Insights

June 7, 2023 marked one of the most active days of regulatory activity in Australia to date this year, as the government published its strategic plan for the Australian payments system. The government also launched two consultations: the first consultation aims at tackling proposed amendments to the Payments Systems (Regulation) Act 1998 (PSRA 1998); and the second consultation focuses on a list of payment functions designed to potentially form a foundation for a new licensing framework for payment service providers. This regulatory analysis will explore the background and key drivers motivating the initiatives.

A variety of public and private players have announced plans to take part in the Centre for Finance, Innovation and Technology’s initial work to promote financial data use cases.

IBAN discrimination is widespread across Europe, despite being illegal. The EU’s payments package released at the end of June aims to close a vital loophole, but there is a long road ahead to put an end to the costly practice.

Payments experts are unphased by the merging of requirements in the Electronic Money Directive (EMD2) into the third Payment Services Directive (PSD3).

Australia’s second most populous state will introduce tough new restrictions on electronic gaming machines in clubs and pubs, including cutting the load-up maximum by 90 percent and mandating loss limits and cashless play.

A committee of state lawmakers unanimously approved a resolution on responsible gaming and problem gambling on Friday, in an effort to bring more attention to both subjects as legislators consider developing more robust standards.

Describing online casino as the missing leg of the gaming stool in Maryland, Democratic state Senator Ron Watson believes he and his colleagues will be able to get a bill through the legislature when they return to Annapolis in January.

The UK Gambling Commission has been given the green light by the Information Commissioner’s Office (ICO) to progress its single customer view and financial risk assessment projects.

Former Celsius CEO Alex Mashinsky is arrested in New York, Celsius’ new management agrees to one of the largest FTC settlements ever, and Binance faces an executive exodus.

Most central banks see potential value in having both a retail central bank digital currency (CBDC) and a fast payment system, a new paper by the Bank for International Settlements (BIS) finds.

Merrill Lynch has been fined $12m for AML compliance failures, and Cambodia’s central bank has signed a QR code agreement with UnionPay and has also launched a financial transparency partnership with Singapore.

888 has rejected a proposal to appoint ex-GVC chief Kenny Alexander and other executives to key leadership roles and now faces the possible loss of its UK licence stemming from the criminal investigation into GVC’s former dealings in Turkey.

Racing-focused bookmaker Star Sports has been penalised more than half a million pounds by the UK Gambling Commission over social responsibility and anti-money laundering failings.

Cracks are quickly emerging in what India’s finance minister had called unanimous support for a goods and service tax (GST) on gaming volume, hinting at a regional push for the GST Council to review its decision that has rocked the industry.

As lawmakers in Indiana struggle to pass an internet gaming bill, a key Republican legislator acknowledges that several challenges still need to be overcome to get a bill through the General Assembly next year.

Colombia's gambling regulator has selected a new leader, its fourth such appointment in the past seven months.

The European Banking Authority (EBA) has published its third report on regulatory supervision of anti-money laundering/counter-terrorism financing (AML/CTF) risks among banks, finding much progress but still room for improvement.

Barclays Bank will not be liable for a £700,000 authorised push payment (APP) scam against one of its customers following a victory in the UK’s highest court.

US regulators have issued a $150m fine to Bank of America for charging junk fees, withholding credit card rewards and opening fake accounts. The bank has also put aside $100m to redress customers.

The Dutch gambling regulator does not think there will be a “very direct and swift enforcement” of the “difficult” parts of the new advertising rules that came into effect on July 1.