PYMNTS

MARCH 3, 2020

The hacking of virtual currency exchanges and related money laundering for the benefit of North Korean actors poses a grave threat to the security and integrity of the global financial system,” said U.S. but did not register with the Financial Crimes Enforcement Network (FinCEN). Attorney Timothy J.

Currencies 56

Currencies Financial Systems Securities Economics 56

PYMNTS

SEPTEMBER 30, 2020

House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). A lack of safety and soundness rules will expose the financial system to significant vulnerabilities.”.

Banking 139

Banking Financial Systems Concentration Currencies 139

PYMNTS

DECEMBER 29, 2020

Securities and Exchange Commission ( SEC ) has prompted Coinbase to suspend all XRP trading. Factors like security and compliance are considered as well as the platform’s goal of developing an “open financial system for the world. billion “through an unregistered, ongoing digital asset securities offering.”.

Compliance 67

Compliance Currencies Financial Systems Securities 67

PYMNTS

NOVEMBER 16, 2020

In other news, the Securities and Exchange Commission of Pakistan (SECP) is researching the potential for innovation, as well as the inherent risks, in virtual assets, the SECP said in a paper published on Nov. The SECP also examined various regulatory measures in the paper. Meanwhile, Binance on Monday (Nov.

Currencies 118

Currencies Financial Systems Securities Investments 118

PYMNTS

JULY 5, 2019

The bank is worried that the currency will be difficult to regulate and that it could potentially harm the existing financial system. “It Some are worried that the fact that Libra could be tied to several national currencies means that Facebook is trying to avoid being under control from any particular country. .

Financial Systems 40

Financial Systems Currencies Compliance Banking 40

PYMNTS

JUNE 20, 2019

government will respond to the introduction of new digital currencies. On Wednesday (June 20), Fed chairman Jerome Powell said that the country’s central bank has “significant input into the payments system,” which is the eCommerce system that Libra will affect. “We The Securities and Exchange Commission in the U.S.

Currencies 67

Currencies Financial Systems Banking eCommerce 67

PYMNTS

JUNE 30, 2020

BIS General Manager Agustín Carstens called the move “an investment in the future of central banking and the financial system.”. BIS, in surveying 66 of the world’s banks, has also seen a shift toward creating central bank digital currencies (CBDC).

Currencies 59

Currencies Communication Financial Systems Banking 59

PYMNTS

OCTOBER 23, 2018

The SBI Group plans to license Sepior ApS ’ wallet technology to use in its own wallet, which will become a part of its digital currency exchange platform, the company said in an announcement. Work remains to be done to determine how it can be set up to maximize the benefits for the whole financial system.”.

Startups 76

Startups Banking Currencies Financial Systems 76

PYMNTS

JULY 1, 2020

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). Additional steps may be necessary to properly segment and secure bank networks if employees use personal devices to connect to bank systems,” the OCC wrote.

Compliance 66

Compliance Banking Currencies Financial Systems 66

PYMNTS

SEPTEMBER 14, 2016

government seems to be accepting the positive impact that digital currencies and blockchain could have on legacy financial systems, according to Business Insider. According to the resolution, digital currencies increase transparency and provide more secure payment authentication. 12) by the U.S.

Currencies 78

Currencies Financial Systems Securities Technology 78

PYMNTS

AUGUST 14, 2019

The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). Mobile Gaming And Digital Currency . The first is the rise of mobile gaming and gambling. kilograms of methamphetamines and more than $5.5 million.

Compliance 65

Compliance Currencies Financial Systems Budgeting 65

PYMNTS

AUGUST 18, 2019

Waters has been a vocal critic of the social media giant’s plans for its own digital currency. Carolyn Maloney, Lacy Clay, Al Green and Stephen Lynch — who wrote a letter calling for Facebook to stop its plans, citing risks to security, financial stability and the control the U.S. Last month she — along with Reps.

Currencies 69

Currencies Financial Systems Securities Planning 69

PYMNTS

JULY 12, 2019

billion yen ($32 million) of digital currency, according to reports. The complete picture of the hack and theft is under investigation, and the theft included Bitcoin, Ethereum, Ripple and other well known digital currencies. . The traditional banking system in the country has been more skeptical, however. .

Currencies 41

Currencies Financial Systems Securities Banking 41

PYMNTS

MARCH 18, 2020

The HDE requested that the government defer tax payments right away, along with the exclusion of interest, in addition to social security contributions due this month and next. Meanwhile, financial institutions (FIs) in Europe accepted $130 million that the U.S. Swiss banks received $2.6 billion, while lenders in Britain received $15.5

Banking 52

Banking Currencies Financial Systems eCommerce 52

PYMNTS

JANUARY 15, 2021

It also said the bank’s Check Cashing Group admitted that it failed to file thousands of suspicious activity reports (SARs) as well as thousands of Currency Transaction Reports (CTRs) from 2008 to 2014. financial system.”.

Banking 107

Banking Compliance Currencies Financial Systems 107

PYMNTS

OCTOBER 13, 2020

Across the globe, terrorists and criminals are leveraging cryptos in what is gearing up to be a significant national security threat to the United States. These risks are not unique to money services businesses or virtual currency exchangers; banks must be thinking about their crypto exposure as well," he said.

Compliance 82

Compliance Currencies Financial Systems Leverage 82

PYMNTS

JULY 3, 2019

The co-creator of Facebook’s recently announced cryptocurrency, Libra , said the currency was created to help the unbanked population easily access the financial system, according to a Facebook post he wrote on Wednesday (July 3). owns and controls Calibra, it won’t see financial data from Calibra,” he wrote.

Financial Systems 43

Financial Systems Currencies Banking Financial Data 43

PYMNTS

SEPTEMBER 20, 2019

Libra will be a stablecoin, meaning it will be backed by real-world currency like bank deposits and short-term securities. It will also have a 28-member organization made up of financial entities from across the globe. “Until then, we’ll need to address all questions adequately, create a suitable regulatory environment.”.

Currencies 43

Currencies Financial Systems Securities Planning 43

PYMNTS

SEPTEMBER 16, 2016

Smith went on in his speech to say that the lessons learned from the Bitfinex hack have improved the digital currency environment. Perhaps, with a few more $60 million learning opportunities, bitcoin should be well on its way to an established, viable currency. Secure, scalabale integration … that old thing. Cabs With Crypto.

Currencies 77

Currencies Concentration Securities Banking 77

PYMNTS

OCTOBER 18, 2019

The Financial Action Task Force (FATF) said it is worried about “ stablecoins ,” like Facebook’s Libra , and how they could be used for illicit purposes. Facebook said Libra could help financial systems in developing countries, and give access to the unbanked population in those countries. Libra is planned for a 2020 release.

Currencies 40

Currencies Financial Systems Finance Planning 40

PYMNTS

FEBRUARY 22, 2018

In a move to strengthen its digital money platform with secure payment applications, Uphold has acquired Cortex MCP. Cortex’s mobile-centric, closed-loop payment and secure tokenization solutions provide industry-leading technologies and security to our platform,” Uphold COO William Dennings said in the announcement.

Currencies 43

Currencies Financial Systems Leverage Securities 43

PYMNTS

JUNE 1, 2018

We’re not building a new currency,” the official told Bloomberg. Estonia , which is among the most tech-friendly countries in eastern Europe, had been a leader in potentially issuing a national cryptocurrency, but the plan was criticized by Draghi earlier in the year when he said the euro can be the only currency in the country. “No

Planning 49

Planning Currencies Financial Systems Banking 49

VCFO

AUGUST 16, 2023

Money Laundering Prevalence and Practices When bad actors possess large sums of cash that they want to place into the financial system without raising flags, money laundering techniques such as “structuring” are used. As a result, they’re also more susceptible to impacts like those described above.

Compliance 87

Compliance Banking Risk Management Currencies 87

PYMNTS

APRIL 9, 2020

While the company’s API allows for white-label ACH processing, Sila has the payment rail in its crosshairs, with Sila CEO and Co-Founder Shamir Karkal describing ACH one of several “outdated payment systems” upon which the global financial system operates. Billhop Eases B2B Card Acceptance.

B2B 83

B2B Invoicing Currencies Banking 83

PYMNTS

NOVEMBER 27, 2018

He pleaded to one count of money laundering, and he was accused of accepting more than $1 billion in bribes to participate in an illegal foreign currency scheme. financial system by Venezuela. The country has rampant hyperinflation on its own currency. His case is part of a broader effort by the U.S.

Currencies 43

Currencies Treasury Financial Systems Marketing 43

PYMNTS

SEPTEMBER 30, 2019

Beyond the lures of money, there are other nation-states that may want access to a financial system, but for different reasons. wields a great deal of influence, especially in the international monetary system. Our currency is the world’s reserve currency,” said Visner, “and the U.S. The Corrosion Of Power.

Nonprofit 65

Nonprofit Currencies Financial Systems Securities 65

PYMNTS

JUNE 25, 2019

financial system. The Senate Banking Committee will hold its own hearing on the social media giant’s digital currency, called Libra, the day before. According to American Banker , the committee will meet July 17 to examine Facebook’s proposed cryptocurrency and its impact on consumers, investors, and the U.S.

Currencies 66

Currencies Financial Systems Banking Planning 66

PYMNTS

JANUARY 22, 2020

Sabre Vice President of Product Management Becky French discussed this strategy with PYMNTS in a recent Masterclass video , noting that this collaboration has already yielded stronger cash flow and financial management practices for joint clients. NY Labor Department Secures Payroll Card Win. SmartEquip Adds Commercial Card Support.

B2B 52

B2B Currencies Securities Education 52

CFO News Room

JANUARY 18, 2023

financial system, has been used mainly in the past against banks and other financial institutions and in most cases has forced the institution to close. This type of action, a rarely used so-called death-knell sanction that cuts off the entity from the U.S. Lisa Monaco. said Wednesday. Deputy Treasury Secretary. Wally Adeyemo.

Treasury 100

Treasury Compliance Financial Systems Finance 100

PYMNTS

OCTOBER 30, 2017

Earlier in October, state-backed media entity Securities Times reported that new rules would take effect in the next six months to control the activities of more online microcredit companies, noted Reuters. Microcredit firms in China have faced allegations that they have taken advantage of borrowers by imposing high interest rates on loans.

Finance 40

Finance Currencies Financial Systems Banking 40

PYMNTS

OCTOBER 2, 2019

As has been reported , Mark Branson, CEO of Swiss financial supervisor FINMA said that Libra poses fewer concerns than do cryptocurrencies that trade and crypto firms that operate with no supervision. “I Since the June announcement of the crypto, the efforts have been designed to be backed one-to-one by a basket of currencies.

Currencies 49

Currencies Education Financial Systems Securities 49

PYMNTS

JULY 19, 2019

Sentbe has done billions of local transactions, and MoneyGram says the company lines up with its own goal of giving customers a broad range of options when it comes to digital currency transfers. . For added convenience and security, consumers can use the provided barcode, which contains their transaction details.”.

Currencies 53

Currencies Financial Systems Numbers Securities 53

PYMNTS

MARCH 10, 2017

That’s bad news for commercial mortgage-backed securities tied to real estate, where loan viability and payments visibility remains in doubt if rent is not there to cover interest payments or if no tenants are left to pay said rent. We made a qualified statement on bricks and mortar, the Amazon way, in the Sizzles section.

Retail 48

Retail Currencies Financial Systems Securities 48

PYMNTS

SEPTEMBER 11, 2019

From FinCEN’s perspective, our BSA/AML system is good, but it can always be improved, and we see great opportunities in working with industry on innovations that can help better detect and safeguard against illicit activity,” he said. “In financial system by potential findings of non-compliance,” he said.

Compliance 46

Compliance Prioritization Currencies Financial Systems 46

PYMNTS

NOVEMBER 7, 2019

Hong Kong’s chief securities regulator is calling on the world regulators to get on the same page when it comes to Facebook’s Libra to avoid the “real risk of regulatory arbitrage.”. “If In 2018, the crypto world was seen to be of marginal importance to the global financial system.

Currencies 40

Currencies Financial Systems Securities Investments 40

PYMNTS

JULY 2, 2019

Minister of Finance Wopke Hoekstra and Ferdinand Grapperhaus, Minister of Justice and Security, sent a note to Parliament on Monday (July 1) explaining a three-part approach to limit the risks associated with cryptos — an effort to make the country a leader in the fight against money laundering.

Currencies 40

Currencies Financial Systems Banking Securities 40

PYMNTS

SEPTEMBER 23, 2019

China’s yuan currency would not be included. The non-profit Swiss-based Libra Association declined to comment to Reuters regarding the “Libra Reserve,” but did say the reserve would likely be “a pool of cash and very short-term government securities denominated in U.S. dollars, euros, yen, sterling and Singapore dollars.”.

Currencies 43

Currencies Financial Systems Planning Securities 43