The Justice Department’s new National Fraud Enforcement Division is preparing to use vast government and commercial datasets to identify suspected fraud before receiving a whistleblower complaint, agency referral or corporate disclosure, potentially changing how businesses assess and manage enforcement risk. The division’s first comprehensive statement...
Federally chartered cryptocurrency bank Anchorage Digital submitted a declaration to a court in support of a lawsuit that aims to block an Illinois law that will tax crypto when it is exchanged, transferred or held in storage, the company said in a Tuesday (Sept. 8)...
The Clarity Act may be a dead letter in the current Congress. Senate Majority Leader John Thune (R-S.D.) has scheduled a make-or-break procedural vote for next Tuesday (Sept. 15) on whether to formally take up the bill. Even if the motion to proceed gets the...
State efforts to regulate algorithmic pricing are accelerating, replacing a handful of isolated restrictions with an increasingly complex patchwork of antitrust, consumer protection and data privacy rules. California, Connecticut, Maryland and New Jersey have enacted restrictions targeting different pricing practices, while New York lawmakers are...
The Federal Trade Commission reached a settlement with payment processing company Humboldt Merchant Services that will see Humboldt pay $12 million and be permanently banned from processing payments for merchants with a heightened risk of potential fraud, the agency said in a Tuesday (Sept. 8)...
A Russian national who was allegedly involved in large-scale bank account takeover activity was arraignedFriday (Sept. 4) in the Northern District of Georgia after being extradited from the Republic of Georgia, the U.S. Justice Department said in a Monday (Sept. 8) press release. Sergei Anatolyevich...
The United Kingdom’s 7-year-old ban on prediction markets could be coming to an end, The Times reported Friday (Sept. 4). Regulators have held discussions with trading platforms about possibly easing the ban, according to the report, which said the move comes as U.K. consumers increasingly...
American banks are reportedly facing increased pressure to halt financial activity tied to Iran. But as The Wall Street Journal (WSJ) reported Saturday (Sept. 5), uncovering those transactions can be tricky, as Tehran uses a network of front companies and other methods to hide them....
For banks seeking a larger share of their commercial customers’ operating cash, new federal deposit rules may help those efforts. The Federal Deposit Insurance Corp.’s interim final rule, adopted Aug. 27 and effective Tuesday (Sept. 1), substantially increases the amount of reciprocal deposits that qualifying...