Compliance

Ant Group and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.

Senate Majority Leader Chuck Schumer is calling for federal legalization of cannabis. This should be welcome news to niche payment processors already in the business, but it would also reward big players waiting on the sidelines.

A growing number of states have chosen to decriminalize or legalize cannabis in recent years. As a result, the legal cannabis industry has experienced exponential growth. Yet banks and other financial institutions are still largely reluctant to partner with cannabis firms due to the lingering conflict between state and federal law. In this episode we will explore: (1) how financial institutions can navigate the regulatory, compliance, and operational challenges facing this sector; and (2) the steps the Biden Administration may take to improve the environment for banking this industry.

illionaire Jack Ma’s Ant Group delivered about $2.3 billion in profit in the quarter right before Chinese regulators brought down the hammer on the financial technology giant’s record public offering and ordered it to scale back its sprawling business.

Ireland is one of the few European countries without a domestic real-time bank transfer scheme, and the fintechs are rushing to fill that gap.

Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance

Compliance is expensive and complicated, though there are some emerging solutions, says Adflex CEO Pat Bermingham.

Todd Harper, a Democrat, says he will continue his efforts to increase the agency's consumer advocacy role, despite opposition from the industry and two Republican board members.

Kate Fitzgerald, senior editor at PaymentsSource, talks to Eric Grover, principal at Intrepid Ventures, about the political activities that hinder the expansion of payment systems.

U.S. banks and payment companies are looking to Europe's example to see how open banking can push the market beyond its reliance on credit and debit cards.