Compliance

Shopkeepers and other establishments say banks' costs have fallen substantially in recent years but interchange prices have held steady since the Federal Reserve capped them in 2010.

Shop owners and other establishments say banks' costs have fallen substantially in recent years but interchange prices have held steady since the Federal Reserve capped them in 2010.

The collapse of Thodex and Vebitcoin has triggered a manhunt for one of the exchange founders, led to dozens of arrests and inflicted untold losses on ordinary Turks.

The Reserve Bank of India restricted American Express Banking and Diners Club from adding new local customers, citing non-compliance with data-storage rules.

The pandemic has caused dramatic changes in all industries, which adds extra stress on payment companies, says PXP Financial's John Bell.

Private businesses are beginning to embrace the Reserve Bank of India's plan to create competition in the country's retail digital payment space, seeking new licenses to develop alternatives to the state-owned National Payments Corp. of India system.

The shutdown of the U.K. company's Pingit app demonstrates why even the most tech-savvy banks should collaborate with fintechs rather than go it alone.

The company agreed to pay a $750,000 to address claims it steered consumers into high-cost loans from affiliated lenders. It will also reimburse consumers $646,000 in fees.

The agency first sought feedback in February 2020 on how it could update its logo, but the process was suspended two months later amid the COVID-19 pandemic.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.