Insights Archive

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.

October 20, 2021

U.S. Treasury Releases Sanctions Review

Sanctions designations, a major headache for financial institutions, have increased tenfold during the last 20 years, a new U.S. Treasury review finds, reminding the digital asset space that they too must comply.

October 20, 2021

Philippine QR Code Payment Expanded To P2M Transactions

Described as a milestone in the Philippines’ digital transformation journey, the expansion of the country’s QR payment service will enable merchants to accept payments for their goods and services across an interoperable payment network.

October 20, 2021

Retail CBDC Is Foundation For Future Payment System - DC Fintech Week

The existence of a domestic instant payment system does not set aside use cases of a general-purpose central bank digital currency (CBDC), the Thai central bank governor said at DC Fintech Week.

October 20, 2021

U.S. Treasury Grants AML Relief For Remote Registration

Federal anti-money laundering rules should not require U.S. sports betting or online casino operators to verify a player’s identity by inspecting a physical document upon opening an account, regulators have confirmed in a new ruling.

October 20, 2021

New York Mobile Sports-Betting Tax Set As High As 64 Percent

Operators bidding to offer mobile sports betting in New York could have to pay a tax rate as high as 64 percent on gross sports-betting revenues, according to a report on Tuesday.

October 20, 2021

Finnish PM Backs Budget To Cover Veikkaus Beneficiaries Shortfall

The Finnish government wants to set aside €332m in next year's budget to ensure non-government organisations do not miss out on any funding because of declining Veikkaus profits.

October 20, 2021

Dismissal Of Florida Challenge Of Seminole Compact Could Hurt Other Lawsuits

A federal judge’s dismissal of a lawsuit against the Florida-Seminole compact could set a damaging precedent for two other lawsuits against the compact in Washington, D.C.