Featured Fintech

U.S. Banks Navigate Hazy Regulations to Serve Cannabis Businesses

Many financial institutions looking to offer banking services to the expanding number of legal cannabis growers and distributors in the U.S. are still limited by spotty regulations and expensive compliance efforts. The disparities between federal and state laws governing the use of marijuana and hemp, and the differences across states,… Read More

Fed and Treasury asks public for comment on new travel rule for crypto

The Federal Reserve, along with the Financial Crimes Enforcement Agency (FinCEN), an agency of the U.S. Treasury, have invited comment on a proposed rule that lowers the threshold on reporting under the Bank Secrecy Act (BSA) from $3,000 to $250 for transactions outside of the United States in what is… Read More

US PayPal users can soon use crypto in lieu of fiat currency

PayPal has announced its foray into the crypto market, launching a new service that will allow users to buy, hold, and sell digital currency. After receiving a conditional Bitlicence from the New York State Department of Financial Services (NYDFS), through a partnership with Paxos Trust Company, PayPal users in the… Read More
21st October 2020
An Iranian businessman was sentenced to 23 months in prison for his role operating a company that prosecutors said helped Iranians circumvent U.S. sanctions. Seyed Sajjad Shahidian, founder and former chief executive of Iranian online financial services company Payment24, pleaded guilty in June to conspiring to defraud the U.S. Read More
20th October 2020
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of the… Read More
15th October 2020
Afterpay has received an all-clear from the Australian financial crimes watchdog AUSTRAC over its breaches of anti-money laundering laws, but the buy now, pay later (BNPL) heavyweight isn’t entirely out of the woods when it comes to regulatory scrutiny. The $27 billion listed fintech said on Wednesday that AUSTRAC would… Read More
12th October 2020
Recent settlements with JPMorgan Chase & Co. and others underscore the need for investment banks to ensure the surveillance tools they use to detect misconduct by traders are effective. JPMorgan last week agreed to pay a cumulative $920 million in a series of settlements with U.S. authorities over… Read More
8th October 2020
In April the Paycheck Protection Program was under fire for moving too slowly and leaving too many people out. Part of the $2 trillion Cares Act, it was set up to offer forgivable loans to small businesses such as restaurants and hair salons that would help keep them afloat through… Read More
2nd October 2020
Singapore’s financial regulator ordered Wirecard AG’s local entities to cease their payment activities and return all customer funds by Oct. 14. The local unit of the embattled German payments company informed the Monetary Authority of Singapore that it’s unable to continue providing payment processing services to “a significant number… Read More
2nd October 2020
The recent $200 million hack of Singapore-based major cryptocurrency exchange KuCoin has been making headlines, but the difference between this attack and others in the past has been the hacker’s blatant utilization of everyone’s favourite new crypto frontier – DeFi (decentralized finance). The KuCoin hacker must have had a lightbulb… Read More
23rd September 2020
The collapse of Choice Bank, an obscure entity in Belize, went largely unnoticed in 2018. But Americans were among the uninsured depositors filing claims in its failure, totaling $100 million. Some said they were startled to learn that their money was trapped in a small bank in Central America. They… Read More
7th September 2020
Visa is being investigated by the European Commission over its rules on electronic money providers, after allegations that the giant payments group has behaved in an anti-competitive way. There are also concerns among regulators that some financial technology start-ups are pushing the rules too far through a desire to offer… Read More
1st September 2020
Germany’s blame game over Wirecard AG’s collapse is focusing in on the question of why authorities failed to take a harder look at the payments company before it became the country’s biggest accounting scandal in living memory. Lawmakers will question a top adviser to Chancellor Angela Merkel on Monday… Read More