The U.S. Congress began a series of hearings on Tuesday to consider ways to reform money laundering and illicit finance regulations, as a president of a payments company argued the current system...
Western Union has been hit with a $60m fine by New York state regulators, who accused the remittance behemoth of historic violations of anti-money laundering (AML) laws.
The Consumer Financial Protection Bureau (CFPB) has confirmed a delay in the effective date of its new regulatory framework for prepaid cards, a decision hailed as a victory for emerging payment...
Chinese payments giant Ant Financial has given up on its $1.2bn acquisition of remittance firm MoneyGram, having failed to win support from a US government agency.
The global payments industry has undergone a year characterised by conflict — between traditional financial institutions and emerging technologically savvy rivals, and between regulators,...
The Cybersecurity and Infrastructure Security Agency Act, which was passed by the U.S. House last week, is set to overhaul government cybersecurity measures after a period of unprecedented...
On December 4, 2017, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury announced the launch of the “FinCEN Exchange” program, which seeks to strengthen...
On November 21, 2017, the Committee on Financial Services of the U.S. House of Representatives published a memorandum addressed to its members to inform them of the hearing entitled “Legislative...
Freshly expanded sanctions against North Korea look set to drive de-risking by banks, as foreign entities now run the risk of losing access to the entire U.S. financial market.
Industry leaders convened on Capitol Hill last week to discuss the future of cybersecurity in the U.S. and reflect on lessons learned from the Equifax data breach earlier this year, with some...
On October 31, 2017, the Financial Crimes Enforcement Network (FinCEN) published an advisory to raise the awareness of financial institutions regarding potential fraudulent activity related to...
A Texas-based financial institution has been issued with a $2m fine by federal authorities for historic failures in managing a correspondent banking relationship with a firm in Mexico.
The U.S. Senate has voted to repeal the Consumer Financial Protection Bureau’s controversial arbitration rule, ending months of legal and legislative wrangling on both sides.
On October 20, 2017, Mastercard announced its decision to open up access to its blockchain technology via its application programming interface (API) to its partner banks and merchants. In this way...
The former chief of the Office of the Comptroller of the Currency (OCC) has defended plans to regulate fintech firms at the federal level, denying the rules will encroach on state authorities’...
Consumer protection regulators in the United States have set out expectations for third-party access to financial accounts, clarifying rules around payment authorisation, data security and...

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