Insights Archive

October 25, 2021

Confirmation Of Payee Readies For Phase Two, But It Is No Silver Bullet

Phase one of the Confirmation of Payee (CoP) implementation has had a positive impact, the UK's Payment Systems Regulator said, which is now considering the extension of the service to more payment service providers. However, CoP alone will not be enough to prevent fraud.

October 25, 2021

ESAs Score National Authorities Well, But Hint At New Convergence Requirements

The European Banking Authority and the other supervisory authorities outline improvements needed for national competent authorities.

October 25, 2021

California Crafts Policy To Report Non-Prosecuted Cardroom Financial Crimes

Policymakers in California are considering creating a new reporting system to make it more difficult for cardroom employees who were fired or quit their jobs for financial crimes to continue working in the gaming industry.

October 25, 2021

New Italian Gambling Chief Vows Action

Italy’s new gambling minister has promised action on tender extensions and said that the country’s gambling laws are not fit for a “civilised” society.

October 25, 2021

Top Macau Lawyer Warns Judiciary In 'Subservient' Decline

The long-time head of Macau’s lawyers association has publicly attacked creeping politicisation of the casino hub’s judiciary, warning of damage from magistrates who “tout” patriotism.

October 22, 2021

UK Treasury Opens BNPL Consultation

The buy now, pay later (BNPL) phenomenon comes to loggerheads with regulators as HM Treasury opens a consultation on how it should be overseen.

October 22, 2021

Swedish Banking Watchdog Sets Danske Bank AML Deadline

Danske Bank must rectify its anti-money laundering (AML) and counter-terrorist financing deficiencies by June 30, 2022, the Finansinspektionen has warned.

October 22, 2021

Week In Brief - October 22, 2021

A short roundup of some of the week's payments news you may have missed.

October 22, 2021

FCA To Fill Gaps After Identifying Payments Firms Outside Its Reach

As innovation is changing the traditional payments landscape, the UK Financial Conduct Authority (FCA) has identified areas where new market players can escape its regulatory reach. In its new Perimeter Review, the FCA advises the government on how to fill these gaps.

October 22, 2021

U.S. Supreme Court To Hear Texas Tribal Gaming Case

For years, gaming tribes viewed the U.S. Supreme Court as a hostile forum but the court’s decision this week to hear arguments in a Texas Indian gaming case shows the tide may be shifting and commercial casinos could benefit.

October 22, 2021

Ireland Publishes Plan For Gambling Regulation

Ireland has finally published its long-awaited General Scheme of Gambling Regulation Bill, after it was approved by the government earlier this week.

October 22, 2021

German Court Says Sports-Betting Tax Is Not Unconstitutional

Germany’s Federal Fiscal Court has ruled that the country’s hefty online sports-betting tax rate is not “suffocating” and does not violate German or European law.

October 22, 2021

News In Brief: October 18-October 22, 2021

The UK regulator is moving forward with a project to overhaul its prevalence surveys, uncertainty in California and more Maryland casinos get sports betting go ahead.

October 21, 2021

EBA Suggests Re-Authentication Overhaul In Latest API Feedback

The European Banking Authority (EBA) has conceded that the 90-day account renewal rule has hindered customer retention for account information service providers and has announced that it will be making an amendment.

October 21, 2021

News In Brief - October 21, 2021

Authorities in the UK, US and Switzerland fine Credit Suisse after financial crime blunder.

October 21, 2021

FinCEN Working With Fintechs To Fight Crypto Exploitation - DC Fintech Week

Him Das, acting director of the Financial Crimes Enforcement Network (FinCEN), believes that protecting the U.S. financial system has to be a shared effort between fintechs and his agency. FinCEN is actively engaging with the industry to understand the potential exploitation of the technology.

October 21, 2021

MPs Demand Clarity On FCA’s Five-Year AML Prosecution Of NatWest

The chair of the UK House of Commons’ Treasury Committee has written to the Financial Conduct Authority (FCA) requesting further information on the prosecution of NatWest for money laundering.

October 21, 2021

U.S. Senators Rise Up Against Facebook’s Novi Pilot

Following numerous turns in Facebook’s plans to enter the digital payments market, the technology company is now launching a pilot for its digital wallet with Paxos stablecoin, but the move has sparked opposition from Democratic senators.

October 21, 2021

Svenska Spel Backs Risk Classifications Above 'Special Moderation'

Swedish state-owned Svenska Spel has warned the government that applying alcohol-style restrictions on gambling adverts will lead to “unwanted consequences”.

October 21, 2021

Public Inquiry Concluded, Canadian Gaming Industry Awaits Money Laundering Report

After two years of testimony from around 200 witnesses and receiving closing submissions, a special commission is close to wrapping its high-profile investigation into the flow of millions of dollars in dirty money through British Columbia’s gaming industry.

October 20, 2021

FSB Chair Addresses Stablecoin And Climate Risks

The Financial Stability Board (FSB) is keeping a close eye on cryptocurrencies and climate-related complexities, Governor Randal K. Quarles has said in a speech.