Category: Regulations

July 3, 2024

Snappi is a joint venture between Athens-based Piraeus Bank and core banking software vendor Natech. First announced back in 2022, Thanasis Navrozoglou, president and CEO of Natech, said at the time that Snappi would seek to “address both consumers and financial […]

July 1, 2024

While these tectonic shifts have immensely benefited consumers in terms of convenience and speed, they have also inevitably created opportunities for criminals to commit financial fraud and launder money quicker, with much less friction. As consumers around the world are […]

June 28, 2024

Seven months later, and Piero Cipollone, ECB executive board member and chair of the High-Level Task Force for the digital euro, says preparations are “progressing well”. Set to last for two years, the ECB is currently using the project’s preparation […]

June 20, 2024

The SNB voted to lower interest rates by 25 basis points to set the policy rate at 1.25%. The rate cut was expected by the majority of the market but there was a notable outside chance that the Bank may […]

May 22, 2024

Initially founded in 2003 to facilitate payments for MercadoLibre’s online marketplace, Mercado Pago has operated as an Electronic Payment Funds Institution (IFPE) for over two years. During this period, the subsidiary has worked to position itself as a comprehensive financial […]

May 15, 2024

Project Guardian was launched by MAS in May 2022 and seeks to develop and pilot tokenisation use cases across its four focus areas of interoperable networks, independent trust anchors, institutional grade DeFi protocols, and the use of tokenised deposits issued […]

May 13, 2024

Almost six years after the enactment of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), the U.S. Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of […]

May 10, 2024

The CFPB says: “Until 2021, Chime’s policy, reflected in consumer account agreements, was to process and mail refund checks within 14 days of an account’s closure.” However, the regulator claims that “thousands of consumers waited for weeks or even months […]

May 9, 2024

A trio of U.S. financial regulators have resumed work on a long-delayed rule-writing project to make executive compensation plans at financial firms more sensitive to risk. The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Federal […]

May 6, 2024

The US Securities and Exchange Commission warned Robinhood Markets Inc. that it faces an enforcement action over its crypto business — the latest sign that the regulator isn’t letting up on its years-long crackdown on digital assets. Robinhood, which is […]

April 25, 2024

A Russian court ordered the seizure of roughly $439.5 million that state-owned VTB Bank held in JPMorgan Chase accounts in the country, according to a filing seen Wednesday by Reuters and CNBC. The court order permits the funds in JPMorgan’s […]

April 23, 2024

Three investment firms connected to some of the best-known names on Wall Street have upped the ante in a legal dispute over now-insolvent Lighthouse Property Insurance Corp., based in Tampa. Fortinbras Enterprises, the managing partner of which is the well-known […]

April 12, 2024

Multiple U.S. regulators have joined the probe into Morgan Stanley’s efforts to prevent potential money laundering by its wealth clients, according to a report from The Wall Street Journal. The Securities and Exchange Commission, the Office of the Comptroller of […]

April 10, 2024

Previously cited by the fintech as a “key region for international expansion”, Revolut has been in pursuit of the approval since 2021, when it hired former RappiPay executive Juan Miguel Guerra to head its entry into the market. Its efforts […]

April 4, 2024

The central bank also provided perspective on its goals. “The project will focus on overcoming common structural inefficiencies in cross-border payments today related to differing legal, regulatory, and technical requirements, operating hours and time zones, and varying financial integrity controls,” […]

April 1, 2024

In a display of the United States’ jurisdictional reach, the Justice Department has indicted KuCoin, a prominent global cryptocurrency exchange, along with founders Chun Gan and Ke Tang, for Bank Secrecy Act (BSA) and unlicensed money transmission offenses. The indictment […]

March 26, 2024

The Justice Department lawsuit against Apple suggests banks have been victims of Apple’s antitrust infractions, noting that fees the banks must pay when consumers use credit cards are “a significant new cost.” “Apple has charged issuing banks 15 basis points […]

March 21, 2024

The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to “AI washing.” The firms, Delphia Inc. and Global Predictions Inc, will pay a total of $400,000 in civil penalties for making false […]

March 19, 2024

Two fintechs, Biz2Credit and Womply, agreed to pay a collective $59 million to settle allegations they deceived small businesses seeking Paycheck Protection Program loans during the COVID-19 pandemic, the Federal Trade Commission said Monday. Biz2Credit and its subsidiary, Itria Ventures, […]

March 14, 2024

The Office of the Comptroller of the Currency fined JPMorgan Chase $250 million Thursday, and the Federal Reserve added a $98.2 million penalty, asserting the bank failed to adequately monitor client trading activities for market misconduct between 2014 and 2023. […]