In order to enhance and ensure security and safety for all stakeholders — including, most critically, customers — the Reserve Bank of India (RBI) last Friday modified the penalties for payment system operators who do not follow regulatory requirements. India’s payment system landscape has experienced...
Wells Fargo is striving to revamp its approach to technology to ensure systems stay online, satisfy regulators and block cybercriminals, the Wall Street Journal (WSJ) reported on Saturday (Jan. 11). Following the 2016 incident of bogus accounts, regulators have been watching the bank closely and...
On Jan. 3, 2020, the California Consumer Privacy Act (CCPA) went into effect, ushering in the strongest consumer data protections in the U.S. With the General Data Protection Regulation (GDPR) and the revised Payments Services Directive (PSD2) humming along in Europe, open banking is overtaking...
The Central Bank of Jamaica (BOJ) has confirmed it will abide by the Principles for Financial Market Infrastructures (PFMIs). Regionally operated payment systems in Jamaica will consequently be regulated more closely. Any kind of financial company operating in Jamaica that facilitates financial transactions — including...
In the U.K., Open Banking could be expanded soon to allow for data sharing between a much larger range of finance companies, according to the Financial Conduct Authority (FCA). Open Banking allows bank customers to share their financial data with other people and companies. In...
The Basel Committee has said in a paper that a “prudential” regulatory framework should be constructed by stakeholders in a bid to address concerns over risks to the financial system. In a paper titled “Designing a Prudential Treatment for Cryptoassets,” the Basel Committee on Banking...
Probes into financial institutions in the U.K. are up for the first time since 2015 due in part to an increase in both white-collar and money laundering crimes, the Financial Times reported Sunday (Dec. 15). The latest data shows regulators have ordered 51 “skilled persons’...
Deutsche Bank has settled a case with Frankfurt prosecutors that involved a raid on its offices and resulted in a huge hit on earnings and stock value over suspected money laundering, according to a report by Bloomberg. The fine is a relatively small one at...
U.K. regulators on Thursday (Dec. 5) called on banks and payment firms to set “impact tolerances” for important services after numerous IT failures last year, Reuters reported. A glitch at TSB in April of 2018 left thousands of customers locked out of their accounts, with...
