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The UK and Singapore have signed a new memorandum of understanding on fintech collaboration and financial cooperation, building on several major partnerships that have been rolled out since 2016.

In July 2022, the UK Financial Conduct Authority (FCA) published Policy Statement 22/9: "A new Consumer Duty Feedback to CP21/36 and final rules" (containing FCA 2022/31 Consumer Duty Instrument 2022), alongside Finalised Guidance 22/5: "Final non-Handbook Guidance for firms on the Consumer Duty", confirming its plans to introduce a Consumer Duty and setting a 12-month period for firms to implement the new rules. This regulatory analysis focuses on what actions need to be taken by payment services providers (PSPs) to be compliant with the new Consumer Duty requirements. It also highlights the timeframe for the implementation of the consumer duty obligations and the FCA’s cost-benefit analysis.

In a recently published incident report, the Reserve Bank of Australia reveals further details of the mid-October widespread outage that crippled the country’s instant payment system and promises to take action to avoid such incidents from happening again.

Australian money laundering watchdog AUSTRAC has sued subsidiaries of the embattled Star Entertainment Group over “innumerable” violations of casino reporting and due diligence obligations that could result in fines totalling billions of dollars.

The Massachusetts Gaming Commission will process MGM Resorts International’s sports-betting license application even though it was filed two days after a deadline, allowing commissioners to consider the application during a public review next week.

The end of this month cannot come soon enough for the U.S. sports-betting industry, which is enduring its worst year since 2018 and suddenly faces an uncertain future.

Problem gambling is widespread among professional and youth footballers in Sweden, according to a large survey of footballers, youth academy players, coaches and staff in the 32 teams in the top two divisions in the country.

An Australian watchdog is pursuing a local crypto firm for allegedly violating federal financial service laws. This first-of-its-kind investigation in Australia mirrors cases brought in the US, including one being pursued by Texas regulators against FTX.

Complex and imprecise terms in PayPal’s contracts may breach law, says the Polish consumer regulator, arguing that they leave consumers guessing about what is prohibited and what the sanctions are.

The European Payments Council has released the third version of the SEPA request to pay (SRTP) scheme rulebook incorporating public input received during a three-month consultation.

The Netherlands Gambling Authority has fined TOTO Online, which is part of the Dutch State Lottery, €400,000 for advertising to young adults aged 18 to 23 years-old.

Wyoming lawmakers have approved several pieces of draft legislation that would tighten regulations on skill-based game companies while defeating a proposed measure to allow cities and counties to opt-out of allowing the devices in local bars, restaurants and fraternal organizations.

Hyperinflation may mean that Argentines are inclined to spend more of their income on gambling, although research as to the impact of inflation on gambling spend is limited and Argentina may see less of an impact than other countries, according to experts.

A senior Democratic senator has expressed “grave concerns” about Caesars Entertainment’s efforts to promote sports betting on two college campuses that seemingly violate the marketing standards established by the industry’s own trade body.

As 2022 comes to a close, the U.S. gaming industry continues to struggles to contain the expansion of unregulated slot machines, also known as grey-market or skill games, and nowhere more so than in Pennsylvania where casino operators are taking new legal action to counter the thousands of games in bars and convenience stores.

Although operators are anxious for President Jair Bolsonaro to sign the sports-betting regulatory decree, they are increasingly worried about what will happen to their online casino verticals should sports betting be launched before the larger gambling bill is also passed.

iSpoof, a fraudulent website that offered a service to help criminals cheat out more than £100m from people all over the world has been shut down in an international effort led by the UK Metropolitan Police.

US senators call on the Department of Justice (DOJ) to get tough on FTX’s former CEO and executives in the wake of its collapse, while Singapore’s financial regulator attempts to justify its lack of action to protect consumers from the fallout. In the UK, several major banks halt transacting with crypto firms.

The UK government has ditched plans to have a veto over financial regulators’ decisions, following backlash from lawmakers and regulatory officials.

South Africa has passed a bill to address the Financial Action Task Force’s concerns, Experian has been chosen to operate Singapore’s buy now, pay later bureau, and the Bank of Japan is rumoured to be launching a digital yen pilot next year.