Category: Regulations

September 22, 2020

The ban is a response to an executive order from President Donald Trump. The Department of Commerce announced last week it would prohibit transactions on mobile apps WeChat and TikTok. The order was to come into force on 20 September. […]

September 14, 2020

The EBA is responding to a call for advice issued by the European Commission (EC). It sets out how the EU legal framework needs a boost to tackle vulnerabilities linked to divergent national approaches. Under current guidelines, EU states have […]

September 11, 2020

Sheila Clark, the Fed’s programme director for its diversity office, says submissions of diversity policy and practice assessments had “slightly increased” over the past two years. But in a congressional testimony published ahead of a hearing on Tuesday, the Fed […]

September 9, 2020

Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties have come “fast and furious” over the past few years. Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion. The […]

September 8, 2020

‘Bundling’ is where a bank requires small business customers to open a business current account (BCA) with them when applying for a loan. This restricts competition and limits choice because customers may want to hold an account with one provider […]

September 3, 2020

The licence issued and approved by the China Securities Regulatory Commission, allows Citi to operate as a custodian bank in China. It arrives at a time when more firms are looking to tap into China’s financial sector since its relaxation […]

September 2, 2020

Swiss watchdog FINMA (the Financial Market Supervisory Authority) said Wednesday it had initiated enforcement proceedings against Credit Suisse over the spying affair that came to light last year. “FINMA has opened enforcement proceedings against the bank, in which it will […]

August 25, 2020

Lloyd’s of London does not have to pay the U.S. government’s Federal Deposit Insurance Corp. $3 million in judgment interest because the FDIC waited too long —18 months after a final judgment — to try to collect it. The action […]

August 24, 2020

China’s banking regulator pledged its backing for Hong Kong as a finance hub and reiterated a commitment to opening up the Chinese financial sector amid a deepening standoff with the U.S. China will provide support for its financial institutions doing […]

August 20, 2020

The New York State Department of Financial Services (DFS) has filed charges and initiated administrative proceedings against Teva Pharmaceutical Industries Ltd. and its subsidiaries, as well as Allergan PLC and its subsidiary Allergan Finance LLC, in connection with the opioid […]