23rd May 2019 | Written by Douglas Clarke-Williams
Berlin-based challenger bank N26 has found itself in more regulatory hot water after German regulator BaFin ordered it to tighten up its anti-money laundering (AML) controls following a number of...
23rd May 2019 | Written by John Basquill
In a first-of-its-kind strike against money laundering using cryptocurrency, law enforcement agencies have taken down a major mixing service that helped disguise the origin of funds worth millions of...
22nd May 2019 | Written by Jacob Atkins
The UK’s top consumer rights watchdog has issued a list of demands to banks and regulators over spiralling payment fraud just days before a voluntary industry reimbursement code is set to be switched...
21st May 2019 | Written by John Basquill
Authorities in Europe appear to be inching closer to a compromise on incoming strong authentication rules, following sustained warnings the reforms cannot be met in time for September’s deadline....
20th May 2019 | Written by Douglas Clarke-Williams
UK lawmakers have suggested that the Financial Conduct Authority (FCA) could play a greater role in sanctions implementation, as legislators bring greater pressure to introduce a Magnitsky-style law...
16th May 2019 | Written by Jacob Atkins
Regulators will hawkishly monitor compliance with the UK’s incoming voluntary code for reimbursement of payment fraud victims, threatening to make the code mandatory if take-up is sluggish. The...
16th May 2019 | Written by John Basquill
Industry groups are pressing regulators on whether incoming strong customer authentication (SCA) rules can be delayed, arguing the drip-feed of guidance has created a “bottleneck” and left firms...
15th May 2019 | Written by Douglas Clarke-Williams
Banks have been told to improve their handling of fraud after a steep rise in complaints, with authorised push payment (APP) scams singled out as a major cause of consumer dissatisfaction in the UK....
14th May 2019 | Written by Harrison Sayers
The Norwegian government has strengthened and clarified its gambling payment blocking regulations in an attempt to reinforce its gambling monopoly model and protect vulnerable players. Trine Skei...
2nd Jul 2019 | Written by John Basquill
The European Banking Authority (EBA) has provided welcome clarity on how to interpret incoming strong authentication rules, but still faces questions over how some aspects will work in practice —...
2nd Jul 2019 | Written by Douglas Clarke-Williams
The UK’s Payment Systems Regulator (PSR) has suggested that the upper limit for the country’s real-time interbank fund transfer system could be raised to £20m, although experts are warning of the...
1st Jul 2019 | Written by Jacob Atkins
The head of the UK parliament’s influential Treasury Select Committee has called for a mandatory code of conduct for open banking participants, in a harbinger of further political scrutiny of data...
28th Jun 2019 | Written by Douglas Clarke-Williams
The UK’s Financial Conduct Authority (FCA) has become the first national regulator to formally acknowledge EU plans for extending the implementation period for new strong authentication rules,...
28th Jun 2019 | Written by Douglas Clarke-Williams
The influential Wolfsberg Group has published an update to its guidance on due diligence for correspondent banking relationships, after recent reports from international bodies revealed de-risking...
27th Jun 2019 | Written by Jacob Atkins
Firms in Malta continue to under-report suspect transactions, the country’s financial investigators have said, despite a doubling in the number of suspicious transaction reports (STRs) received over...
26th Jun 2019 | Written by Jacob Atkins
Abiding by the ever-expanding reach of global sanctions laws is a growing worry for compliance teams at payment firms and banks, and the UK’s departure from the European Union could be about to...
26th Jun 2019 | Written by Douglas Clarke-Williams
The Bank of England’s decision to open up overnight deposits to non-banks has been welcomed as an embrace of innovation, but marks a recognition that an explosion in the use of specialist payment...
24th Jun 2019 | Written by John Basquill
European regulators have handed a major lifeline to card firms and retailers by giving them more time to comply with incoming security reforms, but experts say more work will be needed at national...
24th Jun 2019 | Written by Jacob Atkins
Regulators in Europe have staked out claims to supervise Facebook’s nascent global payments system, as the world’s club of central banks caution over the shadow technology giants are casting over the...
24th Jun 2019 | Written by Douglas Clarke-Williams
The Financial Action Task Force (FATF) has published its finalised guidance on virtual currencies, putting the same standards on crypto exchanges and wallets as currently exist for more traditional...