Insights Archive

October 25, 2024

News In Brief: October 21-October 25, 2024

More offshore fines in the Netherlands, Illinois to suspend wagers on injuries and Massachusetts to investigate leading operators over golf bets.

October 24, 2024

Brazil Regulator Preparing To Tackle Black Market

Brazil’s regulator is preparing to deploy a host of enforcement tools to counteract a well-established offshore market, once a regulatory regime becomes fully effective next year.

October 24, 2024

Poland Establishes New Unit To Regulate Gambling Industry

Poland’s Ministry of Finance has set up a new department which will exclusively oversee the country’s gambling industry.

October 24, 2024

Australian State Government Takes Swift Action On Agencies' Unlawful Surcharging

The state authorities in New South Wales have launched an urgent response after it was revealed that multiple government agencies had unlawfully charged merchant fee surcharges on millions of transactions.

October 24, 2024

Danish Regulator Censures 'Security And Compliance' Focused Crypto Firm

Coinify, a company that enables merchants to accept crypto payments, has been reprimanded by the Danish Financial Supervisory Authority over compliance failures related to money laundering controls.

October 24, 2024

Eurosystem Set For Bilateral Link With UPI As Part Of G20 Efforts

The European Central Bank has announced plans to establish a bilateral link between the Eurosystem’s TARGET Instant Payment Settlement (TIPS) platform and India’s Unified Payments Interface (UPI), in a bid to improve global connectivity.

October 24, 2024

Communication Breakdown: Further Questions Raised Over Revolut's Fraud Controls

Revolut is facing renewed criticism in the UK in the wake of a BBC investigation into its fraud controls, as the firm’s lack of communication with scam victims emerges as a key concern.

October 24, 2024

Daily Dash: Kenya's RTGS Completes Migration To ISO 20022

The French regulator has fined Tunisian Foreign Bank €1.7m for shortcomings in its governance and risk control frameworks, and the Kenya Electronic Payment and Settlement System has been successfully migrated to ISO 20022.

October 24, 2024

Philippines: The Beginning Of The End & What Comes Next

Ahead of Marcos’ executive order, this Vixio GamblingCompliance Forensic Explainer places the impacts on these raids in the context of the wider, complex collapse of political and administrative support for POGOs, and identifies key events in this timeline, as well as major developments since the ban was announced.

October 24, 2024

Sports-Betting Alliance, Tribes On Same Page Regarding Sweepstakes

Two sides who famously have not seen eye-to-eye in recent years have found commonality over their concerns regarding the proliferation of sweepstakes gaming in the U.S.

October 23, 2024

Missouri Sports-Betting Ballot Becomes $50m Battle Between Industry Powers

Efforts in Missouri to legalize sports wagering have become an expensive battle between U.S. sports-betting heavyweights and a casino powerhouse over the terms under which betting would be legalized.

October 23, 2024

Regulators Urged To Take Risk-Based Approach To AI Risks, Opportunities

Regulators need to take a risk-based approach to navigate the dangers and opportunities presented by artificial intelligence (AI) in the gambling industry and avoid banning its use, according to a panel of AI specialists.

October 23, 2024

France Considers Legalising Online Casino Games

A government-backed amendment to France’s 2025 budget would legalise online casinos and tax them at 55.6 percent of revenue, in a move that has enraged land-based casino operators.

October 23, 2024

Regulatory Influencer: FDIC Proposed Rulemaking Addresses Recordkeeping for Non-Bank Companies

As the US financial landscape continues to evolve, regulatory changes are being introduced to safeguard consumer deposits and increase transparency. In September 2024, the Federal Deposit Insurance Corporation (FDIC) approved a notice of proposed rulemaking aimed at strengthening recordkeeping for bank deposits received from third party, non-bank companies accepting those deposits on behalf of consumers and businesses.

October 23, 2024

FSB Criticises Lack Of Cross-Border Payments Progress

The Financial Stability Board (FSB) has issued a call for intensified global efforts to improve cross-border payments, emphasising the need for more effective collaboration across both public and private sectors.

October 23, 2024

US Finalises Open Banking Rule

The US Consumer Financial Protection Bureau has finalised its framework for open banking, known as the Personal Financial Data Rights rule, with firms beginning to come into scope from 2026.

October 23, 2024

US Fintech Association Sues CFPB To Overturn 'Unlawful' BNPL Rule

A major US fintech association is opposing a new Consumer Financial Protection Bureau (CFPB) rule that equates buy now, pay later (BNPL) products with credit cards.

October 23, 2024

Daily Dash: UK Regulator Cracks Down On Finfluencers

The UK’s Financial Conduct Authority is targeting individuals illegally promoting financial services on social media, Swift is rolling out an AI-powered tool for tackling cross-border payments fraud, Portugal is taking a more interventionist approach to payment services fees, and the ECB is revising the oversight requirements for systemically important payment systems (SIPS).

October 23, 2024

Swedish Audit Office Demands Gambling Regulator Improvement

A report by Sweden’s National Audit Office has savaged the Swedish Gambling Authority, saying it does a poor job of controlling the black market and is arbitrary in the way it handles its licensees.

October 23, 2024

US Court Orders Chinese Giant To Pay Baha Mar Creator $1.6bn

Baha Mar casino-resort developer Sarkis Izmirlian has been awarded $1.6bn in restitution after a US court found Chinese contractor China Construction America defrauded the entrepreneur and sabotaged the project’s opening.

October 22, 2024

U.S. Sportsbooks Agree To Prohibit Certain NBA Prop Bets

The National Basketball Association’s sports-betting partners will no longer offer “under” prop bets on any players subject to a two-way or ten-day contract, a result of the gambling scandal that led to the lifetime ban of Toronto Raptors player Jontay Porter.