Compliance

MoneyGram has purchased Advanced ChronoCash Services (ACCS) and signed an agreement to acquire MoneyGlobe Payment Institution, both Athens, Greece-based money transfer companies.

Just hours after agreeing to pay $910 million in regulatory fines related to the London Whale trading scandal, JPMorgan Chase agreed Thursday to repay $309 million in restitution to customers harmed by its credit card practices as well as face an additional $80 million more in civil money penalties.

Many banks consider money transmission to Somalia too risky because of concerns about terrorism. But U.S. Bancorp continues to pursue a relationship with Dahabshiil, the largest Somali money transmitter, whereas Barclays dropped the business citing the risk.

The Bitcoin Foundation, a trade group, is urging the Federal Election Commission (FEC) to allow bitcoins to be used for federal political contributions.

COEUR D’ALENE, Idaho – NCUA said today its Office of National Examinations and Supervision is drafting a proposed rule to require annual stress tests at credit unions with assets exceeding $10 billion.

Southwestern Advantage, a multi-level marketing company with a model similar to Avon or Amway, relies on college students to sell its educational materials — raising potential risk issues as a young and inexperienced sales force is tasked with protecting payment details.

Columbus Data Services, an ATM processor, has completed MasterCard end-to-end certification for all Triton ATM products. As a result, CDS is now processing transactions that comply with the EMV-chip card standard on MasterCard networks.

The latest revelations about the National Security Agency confirmed what many in the payments industry had long suspected: the agency is watching electronic transactions along with communications.

Kiind, a business-to-business rewards startup, is the latest to offer a gift card platform in which senders don't pay for the gift until the recipient uses it.

ARLINGTON, Va. – A new survey by NAFCU found that 24.5% of credit unions believe the NCUA examination process is better than it was in the past – twice as many (12.2%) as those who believe the process is worse.