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New York State Department of Financial Services (NYDFS)
'Room For Improvement' On U.S. State-Level Licensing Overhaul
10th Oct 2019 | Written by:
A proposed reworking of state-level money services businesses licensing could provide much-needed regulatory clarity for U.S. fintechs, but there is still room for reducing the regulatory burden on...
U.S. Fintech Charter Impasse Remains Despite Lawsuit Dismissal
18th Sep 2019 | Written by:
Despite a U.S. federal judge dismissing a lawsuit from state regulators seeking to block plans for a federal fintech charter, the path forward remains a rocky one — and the lingering uncertainty...
U.S. Crypto Industry Pleads For Purpose-Built Regulation Amid Facebook Pressure
31st Jul 2019 | Written by:
Cryptocurrency firms are urging U.S. authorities to consider a ground-up, purpose-built regulatory framework for the technology, amid fears that hostility towards Facebook’s Libra project could...
Congressional Hearings 'Just The First Step' For Facebook Crypto Project
15th Jul 2019 | Written by:
With Facebook scheduled to appear before U.S. Congress this week to make the case for its cryptocurrency project Libra, the social media giant faces an uphill struggle to convince wary legislators...
New York Police Smash Gift Card Fraud Gang
12th Jul 2019 | Written by:
A New York gang of fraudsters has been indicted for allegedly running a prepaid gift card laundering ring that turned a profit of a million dollars per month.
Self-Reporting 'Helped Mitigate' Western Union Sanctions Penalty
11th Jun 2019 | Written by:
Western Union has agreed to a fine over allegations it violated U.S. sanctions by processing transactions to a recipient entity in the Gambia that was deemed to have ties to terrorism funding.
Judge Gives Boost To Case Against OCC Fintech Charter
7th May 2019 | Written by:
New York’s financial regulator will get its day in court against the Office of the Comptroller of the Currency (OCC) over the federal authority’s plans to introduce a bank charter for fintechs,...
U.S. Sanctions Purge Continues With Second $1bn Fine
16th Apr 2019 | Written by:
Less than one week after fining Standard Chartered $1.1bn over failures in its sanctions and anti-money laundering controls, U.S. authorities have hit another European bank, UniCredit, with an even...
Bittrex New York Woes Showcase Regulator's 'High Bar' On Crypto
15th Apr 2019 | Written by:
Bittrex, one of the world’s largest cryptocurrency exchanges by volume, is crying out for “regulatory clarity” in the United States, the company’s chief strategy officer told a blockchain...
Legal Experts Highlight Secondary Party Risk In U.S. Cannabis Banking
12th Apr 2019 | Written by:
U.S. banks and payments providers eyeing state-legalized cannabis businesses must battle with both a lack of legal clarity at the federal level and difficulties carrying out due diligence on...
Standard Chartered To Pay $1.1bn Over AML, Sanctions Failings
10th Apr 2019 | Written by:
Banking giant Standard Chartered will pay a total of $1.1bn in fines to United States and UK authorities after allegations it failed to properly apply anti-money laundering (AML) and sanctions...
In Depth: Are Authorities Doing Enough To Fight De-Risking?
22nd Jan 2019 | Written by:
Are influential regulators, international standards-setters and financial sector participants doing enough to tackle de-risking? PaymentsCompliance speaks to J. Andrew Spindler, a former New York...
No-Action Plan Could Spur Action In Fintech Sandbox, Former CFPB Official Says
21st Jan 2019 | Written by:
A plan by the U.S. Consumer Federal Protection Bureau (CFPB) to revamp its no-action letter program is the “boldest step yet” by federal regulators to establish a fintech sandbox that firms...
2018 in Focus: Payments in the Americas
21st Dec 2018 | Written by:
The fight against financial crime in the Americas reached an ever-higher pitch in 2018, with new and innovative methods of sanctions evasion sprouting as quickly as enforcement agencies could cut...
US: New York Department of Financial Services Issues Virtual Currency License to Signature Bank for Commercial Banking Transactions
6th Dec 2018 | Written by:
On December 4, 2018, the New York State Department of Financial Services (DFS) announced it had issued Signature Bank with authorization to offer a new digital payment platform, Signet. Prior to...
Société Générale Hit With $1.34bn Fine For U.S. Sanctions Violations
20th Nov 2018 | Written by:
Banking giant Société Générale has been handed the U.S.’ second largest-ever fine for “willful violations” of international sanctions, devising systems to facilitate illicit fund transfers worth...
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