Insights Archive

October 15, 2024

No Surprises But More Complications In UK’s New Safeguarding Proposals

The Financial Conduct Authority’s (FCA) long-anticipated proposals for overhauling the payment and e-money sector’s safeguarding requirements offer no shocks, yet experts warn that adapting to the changes will not be easy.

October 15, 2024

To Be In Scope Or Not To Be In Scope: EBA Publishes New Q&As

The European Banking Authority (EBA) has shared a new set of Q&As related to the payments and e-money sector, resolving queries put to it by various stakeholders.

October 15, 2024

Daily Dash: Contactless Payments Surge In Ireland, With Mobile Wallets Taking The Lead

Mobile wallet transaction volume has overtaken card volume for the first time in Ireland, while regulators in Hong Kong have decided to retire the term “virtual bank”.

October 15, 2024

Crown Resorts Suffers $1.3m Fine In Victoria Over Self-Exclusion Failures

The Victorian state gambling regulator has fined Crown Resorts’ Melbourne casino A$2m ($1.34m) over “system and control failures” that allowed hundreds of customers to evade its self-exclusion program.

October 14, 2024

France Holds Off On Tax Increase, For Now

The French government did not roll out anticipated gambling tax hikes in its 2025 social security budget bill, which was submitted on Thursday evening.

October 14, 2024

Urgent Need In Ireland To Reduce Gambling Advertising Volume, Warns Report

Northern Ireland’s All-Party Group (APG) on Reducing Harm Related to Gambling has heard from the authors of a report that warns of an urgent need to reduce the amount of gambling advertising across the both the North and the Republic.

October 14, 2024

New Zealand Banks To Launch ‘Confirmation of Payee’ Service By November

New Zealand’s retail banks will begin rolling out the new "Confirmation of Payee" service by the end of November, according to an announcement from the New Zealand Banking Association (NZBA).

October 14, 2024

US Treasury Calls For Modernised Domestic Payments Regulation

Nellie Liang, under secretary for domestic finance at the US Treasury, has called for a reboot of the rules and regulations governing the entire domestic payments system, citing the need for a federal framework to address the potential risks and benefits of emergent new technologies.

October 14, 2024

Daily Dash: Losses To Romance Scams Double In Denmark

Danish banks have stepped in to help customers claw back a surge in losses to romance scams, while JCB has enabled Google Pay for card customers in Japan.

October 14, 2024

Australia's Victoria State Hits Hotel Group ALH With Fine Over Child Access

A court in Victoria state has slapped leading hotel interest Australian Leisure and Hospitality Group (ALH) with a A$177,500 ($120,000) fine and A$45,000 in costs in a follow-up to wagering giant Tabcorp Holdings’ prosecution over underage access to gambling facilities.

October 11, 2024

U.S. Regulators Discuss Cease-And-Desist Approach To Unregulated Sites

While cease-and-desist letters by U.S. regulators to offshore sportsbook Bovada and other unregulated operators have been successful to date, some regulators believe more tools will be needed to further cut down on unregulated operations.

October 11, 2024

Trade Body Report Seeks To Teach Regulators Best Practice

Trade group the Betting and Gaming Council (BGC) has released a document designed to educate regulators and legislators on the best way to craft their gambling regulations.

October 11, 2024

U.S. ‘Misguided’ About Balance Between Gambling Harm, Benefit, Lobbyist Says

The U.S. is “completely misguided” about the balance between the economic benefits and harm from gambling, said a keynote speaker for an academic conference on gambling harm.

October 11, 2024

Regulatory Influencer: Comparing the FCA’s Dear CEO Letters on APP Fraud Reimbursement – Payments and E-Money Institutions and Banks and Building Societies

The FCA has issued two Dear CEO letters on Authorised Push Payment (APP) fraud reimbursement one for banks and building societies and the other for payment and e-money institutions. While both letters emphasise the importance of protecting consumers from APP fraud, the FCA tailors its expectations to account for the structural and operational differences between these sectors.

October 11, 2024

Week In Crypto: Coinbase Says Goodbye To Non-MiCA-Compliant Stablecoins

Coinbase reveals new MiCA compliance plans, Crypto.com sues the SEC after receiving a Wells notice, and Dubai fines seven unlicensed crypto firms as a “public warning” to the industry.

October 11, 2024

Nearly Half Of Payment Firms Not Compliant With Consumer Duty, FCA Reveals

The UK’s Financial Conduct Authority (FCA) has published findings from its review of 23 payments firms’ implementation of the Consumer Duty, highlighting the need for firms to meet higher standards for consumer protection.

October 11, 2024

Daily Dash: FCA Fines TSB £10.9m For Customer Treatment Failings

The FCA announced that TSB Bank will pay a high price for mishandling customers in financial difficulty, while Sweden has decided to scrap a proposed regulation for payment service providers.

October 11, 2024

News In Brief: October 7-October 11, 2024

An Australian senator introduces an advertising ban bill, New South Wales widens and extends its greyhound racing inquiry, and shares in Benin's lottery are put up for sale.

October 11, 2024

Brazil Begins New Enforcement Era

Brazil’s telecoms authority has begun blocking unlicensed gambling websites, even though industry experts believe squeezing payments will be the government’s best bet in enforcing new regulations.

October 10, 2024

Nigeria’s 'Burdensome' Gambling Withholding Tax Confirmed

Nigeria has confirmed that its incoming withholding tax regulations will come into force on January 1, 2025, which gambling businesses fear will be difficult to handle.

October 10, 2024

Ireland's Gambling Bill Could Complete Final Stage Next Week

Ireland’s Minister of State at the Department of Justice is hopeful that the long-awaited Gambling Regulation Bill will return to the Dáil, the law-making branch of the legislature, and complete its final stage next week.