UK-based specialist vendor Lombard Risk has launched a cloud-based collateral management platform, underpinned by its long-standing development in this space, Colline. The new solution is known as AgileCollateral.
The House Financial Services Committee will meet Sept. 13 to mark up a bill that would overturn major provisions of the Dodd-Frank Act. Initially proposed in June by Financial Services Committee Chairman Jeb Hensarling (R-Texas), the Financial CHOICE Act would strip significant authority away from the CFPB, renaming it the Consumer Financial Opportunity Commission and tasking the agency with the dual mission of protecting consumers and ensuring competitive markets.
South Korean fintech firms plans to file a complaint with regulators over Apple’s refusal to open its API.
The CFPB on Sept. 8 announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine is the largest such penalty it has ever issued.
What is FTR 2015 and how does it affect banks operating in the cross-border payments space? Marc Recker, Head of Market Management, Institutional Cash Management at Deutsche Bank, explores. The challenges and complexities of complying with anti-money laundering (AML) and counter terrorist financing (CFT) regulations are certainly not new in the financial industry. Over the past […]
Russell Investments, a US-based asset management firm, has chosen Qumram to provide compliant digital record-keeping. Qumram, a digital interaction audit solutions provider, says it mitigates risk at Russell Investments by recording and retaining all digital interactions on the firm’s corporate website in real-time, in accordance with global regulatory requirements. Qumram says that “increasingly, regulation is […]
A New York Department of Labor (DOL) rule that has been bitterly opposed by a major prepaid card association is being implemented anyway. The N.Y. DOL has issued its final rule regulating methods and payment of wages, including the use of payroll cards, in the state and includes no substantive changes from its second revised proposal in June.
Iran has won a slight reprieve in FinCEN’s latest advisory for anti-money laundering and countering terrorism measures.
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
A spate of email fraud schemes involving stolen consumer information and financial institutions being duped into conducting wire transfers has prompted the Financial Crimes Enforcement Network (FinCEN) to issue an advisory Sept. 6 in an effort to thwart the illegal activity.
A handheld card reader released last year has helped U.S. law enforcement agencies seize or recover about $10 million in fraudulent prepaid funds, according to the Dept. of Homeland Security.
Prepaid card-related complaints to the CFPB ticked down in July, the bureau announced in its latest monthly consumer complaint report. The month saw 211 complaints about prepaid products, down 5 percent from 223 prepaid complaints in June and slightly below the monthly average of 215 since the CFPB began tracking prepaid complaints in July 2014.
Apple is pushing back against a bid by a group of Australia’s major banks to be allowed to negotiate collectively with the U.S-based tech giant over contactless payments. In a filing with the Australian Competition and Consumer Commission (ACCC) released Aug. 30, Apple called upon the regulator to reject a request by the banks to collectively bargain with Apple in negotiations to offer Apple Pay to their customers.
French software firm Dassault Systemes is inviting start-ups to apply to its “3D Fintech Challenge” to address anti-money laundering (AML) and Know Your Customer (KYC) issues. As part of its overall 3DExperience Lab initiative, the seven-week programme will identify and help nurture six start-ups that can provide systemic warnings and a 360-degree view of customer/support […]
In the wake of the cyberattack that struck international financial messaging network SWIFT earlier this year, U.S. banking regulators say that they are assessing cybersecurity threats facing the country’s financial institutions and the controls in place to defend against attacks.
The U.S. Consumer Financial Protection Bureau (CFPB)’s proposal prohibiting financial services firms from including class action waivers in arbitration agreements has another critic: The Network Branded Prepaid Card Association (NBPCA) has sent a letter to the federal agency about the “negative” impacts the rule would have on the prepaid industry.
Are payment processors for consumer financial service providers required to understand the complex regulatory regimes to which their clients are subject, and verify that clients are complying with those requirements?
SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, has been aware of flaws in the way smaller banks used SWIFT’s messaging terminals, thus compromising the security of the system, but the organization did little to address the matter. Those are the assertions of more than a dozen current and former high-ranking Swift officials, according to a Reuters report on Aug. 17.
After a previous attempt by FinCEN to implement an anti-money laundering rule stalled and was withdrawn, the agency is planning to reintroduce a version of the rule. A FinCEN spokesman told Reuters the rule is being revised and could be submitted next year.
Kyc.com is partnering with Dow Jones, Exiger and Regulatory DataCorp (RDC) to drive standardisation and compliance for Know Your Customer (KYC) processes. The alliance plans to deliver an end-to-end KYC process integrating compliance, onboarding, sanctions, screening, negative media searches and client risk assessment across regulatory regimes and multiple jurisdictions. Joel Lange, managing director of Dow […]
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
Blockchain intelligence firm Elliptic and LexisNexis Risk Solutions have partnered for the “first” use of “bank-grade” risk management for Bitcoin. Elliptic has integrated LexisNexis’s anti-money laundering (AML) risk management data into its Bitcoin transaction monitoring and compliance products. The two firms have built a proof-of-concept that uses financial intelligence data from LexisNexis and presents it […]
The European Commission’s proposed changes to anti-money laundering rules would place an “immense burden on the regulated e-money sector,” the Prepaid International Forum argues in a new position paper.
Office Depot and an associated gift card program manager are suing Delaware officials in federal court, challenging the state’s unclaimed property law. The Florida-based retail chain and Virginia-based North American Card and Coupon Services LLC, Office Depot’s gift card operator, said Delaware’s escheat law violates the U.S. Constitution’s Fourth Amendment, which guards against unreasonable search and seizures.
A Florida man should have gotten his bitcoin through a reputable virtual currency exchange instead of some guys meeting in a Boston Market restaurant parking lot in the middle of the night. Likely surprising no one, a deal to exchange $28,000 for the equivalent in bitcoin went bad, leading to one arrest.
The Regtech Supplier Performance Report 2016, published by Market Fintech Limited and supported by Banking Technology, estimates that more 189 global financial institutions have deployed a range of new regulatory technology (regtech) solutions from 20+ specialist suppliers in just a couple of years.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Abcul slow on tech modernisation project Exclusive: First credit unions to go live before year-end. New mobile banking for SMEs readies for UK launch Tide will offer a “nimble small business current account”. Top ten retail banking sites […]
Shell Oil is coughing up civil penalties, investigative costs and restitution after being accused of tricking consumers with payments ads for various Shell fuel rewards and gift card programs.
They want permission from national anti-trust regulators to negotiate as a bloc with Apple over putting their own mobile payment technologies on iPhones.
A group Texas merchants wants to take its battle against a Texas law prohibiting them from imposing a surcharge on customers paying with a credit card to the Supreme Court, arguing that the statute violates the merchants’ free speech rights.
There was some big news for bank’s risk and finance technology departments last month. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Notably, this standard introduces a new impairment model, commonly known as the CECL (current […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]
In this contentious presidential election cycle, it’s hard to imagine anything getting 70 percent of the Senate to back it. But 70 U.S. Senators want the CFPB to lay off credit unions and community banks when it comes to certain, unspecified rules.
A U.K. hearing scheduled for October will consider if Brexit can happen without parliamentary approval. The U.K.’s June 23 vote to leave the union has led to confusion and much speculation in the payments world, as the industry wonders about such issues as licenses and passporting, along with other financial services regulations.
The CFPB’s recent enforcement action against Santander Bank over the bank’s overdraft practices underscores federal regulators’ focus on holding regulated institutions responsible for the actions of third-party vendors, and could provide a preview of the CFPB’s upcoming rulemaking on overdraft.
A critical congressional report was released this week claiming the FDIC has been hacked several times over several years and regulators have been covering up or misrepresenting breaches. In an ongoing investigation by the U.S. House Science, Space and Technology Committee, the report implicates FDIC employees, as well as the Chinese government, as responsible for some of the breaches.
The latest FDIC guidance on brokered deposits, released on June 30, has done little to alleviate industry concerns about the treatment of prepaid card loads as brokered deposits.
The Office of the Comptroller of the Currency has named Beverly Cole as deputy comptroller for compliance supervision. In the role, Cole will be responsible for developing and instituting compliance operational protocols, examination strategies and schedules.
The Financial Industry Regulatory Authority board of governors has appointed Robert Cook as president and CEO, effective the second half of 2016.
Hoping to encourage fintech innovation, the U.K. Financial Conduct Authority has issued a 17-page document that offers guidelines for how financial services firm can use outsourced Web-hosted services without running afoul of regulators.
