Authorities Smash Hacking ‘Hornet’s Nest’ (July 16, 2015)
A major online hacking forum and malware marketplace has been shut down in a coordinated operation by law enforcement officials in 20 countries.
Regulation
PSR appoints chair of the Payments Strategy Forum
The Payment Systems Regulator, the new economic regulator for UK payment systems, has appointed Ruth Evans as the chair of the Payments Strategy Forum. Evans is currently chair of The Authority for Television on Demand, the independent co-regulator for the editorial content of UK video on demand services.
Clearing the path to BPO adoption for international trade finance banks
The release in 2013 of Universal Rules for Bank Payment Obligation by the International Chamber of Commerce effectively endorsed and formalised the structure for international trade finance processes. Despite this, the volume of completed BPO transactions remains low
Viewpoint: Canada’s Digital Privacy Act Receives Royal Assent, but Breach Notification Provisions Lag Behind
It’s now law, but not all of the act is in force yet.
Viewpoint: Amendments to Canada’s AML Legislation: What’s New and What’s Next
Regulated entities that verify identity in connection with the issuance of stored value cards may find more flexibility in the principle-based approach to identity verification outlined in the proposed regulations.
Treasury: AML, CTF Efforts Have Been Effective (July 13, 2015)
Efforts to combat money laundering and terrorist financing have succeeded in making life difficult for criminals seeking to engage in those activities, according to a pair of reports from the Treasury Department.
World Class Payments take shape in the UK
advances in technology, and particularly consumer demand, are driving change and making the payments environment an interesting place to be in the years ahead
Q&A with Brad Fauss, NBPCA
The NBPCA’s newly elected president and CEO spoke with Paybefore about priorities, what happens behind the scenes of the association, and the work that lies ahead for an industry that must continue to raise awareness on the Hill.
Starting Young Key to Financial Literacy, Says Presidential Panel (July 7, 2015)
Equipping young Americans with the knowledge they need to make smart financial decisions should start as early as pre-kindergarten, according to a new report from a group of experts tasked with finding ways to promote financial capability among the young. Created by a 2013 executive order from President Obama, the President’s Advisory Council on Financial […]
PSR papers set out scope for Payments Strategy Forum
The UK’s Payment Systems Regulator has published a series of papers describing its work on the creation of the Payments Strategy Forum, the body it is creating under independent leadership to bring together regulators, industry and users.
N.Y. DOL Extends Comment Period for Payroll Card Regs (July 6, 2015)
Payroll card providers now have until July 31, 2015, to respond to the New York Department of Labor’s proposed payroll card regulations, which prohibit fees for inactivity, overdraft, declined transactions or receiving written transaction statements, among other mandates.
Europol Busts Cybercrime Ring, Enlists Barclays to Fight Attacks (June 30, 2015)
Cybercrime investigators from six European countries joined forces and recently busted a large gang of cybercriminals that had used malware in a widespread attack on online banking systems across the Eurozone, resulting in losses of at least €2 million (US$2.22 million), according to Europol, the EU’s law enforcement agency.
Chase Adds Bill Pay to Liquid, Expands Checking Access (June 30, 2015)
JPMorgan Chase is changing its policies to offer more customers access to mainstream payment services—and the company’s Liquid prepaid card will play a key role in the initiative.
AIFMD implementation sucessful, but doubts remain on regulatory data
The funds industry has successfully implemented the requirements of the Alternative Investment Fund Managers Directive over the past year but has doubts about the use of data being gathered by regulators and question whether it is helping regulators to better spot threats and systemic risks that may impact market stability.
Banks gain ground after customers’ confidence hits rock bottom
The global financial crisis devastated the reputation of the UK banking industry and it is not hard to understand why public trust in banks is at a low ebb. Since 2008, there have been at least five major scandals involving one or more banks operating in the UK, writes Peter Duffy Along with the reputational damage […]
Supreme Court Upholds Affordable Care Act Tax Credits (June 25, 2015)
The Supreme Court’s 6-3 decision to uphold tax credits for consumers in 34 states with federal health insurance exchanges as part of the Affordable Care Act (ACA) may not have huge implications for the benefit card industry.
Banking Technology Forum 2015 morning sessions: payments regulation, blockchain real-time payments and digital banking
There is a nuclear revolution going on in banking and payments with new digital challenger banks like Atom and Starling seeking to displace established banks that are themselves turning to real-time payment infrastructures to retain customers and under regulatory pressure to open up to FinTech competition from mobile players and payment service providers (PSPs). Crypto-currencies, cyber-security and other tech challenges were also addressed at the Banking Technology Forum 2015
Texas AG Wants RadioShack Gift Card Holders First in Line (June 22, 2015)
Texas Attorney General Ken Paxton has filed a lawsuit against bankrupt RadioShack Corp. to help ensure consumers in the state receive their collective $43 million in unredeemed gift cards.
U.K. Eyes Increased Protection for Gift Card Holders in Insolvencies (June 22, 2015)
The U.K. Law Commission is exploring ways to protect gift card holders in the event of retailer insolvency and is requesting comments on its proposals by Sept. 17.
The looming possibility of Brexit underscores the need for data clarity
Tactical regulatory firefighting has distracted banks from their long-term strategic shift to an enterprise view of data. Looming issues such as the possible Brexit highlight the urgency of this task
Funds Transfer Pricing: confronting a mosaic of risk
The need for financial institutions to accurately gauge their exposure to myriad sources of risk has seldom, if ever, been greater. The credit crisis toward the end of the last decade must have made that clear, and if bankers managed to avoid getting the message back then, the point has been driven home ever since by regulators around the world
Lessons from D.C.: Relationships Matter; Highlight Consumer Benefits (June 16, 2015)
Two key takeaways from the NBPCA’s Power of Prepaid event in Washington, D.C., last week are that relationships matter and industry stakeholders must bring consumer benefits to the forefront of any discussion with lawmakers and regulators.
Pan-European Data Protection Reform on Track for 2015 Adoption (June 16, 2015)
European lawmakers will meet next week to agree on a road map toward finalizing data protection reform this year.
U.S., Japan, China Spearhead Bitcoin Regulations (June 16, 2015)
The U.S., Japan and China are working on regulations to prevent the use of digital currencies, such as bitcoin, from being used to finance illegal activities or terrorist organizations, according to Japanese newspaper Nikkei.
ISDA rallies support for derivatives data reporting rethink
Eleven financial associations have published their support for a new set of derivatives reporting standards developed by ISDA, which is calling for greater cross-border harmonisation of data standards – even if that means some national laws will have to be amended.
Tabb: capital markets compliance spend will soar to $2.6 billion this year
TABB Group forecasts global compliance spending among capital markets firms will some increase 7.5% to 8% in 2015, reaching $2.592 billion , and growing at a similar pace for 2016, driven by global regulations that require institutions to expand coverage, enhance existing capabilities and standardise compliance solutions and processes.
Derivatives exchanges slam regulators over open clearing
Regulators should not define how markets are structured when it comes to innovation and open access to clearing. Instead, it should be left up to the market to define how services are provided, according to speakers at the IDX FIA Europe conference in Europe this week.
OIG Report: Fed Regulators Mostly Working Well Together, Cite Areas for Improvement (June 11, 2015)
A multi-agency federal regulator report concluded that the CFPB and prudential regulators are “generally” coordinating their oversight activities pertaining to consumer financial laws, consistent with the Dodd-Frank Act and the provisions of a MOU (memorandum of understanding) governing coordination activities.
MiFID II open access to CCPs called into question
As the European Commission’s MiFID II legislation moved towards implementation of technical standards, some of Europe’s national regulators are seriously worried that mandatory open access to CCPs may not be such a good idea. Concerns about the ability to manage risk and the ability to effectively handle data were highlighted by speakers at the IDX FIA conference in London yesterday.
McKenna to head standards at Global Legal Entity Identifier Foundation
Karla McKenna has been named head of standards at the Global Legal Entity Identifier Foundation on a year’s secondment from Citi, where she is director of market practice and standards.
CFTC praises global regulatory harmonisation – just don’t expect uniformity
Global regulators are struggling to find the balance between recognising each other’s existence and learning to harmonise and coordinate their activities, and protecting domestic national economic stability. But people who can’t accept that there will be some differences in regulation between Asia, Europe and the US are not realistic, according to Timothy Massad, chairman of the Commodity Futures Trading Commission.
Viewpoint: Why Banks Still May Be Nervous about Banking Nonbank Money Services Businesses
The FDIC draws attention to a standard fraud claim without offering much guidance.
EMIR ‘significantly at risk’ of failure warns FIA Europe
Industry association FIA Europe is calling on regulators to make changes to derivatives laws, including amendments to Basel III and MiFIR, as well as EMIR reporting obligations. The association argues that without the changes it is advocating, the viability of some of the new rules will be at risk.
Permanent TSB and Italian bank adopt Wolters Kluwer reporting tools
Irish bank Permanent TSB has chosen a regulatory reporting platform from Wolters Kluwer as part of its measures to cope with Basel III. Belgian bank Banca Monte Paschi Belgio, the Belgian branch of Italy’s Banca Monte dei Paschi di Siena, has also chosen the same OneSumX regulatory reporting solution.
EU Payment Services Directive 2: counting the costs and benefits
EU lawmakers reached a political consensus last week on a proposal for a new EU Payment Services Directive (PSD2). This follows several months of negotiations between European Parliament, the Commission and the Council of Ministers and marks a significant step in regulatory development within the payments market
FBI Warns of New Cybercrime Threat (June 3, 2015)
Cybercriminals are using a new form of malware to steal shoppers’ personal financial data, according to an FBI alert issued to retailers last week.
New York State Issues Draft Reg for Payroll Cards (June 1, 2015)
New York State’s Department of Labor has published draft regulations for businesses that pay workers with debit cards, including a prohibition on employers profiting from card programs or passing along associated costs to their employees.
Swift extends KYC compliance services to securities users
Swift is extending its Know Your Customer compliance service into the securities area, making it available to fund distributors and custodians.
IRS Breach Exposes Data of 100,000 Taxpayers (May 27, 2015)
Cybercriminals accessed the personal information of about 100,000 U.S. taxpayers in an attack on the IRS’s systems, the agency confirmed this week.
CFPB: Final Prepaid Rule Coming in January ‘16 (May 26, 2015)
The CFPB’s final rule for prepaid financial products will come in January 2016, according to the agency’s latest rulemaking timetable.
