Legal

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/Legal

New Senate bill launched to rein in interchange fees

MasterCard and Visa have come under more pressure over interchange fees after US senator Dick Durbin introduced a bill that would give retailers and merchants the power to negotiate to reduce charges for card transactions.

/Legal

Nasdaq OMX adds compliance expert Steve Matthews to pan-European team

Newly-merged market operator Nasdaq OMX has appointed Credit Suisse executive Steve Matthews as chief legal and compliance officer of its new pan-European market for blue chips.

/Legal

State Street reports data theft

State Street Corporation says computer equipment containing personal data belonging to staff and customers of its recently acquired Investors Bank & Trust (IBT) unit has been stolen.

/Legal

ING and Atos Origin partner on Sepa payments services

Dutch banking group ING and Paris-listed IT services firm Atos Origin are teaming up to provide Sepa-compliant payment processing services to banks and corporations in Europe.

/Legal

Payments scam nets fraudster $50,000 from online brokers

A California man has been charged with multiple counts of fraud for allegedly stealing more than $50,000 from online brokerages by opening thousands of accounts using the names of cartoon characters.

/Legal

Merchants fuming over PayPal glitch

Glitches with the PayPal service has left merchants unable to accept some international payments for almost two weeks. The bug has also prevented merchants from charging some customers for handling costs.

/Legal

ECB calls on depositories to join securities settlement project

The European Central Bank (ECB) is calling on central securities depositories (CSDs) to sign up to Target2-Securities (TS2), its proposed integrated securities settlement system in the euro zone.

/Legal

Norkom signs St George Bank to AML software

Australia's St George Bank is implementing anti-money laundering and compliance software from Dublin-based Norkom Technologies.

/Legal

International phishing gang busted

US authorities have charged 38 members of an international criminal gang that allegedly used spam e-mails to steal bank account details and passwords from thousands of customers.

/Legal

US interchange battle heats up

As the interchange debate heats up in the US, banks and credit card networks have seized upon a report by the Government Accountability Office (GAO) that claims a reduction in interchange fees would not necessarily benefit customers.

/Legal

ICE secures FSA approval for UK clearing house

US market operator IntercontinentalExchange (ICE) has received regulatory approval to establish its own clearing operation in London.

/Legal

Bank of Ireland laptop stolen in 2001

Less than a month after reporting the thefts of four laptops containing unencrypted customer data, Bank of Ireland (BoI) says it is investigating claims that another computer containing confidential information was stolen back in 2001.

/Legal

Credit firms accused of breaking rules with Facebook ads

Some credit firms are flouting advertising rules when using social networking site Facebook to target young people with cheap loans, says UK debt charity Credit Action.

/Legal

BI technology outfit Granville Associates goes under

Granville Associates, a UK provider of business intelligence (BI) software to the banking sector, has gone into administration.

/Legal

HSBC calls in police to probe alleged EUR90m fraud

UK banking giant HSBC has called in police to investigate an alleged attempted EUR90 million fraud at its securities services division, which is rumoured to have been perpetrated by operations staff at the bank.

/Legal

Australian banks to challenge eBay on PayPal plan

Australian banks are looking to the country's competition watch dog to derail plans by eBay to force customers to use its PayPal service to make payments on the online auction site.

/Legal

US regulator updates risk guidance after Wachovia telemarketing probe

The US Office of the Comptroller of the Currency (OCC) has updated risk management guidance for banks dealing with third party payments processors working for merchant clients following its probe into a scam at Wachovia which found that a lack of oversight and control allowed telemarketers to swindle thousands of elderly customers.

/Legal

Card fraud threatens development of European payments network - EC

Credit and debit card fraud continues to undermine consumer confidence and threatens to hinder the development of a cross-border payments network in Europe, according to a European Commission (EC) report.

/Legal

Omgeo moves to eliminate paper confirm disclosures

Post trade processing outfit Omgeo says its broker dealer clients will soon be able to eliminate paper-based disclosures associated with trade confirmations and send the information electronically, whilst complying with SEC regulations.

/Legal

Bank of Ireland reports customer data theft

Bank of Ireland (BoI) has admitted that four laptops containing the unencrypted personal details of 10,000 customers have been stolen.