Federal Reserve demands clarity on US banks’ diversity efforts
The Fed is working with other financial regulators to boost responsiveness.
Regulation
JP Morgan fires staff for COVID-19 relief funds fraud
The largest bank in US clamps down on suspicious staff activity.
GAO urges FDIC to stop examiners fishing for bank jobs
Congress’s investigative branch calls on bank regulator to do more.
Regulators’ “fast and furious” AML fines don’t tell the whole compliance story
FinTech Futures speaks to Fenergo’s Rachel Woolley about the rise in penalties.
HMRC reveals £3.5bn in furlough payments sent in error
Around 5-10% of the scheme’s payouts have been made in error, says government body.
US Department of Justice mulls changes to bank merger legislation
Any amendments would be the first for 25 years.
UK Finance scheme stops £19m of fraud in 2020
The Banking Protocol teams up police and bank staff to stop fraudsters in branches.
Banking Technology September 2020 issue out now
Tipping point: Google vs Oracle showdown.
The PRIIPs EU stalemate: the story so far
The fate of the current PRIIPS Key Information Documents (KIDs) remains uncertain.
Small challenger Jiko buys Minnesota bank
Instead of sitting in deposits, Jiko customer money sits in Treasury Bills.
Philippines central bank to publish digital bank framework this month
A basic digital bank will require a minimum capitalisation of $8.2 million.
Citigroup first US bank to snag Chinese custody licence
Citi China can now open up custodian banking services.
Risky business
Everyone will have a part to play, but the risk teams will set the tone for what comes next.
How government and businesses can protect minors online in a post-pandemic world
Any organisation that profits from selling age-restricted products and services should be held accountable.
Making Tax Digital policy changes explained
UK gov’s initiative, Making Tax Digital (MTD), aims to make tax administration simpler.
ROSCA: Is there a potential for entering developed markets?
It matches the needs of rural households thanks to its simplicity and informal understanding.
Nasdaq proposes IPO alternative to raise funds
Nasdaq’s proposal to the SEC pushes for alternative routes to the public markets.
FCA accused of rushing consultation to minimise own failings
The complaints commissioner criticises the timing and lack of promotion.
Nordic fintech Open Payments raises €3m in second seed round
The firm plans an EU expansion in 2021.
Belgium investigates Credit Suisse over hidden accounts
It follows allegations that the bank helped 2,650 Belgians hide their accounts from tax authorities.
Why the world needs synchronised timing
The value of timing provides the opportunity to bolster the very fabric of our vital infrastructure.
Malaysia and Indonesian regulators sign fintech cooperative agreement
The two countries will share innovations and foster cross-border start-up development.
UK watchdog green lights $5.3bn Visa-Plaid deal
CMA finds no competition issues with Visa’s mega-deal.
iSignthis files AUD 264m against Australian Securities Exchange
The feud has its roots in ASX’s removal of iSignthis shares from trading.
TD Bank pays $122m for obscuring overdraft penalties
US bank charged by CFPB for anti-consumer practice.
Scotiabank pays over $127m for commodities price manipulation
It also faced charges of compliance and supervision failures.
Railsbank frontrunner to purchase Wirecard Card Solutions
London-based firm puts its hat in the ring to acquire ailing firm.
Indian watchdog rejects WhatsApp Pay antitrust complaint
The Competition Commission of India dismisses complaint about new market entrant.
London to maintain grip on EU clearing post Brexit
COVID-19 thwarts Frankfurt’s plans to grab clearing business from Britain.
The revolution will be regulated
When it comes to digital adoption, the regulator has been the biggest driver of change in the more mature markets.
European Commission approves Mastercard’s €2.85bn Nets deal
Third party firm to receive an exclusive licence for Nets tech to lower anticompetition fears.
EU warns City of longer wait for market access post-Brexit
The delay is because of the bloc’s own regulations which are also in flux.
China culls almost 6,000 P2P lenders in industry crackdown
A two-year programme has left only 29 firms in the country.
BaFin employees increasingly traded Wirecard shares
2.4% of all reported private financial transactions by its staff were transactions with Wirecard in H1.
EBA looks into adoption of regtech across EU
The banking questionnaire covers initiatives that could support the uptake of regtech solutions.
Wells Fargo compliance chief Mike Roemer steps down
The major US bank is undergoing a risk restructure.
China expands digital currency experiment across major cities
More than 400 million people are able to trial the digital system.
Bank of Lithuania calls for parity in EU digitalisation
Lithuanian central bank wants a more unified approach to innovation in the EU.
What every employer needs to know about employees returning to the workplace
Advice on the measures employers should take when re-opening their workplace amid COVID-19.
MUFG taps AxiomSL for reporting automation
AxiomSL’s Global Shareholding Disclosures will be deployed on the cloud.
