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News/Legal
Bank of America has been granted a patent for a new application that will enable clients to manage the available funds on corporate purchasing cards in real time.
03 April 2008
A group of seven European central securities depositories (CSDs) are gearing up to launch a joint venture aimed at cutting settlement costs across the region in accordance with the European Commission's voluntary code of conduct.
01 April 2008
Despite moves by the largest credit derivatives dealers to clear settlement backlogs, the major volume surges in mid-2007 showed that "processing challenges" still persist in the over the counter derivatives (OTC) markets, says The Federal Reserve Bank of New York.
A former computer programmer at Alabama-based Compass bank has been sentenced to 42 months in gaol after he stole a hard drive containing around one million customer records and used the data to create counterfeit cards and withdraw money at ATMs.
28 March 2008
Hundreds of people flocked to a faulty Payzone ATM in the UK city of Hull last week after it started dispensing twice the amount of cash keyed in for withdrawals.
26 March 2008
The European Commission (EC) has launched a formal investigation into the interchange fees charged by Visa for cross-border card transactions.
US market operator IntercontinentalExchange (ICE) is claiming victory in a long-running legal battle with the New York Mercantile Exchange (Nymex) over the use of the latter's settlement prices.
18 March 2008
MasterCard has praised the decision of a US appeals court to dismiss an interchange fee lawsuit brought by a group of merchants, saying the ruling reaffirms the "legality" of the current fee structure.
14 March 2008
A Glasgow court has heard how two professional poker players exploited a glitch in HBOS ATM machines to steal over £150,000 with the intention of funding a gambling spree in Las Vegas.
12 March 2008
The rise in mobile banking and payment networks across the world is creating new opportunities for money laundering and terrorist financing, according to a report by the US Department of State.
The UK's Financial Services Authority (FSA) is calling on City banks to tighten up systems and controls in order to prevent a repeat of the rogue trading scandal at French bank Société Générale.
11 March 2008
Shareholders in Irish e-payments outfit Payzone have voted to remove CEO John Nagle and CFO John Williamson from the company at an extraordinary general meeting (EGM) held in Dublin.
A new intelligence division is being established within the Dedicated Cheque and Plastic Crime Unit - which was set up by UK payments association Apacs and the Home Office to fight card crime - that will address all types of banking fraud.
10 March 2008
LCH.Clearnet has backed down in its stand-off with Swiss central counterparty SIS x-clear over free access to the London Stock Exchange's equity business as required under the EC's voluntary code of conduct but has attacked European rivals for failing to cooperate.
New legislation that would enable merchants to negotiate the interchange fees charged on card transactions by Visa and MasterCard is being introduced by the US House Judiciary Committee.
07 March 2008
Dublin-based Norkom Technologies has signed Allied Irish Bank (AIB) to its anti-money laundering and compliance software.
04 March 2008
UK financial institutions will soon have to record and store telephone conversations and electronic communications relating to client orders under new regulations to be introduced by the Financial Services Authority (FSA).
IOU Central - billed as Canada's first online person-to-person (P2P) lending network - has been forced to halt operations less than a month after launching after regulators in Quebec ordered the unit to close down.
03 March 2008
MasterCard has lodged an appeal against the European Commission's ruling that the non-negotiable interchange fees it charges for cross-border card transactions violate rules on restrictive business practices.
Commodity broker MF Global has hired external risk consultants to review its order entry systems after a trader dealing in wheat futures was able to exceed his limit order and place unauthorised trades that will cost the firm $141.5 million in losses.
29 February 2008
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