RegulationsRSS

Japan and Australia regulators to co-operate on fintech

To Apple Pay or not to Apple Pay, that is the question

The Financial Services Agency of Japan (JFSA) and Australian Securities and Investments Commission (ASIC) will work together to promote innovation in financial services in Japan and Australia. Both have completed a framework and they will share information and support the entry of fintech firms into each other’s markets. ASIC says this framework will “help open […]

Banco de Mexico revamps risk management tech with Finastra’s Fusionrisk

Mexico

Banco de Mexico, the country’s central bank, is replacing its legacy risk management software with Finastra’s Fusionrisk.

Barclays hit with fraud charge over Qatar capital raising

Barclays-PLC

The UK’s Serious Fraud Office (SFO) has charged Barclays and four of its former workers with conspiracy to commit fraud over capital raising arrangements with Qatar Holding and Challenger Universal. The charge also includes the provision of unlawful financial assistance contrary to the Companies Act 1985. The charges relate to events in June and October […]

UK regulator calls for feedback on consumer access to insurance

FCA keen to explore regtech

Like a bird of paradise, the UK’s Financial Conduct Authority (FCA) is calling again – and this time for views and evidence concerning consumers’ access to insurance. This FCA’s paper looks more broadly at access issues related to insurance but specifically (and a non-fintech point) seeks views on “how consumers with cancer or those in […]

Screen scraping: in or out?

Regulation, regulation and more regulation

Amid last month’s extensive ransomware attack, made possible after cyber criminals stole hacking tools created by the US National Security Agency, the European Banking Federation (EBF) again urged the European Commission (EC) not to dismiss recommendations about screen scraping.

CFPB seeks comments on proposed changes to US prepaid rule

CFPB

The US Consumer Financial Protection Bureau (CFPB) has issued a request for comment on proposed changes to its final rule on prepaid accounts that would adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets. Paybefore (Banking Technology‘s sister publication) reports that the bureau first floated […]

White paper: GDPR – banks, breaches and billion euro fines

GDPR Report

The European Union’s new General Data Protection Regulation (GDPR) introduces 72-hour breach notification requirements along with severe regulatory fines and consumers and affected third parties now have the right to sue organisations responsible for data breaches.

Banks facing fines totalling €4.7bn under GDPR

land area in Europe the night

Consult Hyperion is forecasting that European financial institutions could face fines totalling €4.7 billion in the first three years under the new General Data Protection Regulation (GDPR). The report, “GDPR: Banks, Breaches and Billion Euro Fines”, which was commissioned by security firm AllClear ID, is a “conservative” forecast and excludes compensation claims, costs associated with […]

Infographic: financial institutions optimistic for first UK CRS filing

UK CRS survey

An online survey carried out amongst our readers in the run up to the UK’s first Common Reporting Standard (CRS) submission has found respondents largely optimistic about how their first transmittal would go; were appreciative of the support given to them by their IT departments and thought that HMRC and OECD had done a good job in communicating with them. Their primary concerns were their ability to pull data from their internal systems and keeping up with compliance.

Why getting ready for real-time is a priority for Rabobank

Erik Kwakkel, Rabobank Netherlands

When it comes to payments, the Netherlands, like its Scandinavian neighbours, is certainly one of the most advanced countries in the world. Banks and retailers have been working together for many years in an effort to decrease the amount of cash in circulation, working instead towards a “cleaner” and “safer” cashless environment.

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