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New Jersey Seeks White House Communications Over Wire Act U-Turn
6th Feb 2019 | Written by:
New Jersey Attorney General Gurbir Grewal has demanded information on last month’s Department of Justice shock decision to reverse a 2011 opinion on the application of the federal Wire Act to...
US: Wyoming Introduces Draft Bill on Classification of Digital Assets
5th Feb 2019 | Written by:
On January 23, 2019, a draft bill (SF 0125) on digital assets was introduced to the Wyoming Senate. The bill aims to classify digital assets as property within existing laws, establish an opt-in...
US: Federal Reserve Consults on Rules for Suspicious Transaction Reports and Recordkeeping Requirements
5th Feb 2019 | Written by:
On February 2, 2019, the Board of Governors of the Federal Reserve System (Fed) published notices 84 FR 1731 and 84 FR 1732....
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...
U.S. Wire Act Opinion Clouds European Expansion Plans
18th Jan 2019 | Written by:
A new U.S. Department of Justice opinion on the Wire Act adds “a lot more confusion” for online gambling dealmakers and European companies eager to expand into the U.S. market, experts have said.
U.S. Processors Face Wire Act Dilemma After Online Gambling U-Turn
17th Jan 2019 | Written by:
Payment providers serving the U.S. online gambling market face legal uncertainty after a decision by the Department of Justice to reverse a 2011 opinion on the application of the federal Wire Act.
US: Wyoming Introduces Bill on Financial Technology Sandbox
14th Jan 2019 | Written by:
On January 8, 2019, a draft bill, HB0057, on establishing a financial technology sandbox was introduced to the Wyoming legislature. The draft bill aims to create a financial technology sandbox for...
U.S. Bank Fined $15.5m For Failing To Stop Cancelled Payments
4th Jan 2019 | Written by:
A San Antonio-based bank has been hit with $15.5m in penalties after U.S. authorities found it violated rules in refusing to cancel customers’ pre-authorized payments when requested, as well as re...
U.S. Federal Regulator Overlooking Risks To Consumers, Report Claims
3rd Jan 2019 | Written by:
The Consumer Financial Protection Bureau is falling short when it comes to properly prioritizing consumer risks and needs to improve efforts to share and act effectively on data it collects, a...
US: Payments Forum Issues Guidelines for Contactless ATM Transactions for ATM Owners and Operators
20th Dec 2018 | Written by:
On December 20, 2018, the U.S. Payments Forum, a cross-industry body focused on addressing issues that require broad cooperation and coordination across many participants in the payments industry,...
Major Banks Likely To Dominate U.S. Faster Payments System, Smaller Firms Warn
17th Dec 2018 | Written by:
Smaller U.S. financial firms are concerned that an incoming federal faster payments system could end up dominated by major banks, urging the Federal Reserve to keep a close eye on its development.
Firm Accused Of Facilitating Transaction Laundering Settles With FTC
12th Dec 2018 | Written by:
Defendants accused of helping telemarketing scammers launder millions of dollars through fraudulent merchant accounts have reached a settlement agreement with the U.S. Federal Trade Commission (FTC).
U.S. Federal Regulators Call For Innovation On AML — And Promise To Help
6th Dec 2018 | Written by:
Federal U.S. regulators are encouraging depository institutions to come up with new approaches to combat money laundering and other illegal financial activity — and the agencies say they are eager...
US: Federal Agencies Issue Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing
4th Dec 2018 | Written by:
On December 3, 2018, the Financial Crimes Enforcement Network (FinCEN) released a statement, jointly drafted with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance...
Processors Double Down on U.S. Sports Betting as Market Takes Shape
3rd Dec 2018 | Written by:
As a growing number of U.S. states move to legalize sports betting after the Supreme Court's landmark PASPA ruling, payment processors are not waiting any longer to get into the game.
U.S. Lawmakers Split On AML Reporting Reforms
30th Nov 2018 | Written by:
In a Senate hearing on Thursday, federal officials doubled down on their calls to maintain current reporting thresholds for cash transactions, saying raising the limits would hamstring their...
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