Insights Archive

August 9, 2024

AI Could Bring 'Profound Changes' To Payments, Says ECB Official

Artificial intelligence (AI) could revolutionise market infrastructures and payments, a senior official at the European Central Bank (ECB) has said, as regulators across the globe begin to intensify their focus on the phenomenon.

August 9, 2024

Regulatory Influencer: India’s Master Directions on Cyber Resilience and Digital Payment Security Controls

The Reserve Bank of India has issued new master directions on cyber resilience and digital payment security controls for non bank payment system operators following an initial consultation in June 2023.The master directions impose a slew of cybersecurity implementation and reporting measures on payment system operators.

August 9, 2024

Week In Crypto: Over 1,000 Alerts Issued Since FCA Promotion Rules Went Live

Crypto firms continue to flaunt the UK’s new rules on financial promotions, France opens applications for authorisation under MiCA, and Coinbase responds to allegations of campaign finance violations.

August 9, 2024

Daily Dash: Singapore Parliament Passes Key AML Legislation

Singapore has passed a new bill that will make it easier to prosecute transnational money laundering cases, while Malta has revoked the licence of a payments firm that failed to appoint a CFO.

August 8, 2024

Key State Regulators Reviewing DraftKings Surcharge Plan

Regulators in several key states where DraftKings intends to implement its new customer surcharge say they are looking into the plan, as further details as to how it will be implemented remain sparse.

August 8, 2024

Brazil's Advertising Ordinance Holds Influencers To Account

Brazil’s Prizes and Betting Secretariat has responded to a media firestorm around influencers promoting popular casino games such as Fortune Tiger through the publication of a regulatory ordinance that addresses both responsible gaming and advertising in one.

August 8, 2024

US Senator Calls For Investigation Into 'Mishandling' Of Zelle Fraud Claims

A US senator has called on the Consumer Financial Protection Board to investigate dispute resolution practices at Zelle, the largest peer-to-peer payments network in the US.

August 8, 2024

Indian Payments Regulator Gives All-Clear After Ransomware Scare

A major technology provider hit by a ransomware attack last week is back online again, after being briefly cut off from India’s retail payment system.

August 8, 2024

'Screw the ECB': Industry Questions ECB Verification Of Payee Plans

The European Central Bank (ECB) has said it may offer a verification of payee service, sparking frustration across the industry.

August 8, 2024

Daily Dash: US Corporate Whistleblowers Could Cash In Under New DOJ Pilot

The US Department of Justice (DOJ) has begun piloting a new scheme that will financially reward corporate whistleblowers, while the Hong Kong financial regulator has proposed renaming "virtual" banks as "digital" banks.

August 8, 2024

Nevada Revising Past-Posted Sports Bets, Ownership Reporting Regulations

Sports-betting operators in Nevada are a step closer to receiving final regulatory clarity over the rescission and acceptance of retail and online wagers, after gaming regulators granted initial approval to amendments to regulations overseeing the state’s bookmaking business.

August 7, 2024

Tribes Concerned After U.S. Supreme Court Strikes Down Chevron Decision

The U.S. Supreme Court’s recent decision to overturned long-standing precedent that instructed lower courts to defer to federal agencies when laws passed by Congress were not clear have tribes concerned they are vulnerable to legal challenges.

August 7, 2024

UK-Style Mandatory Reimbursement 'Not Fit For Purpose' In Australia, Says Minister

An Australian Treasury minister has rejected calls for a UK-style mandatory reimbursement model for scam victims, arguing that an industry code for key sectors offers a more "extensive" solution.

August 7, 2024

Experts Split On Switzerland's Stablecoin Regulations

The Swiss Financial Market Supervisory Authority has released new guidance on the issuance of stablecoins, with professionals in the crypto space divided on how impactful the regulation will be.

August 7, 2024

Daily Dash: Tough New Penalties For Illegal MSBs Go Live In Malaysia

Malaysia has introduced new rules that threaten significant custodial sentences for money services businesses (MSBs) that operate illegally, while China and Hong Kong have agreed to work on further payment system ties.

August 7, 2024

Brazilian Sports Club Launches Betting Platform By Accident

Brazilian football club Flamengo's new betting platform was accidentally made public for 48 hours, where players were able to deposit money before it went offline.

August 7, 2024

Singapore To Require Gambler Data Sharing Between Casinos

Singapore's government is likely to require casino operators Las Vegas Sands and Genting Singapore to exchange the personal data of gamblers to combat the risk of money laundering, according to draft legislative amendments.

August 6, 2024

DraftKings Surcharge Deepens Focus On Potential Tax Increases

DraftKings’ plan to implement a customer surcharge adds a new layer to the ongoing concern over rising tax rates in U.S. sports betting, with at least one competitor immediately announcing that it will not follow suit.

August 6, 2024

New Jersey Orders Bet365 To Reimburse Patrons $519,000

New Jersey gaming regulators have ordered bet365 to pay out more than a half-million dollars after an audit found the sports-betting operator revised odds to already concluded bets that were placed with “obvious errors”, without prior regulatory approval.

August 6, 2024

East Timor's President Does Not Want His People Gambling

East Timor’s President supports the country's efforts to become an online licensing hub but does not want locals to be able to participate.

August 6, 2024

Regulatory Influencer: New Zealand Regulator Examines Interchange Fees

New Zealand’s Commerce Commission has launched a consultation that aims to examine whether locals are paying too much to make and receive Visa and Mastercard payments.