The Reserve Bank of India (RBI) has imposed a $375,000 penalty on Amazon Pay (India) Private Limited. The move followed the central bank and regulatory body’s finding that the firm was not compliant with RBI’s directions on know your customer (KYC) requirements, RBI said in...
Investment advisers should be wary of cryptocurrency trading and lending platforms and predictive data analytics. So said Securities and Exchange Commission (SEC) Chair Gary Gensler in prepared remarks for the SEC’s Investor Advisory Committee meeting held Thursday (March 2). “Based upon how crypto trading and...
The Consumer Financial Protection Bureau said Monday (Feb. 27) that it has permanently banned a California mortgage broker from the industry, citing years of abuse and fraudulent government representation to military families. The CFPB’s announcement of its lifetime ban of RMK Financial’s Majestic Home Loans...
The House Financial Services Committee chairman, U.S. Rep. Patrick McHenry, has introduced a financial data privacy bill. The North Carolina Republican introduced the Data Privacy Act of 2023 Friday (Feb. 24), saying it modernizes the relevant laws, gives consumers more control over their personal information and allows innovation, according to...
Transactive Systems’ growth has reportedly slowed after the Bank of Lithuania imposed limits on it. The Bank of Lithuania said Jan. 20 that the electronic money institution (EMI), which is licensed by regulators in Lithuania and the United Kingdom, cannot take on new customers or...
A British regulator has told eMoney firms that they need to change some practices. Financial Conduct Authority (FCA) Director of Payment and Digital Assets Matthew Long sent a letter to eMoney company CEOs and directors on Tuesday (Feb. 21) ahead of new Consumer Duty rules...
Big tech companies have released monthly active users (MAU) numbers to comply with a regulation. Reuters reported Friday (Feb. 17) that the firms released the numbers because they were required to do so by Friday to comply with the European Union’s (EU’s) Digital Services Act (DSA). Under...
Two congressmen want to know more about the timing of the arrest of Sam Bankman-Fried. In a Friday (Feb. 10) letter to Securities and Exchange Commission (SEC) Chair Gary Gensler, House Financial Services Committee (HFSC) Chairman Patrick McHenry and Oversight and Investigations Subcommittee Chairman Bill...
Paxos Trust is reportedly being investigated by the New York State Department of Financial Services (NYDFS). It is not known why the issuer of the Pax Dollar (USDP) and a Binance-branded BUSD stablecoins is being investigated, Bloomberg reported Thursday (Feb. 9). The NYDFS began the...
