State of play: 2023 so far
What’s the current state of play for the financial services sector and what can we expect for the remainder of 2023?
Regulation
Revolut halts crypto services in the US citing “evolving regulatory environment”
From 3 October, access to crypto through Revolut will be fully disabled for US customers.
FinTech Futures: Top five stories of the week – 4 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
European Commission brings in Moody’s Analytics to help fight fraud
Moody’s Analytics’ Orbis database is set to strengthen the European Commission’s anti-fraud efforts.
Clearstream migrates regulatory reporting to Regnology’s Rcloud platform
Rcloud was the result of Regnology’s November 2022 partnership with Google Cloud.
Vestwell taps workplace financial wellness with Gradifi Solutions acquisition
Vestwell acquires Gradifi Solutions from Morgan Stanley, following its acquisition of E*TRADE Financial.
DFSA slaps $3m fine on Mirabaud for AML failings
Between June 2018 and October 2021, DFSA says it found weaknesses in Mirabaud’s AML systems and controls.
The FCA’s Consumer Duty clamps down on unfair savings rates
The regulator’s 14-point plan seeks fairer interest rates on UK savings accounts.
Principles, practices and persistence: the Consumer Duty deadline arrives
The regulation is set to completely transform the relationship between financial services firms and consumers.
FinTech Futures: Top five stories of the week – 28 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
NatWest chief exec Alison Rose steps down with immediate effect
The group’s board of directors says Rose has “agreed by mutual consent to step down”.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
Wirecard fugitive Jan Marsalek resurfaces with a message for the courts
The eight-page letter was delivered to a court in Munich through Marsalek’s defence lawyer.
Report: The future of digital trust – Authentaverse
This free, in-depth report discusses governance frameworks and technological building blocks for Authentaverse.
Amazon set to roll out palm payment processing across all US Whole Foods stores
The Amazon One technology allows users to complete transactions using just their hand.
FCA to permanently launch Digital Sandbox next month
The Digital Sandbox has previously only been available to developers via pilots and TechSprints.
PSR delivers update on progress of New Payments Architecture
The PSR’s future direction on the NPA was outlined in its annual plan and budget for 2023/24.
FinTech Futures: Top five stories of the week – 21 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
FinTech Futures Jobs: The future of blockchain and the path to mass adoption
Explore thousands of open roles on the FinTech Futures Job Board today.
Salve Financial Hub signs for Finastra Essence to reduce payment delays
The San Marino-based fintech will deploy Finastra’s SaaS solution for high-value corporate payment processing.
Rapyd names Shlomit Wagman as global chief regulation and compliance officer
Wagman joins Rapyd from the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA).
Mexico’s CNBV reportedly facing legal action over delays publishing open finance rules
The complaint was filed by a Mexican citizen in June, according to El Economista.
Deutsche Bank fined $186m by US Federal Reserve
The Fed says it found that Deutsche Bank made “insufficient remedial progress” in fixing its AML controls.
Germany’s BaFin provides updated order on the prevention of money laundering at N26
N26 will reportedly continue to be restricted to 50,000 new customer acquisitions per month.
FSB publishes global regulatory framework for cryptoassets
The framework comes a year after the FSB called for regulation of the crypto industry on an international level.
ThetaRay’s Sonar goes live on Microsoft Azure Marketplace
ThetaRay currently engages around one billion end users and monitors over 15 billion transactions per year.
Payhawk launches in Lithuania after securing EMI licence from central bank
With a presence in Lithuania, the company hopes to gain more business in the Baltic region.
UK’s National Audit Office launches FCA review
The review will examine how the FCA is working to overcome new challenges and take advantage of opportunities.
Banking Tech Awards USA 2023 winner: Fincom – 90% cost reduction in AML sanctions screening
Fincom’s AML Sanctions Screening solution won the AML & Compliance Tech of the Future at the awards.
Bank of America fined by US regulators over fake accounts and junk fees
The CFPB has ordered Bank of America to pay $150m in penalties and more than $100m to affected consumers.
FinTech Futures: Top five stories of the week – 14 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
AI-driven financial services must also champion fraud prevention, FCA warns
Cybersecurity must develop in tandem with AI, the regulator’s chief executive said this week.
The Bank of London formally submits application for EU banking licence
The firm is setting up a new base in Luxembourg and will invest €200m in the country and across the wider EU.
Fiinu to scale back operations amid continued efforts to source fresh funding
Fiinu’s cost reduction plans include staff redundancies.
Unregistered crypto ATM operators continue to feel the wrath of the FCA
Investigations have been carried out at sites in East London, Leeds, Exeter, Sheffield and Nottingham.
China imposes hefty fines on Ant Group and Tencent as it looks to normalise supervision
Ant Group and its subsidiaries have received a penalty of $984.3m, and Tenpay has been slapped a fine of $413m.
Banking Technology Magazine July / August 2023 issue out now
Cover story: THE BEST OF BANKING TECH USA – Winners and pictures from an amazing night.
Britcoin privacy preserved as Bank of England taps Nuggets for identity layer
The layer will maintain user privacy and offer protection from fraudulent activity and money laundering.
The Law Commission of England and Wales publishes recommendations for digital asset law reforms
The Law Commission has conducted the first-ever rigorous common law analysis relating to digital assets.
South Korea sets out measures to promote competition in banking sector
Financial authorities will work to bring about fair competition by allowing more players to enter the market.
