coronavirus, loans

OKCoin supports the Singapore dollar, while opening local office

13 Mar 2020 | Cryptocurrencies

Fiat-focused cryptocurrency exchange OKCoin has announced that traders can now deposit and withdraw Singapore dollars for Bitcoin and Ethereum.

OKCoin, launch, Singapore, dollar, cryptocurrency, digital assets, government, regulators, digital payments

New requirements on crypto exchanges voted by South Korean lawmakers

06 Mar 2020 | Cryptocurrencies

South Korean lawmakers have voted to place tough new requirements on cryptocurrency exchanges, adding legitimacy to the country’s crypto economy.

cryptocurrency exchanges, South Korea, AML, VASP, CFT, virtual asset service providers, virtual assets, regulators

Updates on Facebook's Libra – the project is still on

05 Mar 2020 | Cryptocurrencies

Facebook has been reportedly rethinking its plans for its own digital currency after resistance from regulators, according to BBC.

Facebook, Libra, Calibra, Libra Association, digital currency, regulators, cryptocurrency

Wells Fargo agrees to pay USD 3 bln to solve fake-accounts investigation

24 Feb 2020 | Digital Identity, Security & Online Fraud

Wells Fargo has agreed to pay USD 3 billion to settle criminal and civil investigations into a long-running practice, BusinessInsider reports.

Wells Fargo, fake accounts, investigation, payments, criminal case, bank accounts, federal regulators, securities

Fines for privacy breaches reach EUR 114 million in Europe

20 Jan 2020 | Digital Identity, Security & Online Fraud

European regulators have imposed EUR 114 million euros in fines for data breaches since tougher privacy rules came into force in mid-2018, with approaches varying widely from country to country.

GDPR, fines, data breaches, European regulators, fines, DLA Piper

Danske Bank reported for overcharging customers

03 Sep 2019 | Payments General

Denmark’s financial watchdog had reported Danske Bank to the police for overcharging customers.

Danske Bank, money laundering, overcharging customers, fees, banking, regulators, Denmark

Privacy commissioners from across the globe concerned over Facebooks Libra

07 Aug 2019 | Cryptocurrencies

Data protection chiefs from across the globe have expressed concerns over the privacy risks posed by Facebook’s Libra cryptocurrency project.

Data protection, data privacy, Facebook, Libra, Calibra, payments, financial authorities, regulators

Senate panel calls over Facebooks Libra digital currency project

21 Jun 2019 | Cryptocurrencies

On 16 July 2019, Facebook’s plans to create a global cryptocurrency have faced scrutiny from the US Senate Banking Committee.

Facebook, Senate panel, US, digital currency, scrutiny, Libra, cryptocurrency, crypto assets, US Senate Banking Committee, hearing, data privacy, launch, regulators, financial services, policymakers, transactions

Refinitiv offers its digital KYC solutions to retail banking and wealth management

07 Jun 2019 | Digital Identity, Security & Online Fraud

Refinitiv has planned to expand its suite of financial crime solutions into the wealth industry, in an attempt to facilitate the KYC and onboarding processes.

Refinitiv, digital KYC solutions, retail banking, wealth management, KYC, onboarding, regulators, risk management, accounts, due diligence, digital identity, verification, biometrics, fraud, financial crime

India: Aadhaar biometric KYC authentication considered for fintechs

20 May 2019 | Digital Identity, Security & Online Fraud

Digital financial services companies in India have been given the possibility to soon be able to authenticate customers with biometrics using Aadhaar.

India, Aadhaar, biometrics KYC, authentication, fintechs, government, digital financial services, non-bank financial service, security, ML, RBI, financial regulators, regulations, UIDAI

Nordic banks join forces to fight money laundering

13 May 2019 | Digital Identity, Security & Online Fraud

The Nordic region’s six banks have joined together to set up a customer checking center to fight money launderers.

Nordic banks, money laundering, Danske Bank, Swedbank Handelsbanken, Nordea, SEB, DNB, KYC, financial crime, checks, safety, identity, verification, finance industry, regulators, fraud, fraudsters

Canadian regulators sign agreement with the Financial Conduct Authority

22 Apr 2019 | Payments General

The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan have announced an agreement with the UK`s FCA.

Regulators, agreement, Financial Conduct Authority, innovation, finance

Consolidation of EBAs fraud reporting requirements demanded by European fraud experts

09 Apr 2019 | Digital Identity, Security & Online Fraud

European fraud experts are calling on EU regulators to put on hold the implementation of the EBA Guidelines on Fraud Reporting under PSD2.

EBA, fraud reporting, fraud experts, EU regulators, PSPs, payment transactions, fraudulent payment transactions