U.K. bank NatWest pleaded guilty to three criminal charges stemming from its failure to avert the laundering of close to 400 million pounds, or $544 million, from 2012 through 2016, according to a Thursday (Oct. 7) report from Reuters. The bank faces a hefty fine of...
As early as next year Apple could be hit with charges, as well as a steep antitrust fine from the European Union (EU) over its near-field communications (NFC) chip technology, according to a Wednesday (Oct. 6) report from Reuters citing sources. The European Commission can...
Online food ordering company DoorDash Inc. has filed a lawsuit against New York City stemming from a new law mandating that food delivery companies share customer data with restaurants, according to a Tuesday (Oct. 5) report from Reuters. The food delivery company argued that the city’s...
The General Data Protection Regulation (GDPR)’s 984.47 million euro fines (more than $1.14 billion) in the third quarter of 2021 was almost 20 times higher than the combined total of Q1 and Q2, and triple the total amount of fines in all of 2020, according...
The White House has singled out stablecoins for regulations that would be akin to the mandates that banks must follow, according to reports on Friday (Oct. 1). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
The U.S. Senate confirmed President Joe Biden’s pick to lead the Consumer Financial Protection Bureau (CFPB) 50-48 in a party-line vote that got no Republican support for Rohit Chopra, who currently serves as a commissioner on the Federal Trade Commission. Get the Full Story Complete...
German financial watchdog BaFin blasted online bank N26 for weak anti-money laundering (AML) controls and imposed a 4.25 million euro ($4.93 million) fine on the digital banking platform, according to a report in the Financial Times on Wednesday (Sept. 29). Get the Full Story Complete...
Regulatory agencies and financial institutions (FIs) agree on the importance of protecting the banking ecosystem from illicit activity and fraudulent users, but the methodology of fraud prevention varies. Know your customer (KYC) is a crucial battleground for debate in the anti-money laundering (AML) space. Get...
In a push to even the playing field and stop monopolistic practices, Chinese regulators ordered Alibaba to adopt Tencent’s WeChat Pay on its platform, CNBC and other news outlets reported on Tuesday (Sept. 28). Get the Full Story Complete the form to unlock this article...
