Latest Legal News: Finextra Research

FCA reports a drop in suspicious transactions

The number of suspicious transaction and order reports (STORs) recorded by the UK's Financial Conduct Authority (FCA) has reduced for the first time since records began in 2016

28 February 2020

News/Legal

Pope weighs in on AI ethics debate

The Pontiff is the latest public figure to offer an opinion on the ethics of using artificial intelligence (AI), issuing a set of principles on the use of new technology.

28 February 2020

Company update/crime

Westpac faces US class action suit over financial crime disclosure

Westpac today confirmed that Rosen Law Firm has filed a class action lawsuit against Westpac on behalf of purchasers of the securities of Westpac between 11 November 2015 and 19 November 2019 inclusive.

03 February 2020

News/regulation

How banks can modernise processes to comply with regulations

In a post-financial crisis world, financial institutions are under pressure to transition from using the London Interbank Offered Rate (LIBOR) to the new Sonia rate, that is overseen by the Bank of England.

30 January 2020

News/Legal

Operator of Dark Web card market faces US charges

A Russian national who ran a criminal marketplace for selling stolen payment cards has pleaded guilty to multiple charges in a US Federal Court.

28 January 2020

Company update/crypto

Quinn Legal to become first Isle of Man law firm to accept bitcoin payments

Bitcoin exchange, CoinCorner, has partnered with leading legal firm, Quinn Legal, to enable clients to make Bitcoin payments directly via the legal firm’s website, becoming the first Isle of Man based law firm to do so.

08 January 2020

Company update/Legal

Deutsche Bank to launch new digital legal document management system globally

Deutsche Bank announced today that it has signed a contract for the NetDocuments cloud-based legal document management system.

18 December 2019

News/crime

European cops raid darknet counterfeit euro buyers

Police have carried out raids across Europe targeting the buyers of thousands of counterfeit euro banknotes that had been purchased on the darknet.

16 December 2019

News/regulation

PayPal sues CFPB over prepaid rule

PayPal has filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) arguing that digital wallets should be exempt from the regulator's recently introduced rule on prepaid cards.

13 December 2019

Company update/Legal

North West law firm Brabners sets up fintech practice

Growth continues with increasing pace for Brabners with the appointment of two new partners, Stephen Hadlow and Piers Dryden, to its corporate team based in the firm’s Manchester office.

12 December 2019

News/retail

Starling adds legal services to its digital offering

Starling Bank has announced a partnership with legal services provider Sparqa, the latest addition to the challenger's in-app Marketplace.

09 December 2019

News/sustainable

ECB poised to champion climate change action under Lagarde

As part of a strategic review of the ECB’s purpose, the bank’s president Christine Lagarde will underline action on climate change as a fundamental component of monetary policy.

28 November 2019

News/regulation

Trust in Open Banking: Negotiating data liability between banks and TPPs

The breadth and complexity of Open Banking systems involve a web of players interconnected by the core need to access data. Used as the tool by which financial institutions and third parties deliver innovative financial products, the data required is highly personal by nature and brings with it a myriad of challenges on the part of institutions trying to capitalise its on value without taking on too much risk.

22 November 2019

News/regulation

Westpac faces hefty fines for breaching anti-money laundering rules

Westpac could face unprecedented civil penalties, having been accused of contravening AML/CTF laws on over 23 million occasions by Australia’s anti money-laundering and terrorism financing regulator, Austrac.

20 November 2019

News/regulation

UK charges ahead with legal certainty for smart contracts and cryptoassets

In a landmark statement, the UK Jurisdiction Taskforce of the Lawtech Delivery Panel today set out the recognition of cryptoassets as tradable property, and smart contracts as enforceable agreements under English Law.

18 November 2019

News/Legal

Russian accused of running carding forum extradited to US

A Russian man accused of running a website selling stolen payment card details has been extradited from Israel to the US.

15 November 2019

News/retail

Jury tells Wells Fargo to pay USAA $200m over cheque imaging patent infringement

A Texas jury has found that Wells Fargo wilfully infringed on remote deposit capture patents held by USAA, awarding the online military bank $200 million in damages.

07 November 2019

News/Legal

OneCoin scam renews calls for crypto regulation

The trial of crypto scam OneCoin's lawyer has renewed calls for robust regulation of cryptocurrency to address weaknesses of "human failure and human criminality".

06 November 2019

News/regulation

Regtech zooms in on the severe penalties of 6AMLD

The European Union’s Sixth Anti-Money Laundering Directive (6AMLD) is due to take effect on 3rd December 2020 and brings with it a suite of substantial penalties for non-compliance. Here’s what you need to be aware of in the run up to the fast-approaching deadline.

25 October 2019

Company update/startups

Ashurst opens Fintech Legal Labs for applications

International law firm Ashurst announces the launch of FinTech Legal Labs, an intense fintech accelerator programme aimed at enabling FinTech businesses to gain insight into legal issues affecting their business, as well as accessing the firm's network of corporate clients, leading financial institutions, investors and potential JV partners.

16 October 2019