Compliance

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.

Citigroup hired Ken Blanco, the director of the Financial Crimes Enforcement Network, as chief compliance officer of its newly created financial crimes unit.

Mastercard, allpay and PFS provisionally agreed to pay fines totaling more than $44 million for their alleged role in a "cartel" exploiting prepaid cards used to distribute welfare funds to the homeless and victims of domestic abuse.

The Justice Department's probe of Visa highlights whether merchants are properly equipped to adapt to the cost of debit spending as more commerce goes digital.