Latest Legal News: Finextra Research

ISignthis seeks $264m in damages from ASX

ISignthis, a provider of payment verification technology to help banks meets AML reporting obligations, is seeking A$264 million in damages from the Australian Securities Exchange over the suspension of its shares.

24 August 2020

News/regulation

PRA challenges business models of new banks in consultation paper

In a recent consultation paper, the Prudential Regulation Authority (PRA) set out its proposed approach to the supervision of both new and growing non-system UK banks.

24 August 2020

News/retail

Colorado reaches settlement with online lenders

Colorado has reached a settlement in lawsuits with online lenders and their partner banks relating to the state's right to enforce interest rate limits.

19 August 2020

News/crypto

US seizes bitcoin linked to terror groups

US authorities have seized millions of dollars in cryptocurrency linked to online terrorist financing campaigns involving Hamas, al-Qaeda and ISIS.

13 August 2020

News/markets

Trading firm Virtu sues insurer over $6.9m scam loss

Electronic trading outfit Virtu Financial is suing its insurer for refusing to cover a $6.9 million loss suffered in a hacking scam.

12 August 2020

News/crime

Bank of Ireland fined for cyber security failings

Ireland's Central Bank has imposed a €1.66m fine on Bank of Ireland (BoI) for a regulatory breach that saw one of its subsidiaries transfer more than €100,000 to a hacker that had illegally accessed a client's email account.

29 July 2020

News/crypto

Philippine central bank mulls digital currency

The Philippine central bank has become the latest national monetary authority to consider establishing its own digital currency.

29 July 2020

News/wholesale

ECB confirms one year delay to T2-T2S integration

The European Central Bank (ECB) has formally approved a one year extension to its T2-T2S consolidation project.

28 July 2020

News/people

Westpac hires new IT head

Australian bank Westpac has appointed former ANZ technology chief Scott Collary to lead the consolidation of its technology and operations division.

28 July 2020

News/regulation

EDPB casts doubt over GDPR adequacy decision for the UK

In a letter to the European Parliament dated 15 June 2020, Andrea Jelinek, chair, European Data Protection Board (EDPB) raises concerns over the UK’s endeavour to reach an ‘adequacy decision’ with the EU following the end of the Brexit transition period.

17 June 2020

News/payments

UK's top court rules against Visa and Mastercard in interchange fee battle

The UK's Supreme Court has come down in favour of the UK's biggest supermarket chains in a long-runnning legal battle over the level of interchange fees charged by Visa and Mastercard

17 June 2020

News/startups

Trio of top banks join $27 million funding round in H4

Digital documentation firm H4 has received $27 million in funding from a consortium including JPMorgan, Goldman Sachs, Barclays and Linklaters.

10 June 2020

News/regulation

US regulator signals change to digital banking rules

A US federal banking regulator has called for public feedback on the use of cryptocurrencies ahead of what could be a change in the rules on digital banking.

05 June 2020

News/crime

Crypto crime reaches $1.4bn so far in 2020

Just under $1.4bn was stolen through various crypto-related scams in the first five months of 2020, according to a report from cyber security firm CipherTrace

04 June 2020

News/regulation

Westpac blames technology and human error for AML failure

Australian bank Westpac has blamed the failure of its anti money laundering (AML) processes on a mixture of technology and human error rather than any intentional wrongdoing, according to a report commissioned by the bank's former chairman Lindsay Maxsted.

04 June 2020

News/payments

Federal Reserve kicks Fedwire’s ISO 20022 can down the road

The Federal Reserve has announced it will not implement Phase 1 of the Fedwire Funds Services migration to ISO 20022 during 2020 or 2021. It confirms that it does not have any other message format changes planned through 2021.

03 June 2020

News/payments

Australia central bank mulls lowering e-payments charge

The Reserve Bank of Australia (RBA) is considering reducing the charges applied to certain payments due to the high number of people opting for contactless methods in response to the Covid-19 pandemic.

03 June 2020

News/payments

ECB responds to Swift’s blueprint for ISO 20022

Under instruction from the European Central Bank, interbank payments network Swift has drawn up a blueprint designed to mitigate complications borne from its surprise decision to delay the migration to the new ISO 20022 messaging standard.

20 May 2020

News/regulation

FCA: LIBOR’s tough legacy contracts are a ‘knotty problem’

Speaking at the Association of Corporate Treasurers’ International Treasury Week, Edwin Schooling Latter, director, markets and wholesale policy, FCA, said firms must push forward with LIBOR departure projects despite uncertainties regarding certain LIBOR linked loans.

13 May 2020

News/payments

Which? intervenes in £14bn class action suit against Mastercard

UK consumer group Which? is intervening in Mastercard's appeal in the Supreme Court over a £14 billion class action lawsuit against the card issuer relating to interchange fees.

13 May 2020