How fintechs can prepare for Dodd-Frank Section 1071 with compliance automation
Learn how to be ready for any and all consequences once the 1071 regulations hit.
Regulation
FinTech Futures: Top five stories of the week – 24 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Canada’s securities regulator tightens rules for crypto exchanges
The CSA has laid out enhanced investor protection commitments it expects from exchanges operating in Canada.
Buy now, worry about it later: the future of BNPL
Buy now, pay later – is there a more apt fintech application for our times than BNPL?
Banesco USA taps AML RightSource for automated due diligence solution
Banesco will deploy AML RightSource’s Automated EDD (Enhance Due Diligence) solution.
European paytech Lyra taps Napier for transaction monitoring
Lyra will utilise Napier’s transaction monitoring solution to ensure its compliance with regulatory requirements.
Hong Kong proposes tighter rules for digital asset exchanges
The proposed framework will bring virtual assets in line with securities brokers and automated trading venues.
Singapore and India link up PayNow and UPI for real-time cross-border payments
The MAS and RBI will use a scalable cloud-based infrastructure to manage future increases in remittance volumes.
European Commission launches blockchain regulatory sandbox
While blockchain is known for crypto, the Commission says the tech has a “wider utility” beyond financial services.
FSB to study DeFi’s potential stability risks and vulnerabilities
The FSB states that “specific features” of DeFi may see some of its vulnerabilities “play out differently”.
Facing the FCA armed with data
Fintechs are finding themselves subject to increasing scrutiny by regulators regarding AML compliance.
Payoneer lands UK e-money licence from FCA
Payoneer secured the EMI via its subsidiary Payoneer Payment Services UK.
Solving the cybersecurity puzzle
FinTech Futures speaks to City University of London’s Raj Muttukrishnan and Crossword’s Stuart Jubb.
AI regtech WorkFusion names Arthur Mueller VP of financial crime
Mueller joins from Rabobank North America where he served as AML and sanctions officer for more than six years.
Global fintech investment drops 31% in 2022 from record 2021 high
Despite the drop, it was still the third-best year for fintech investment ever.
Dubai’s VARA outlines new virtual asset framework
VARA says the new framework will offer “regulatory certainty”, giving market participants greater clarity.
UK government lays out plans for BNPL legislation
The UK government is looking to bring BNPL into the regulatory sphere “in a proportionate way”.
FCA clamps down on unregistered crypto ATM operators in Leeds
The FCA will review evidence gathered during the visits and consider further potential enforcement action.
PayPal reportedly halts work on stablecoin offering
PayPal is hoping to get a clearer understanding of the evolving regulatory landscape, Bloomberg reports.
UAE’s central bank launches financial services digital transformation programme
The UAE is aiming to become a “financial and digital payment hub”.
UK’s FCA names first members of its new innovation advisory group
The Innovation Advisory Group (IAG) will meet for the first time in February, the FCA says.
European Parliament outlines plans for an EU-wide digital wallet
The use of the EU wallet will “always be voluntary”, MEPs say.
CFPB proposes new rule to curb excessive credit card late fees
According to CFPB estimates, excessive fees cost American families about $12 billion each year.
European Central Bank to stress test 99 eurozone banks in 2023
The testing forms part of the 2023 EU-wide stress test coordinated by the European Banking Authority.
Zodia partners SBI DAH for Japan-based crypto custodian venture
The joint venture, SBI Zodia Custody, is owned 51% by SBI DAH and 49% by Zodia Custody.
FinTech Futures: Top five stories of the week – 3 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
UK government to strengthen rules around crypto
The government will strengthen rules for crypto trading platforms and crypto lending in line with traditional finance.
Will regulated cryptocurrency become the new fiat currency?
The last year has demonstrated that the crypto market is in immediate need of significant regulatory oversight.
Why 2023 is time for us to tackle financial crime properly
The impact of financial crime continues to be severe, but 2023 could be a breakthrough year.
FinTech Futures: Top five stories of the week – 27 January 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Commerzbank files lawsuit against EY over €200m Wirecard losses
Commerzbank has filed a suit against the accounting firm in Frankfurt court, Reuters reports.
German AML regtech Hawk AI lands $17m Series B
The round saw participation from investors including Sands Capital, DN Capital, Coalition and BlackFin Capital.
PayPal faces antitrust investigation in Germany
The Bundeskartellamt is investigating “practices possibly foreclosing competitors and restricting price competition”.
Corlytics acquires regulatory lifecycle platform ING SparQ in €5m deal
Corlytics’ CEO John Byrne says the deal “sets the runway for further strategic acquisitions”.
CMA warns HSBC over breaches of retail banking order
The CMA’s letter says that HSBC “self-reported” the breaches following a review of its compliance.
Regtech start-up GSS raises £37m
Global Screening Services (GSS) has raised funds from AlixPartners, The Cynosure Group, and MUFG.
Where will fintech go next in 2023?
2023 will no doubt bring more surprises for the fintech industry and tough times for many.
US DoJ charges crypto exchange founder over alleged illicit fund transfers
The DoJ alleges Bitzlato processed more than $700m in illicit funds.
State Bank of Pakistan names five successful digital bank applicants
The country’s central bank and regulator expects these new digital banks to promote financial inclusion.
Crypto firm Nexo denies allegations made by Bulgarian prosecutors
Nexo intends to file claims “for all financial and non-pecuniary damages suffered as a result of illegal actions”.
