Latest Regulation & Compliance News: Finextra Research

Revolut CFO quits for 'personal reasons'

Revolut has lost another senior executive, with chief financial officer Mikko Salovaara leaving the fintech giant for "personal reasons". Separately, Wise CEO Kristo Kaarmann is set to take a three-month sabbatical.

11 May 2023

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PIMFA WealthTech and Morningstar launch 'Duty of Care' tech challenge

The technology arm of trade association PIMFA has teamed up with Morningstar to launch a 'Duty of Care Tech Challenge' that will bring together the fintech and wealth management sectors in an effort to find ways of ensuring consumer duty rules are met.

11 May 2023

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MAS lifts DBS capital requirement following wave of outages

The Monetary Authority of Singapore (MAS) has imposed additional capital requirements on DBS, following widespread outages in March and a subsequent disruption to its digital banking and ATM services earlier this month.

11 May 2023

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FCA prepares to wield the whip on Consumer Duty

The Financial Conduct Authority has warned that it is prepared to take "robust action" against firms that fail to meet the impending Consumer Duty deadline.

10 May 2023

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Irish central bank governor compares crypto to ponzi scheme

Central Bank of Ireland governor Gabriel Makhlouf has compared cryptocurrencies to "ponzi schemes" and says there is "urgent need" for policy action to protect consumers.

10 May 2023

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Crypto exchange Bittrex files for bankruptcy

Crypto exchange Bittrex has filed for bankruptcy in the US, weeks after being hit with charges by the SEC and months after saying that it would leave the country.

09 May 2023

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Regulator AML concerns scuppered TD Bank-First Horizon deal - WSJ

TD Bank's $13.4 billion purchase of US bank First Horizon collapsed over regulator concerns about the Canadian lender's anti-money laundering (AML) practices, according to the Wall Street Journal.

09 May 2023

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Tide calls for tax on social media and telcos to fund fight on fraud

Business banking platform Tide has called on the government to introduce a tax on social media and telecoms companies to fund and train more police officers to tackle what it calls Britain's "fraud epidemic".

09 May 2023

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New York AG proposes crypto law to take on 'rampant fraud'

New York Attorney General Letitia James has proposed a new state law designed to increase oversight of the cryptocurrency industry and boost consumer protections.

08 May 2023

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Revolut CEO claims banking crisis is delaying UK licence application - FT

Revolut CEO Nik Storonsky says the fintech's two-year quest to secure a UK banking licence is now being held up by "extra cautious" regulators spooked by recent events at the likes of Silicon Valley Bank and Credit Suisse.

08 May 2023

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Payments Canada Summit: Ghana's eCedi pilot

In 2022 Ghana began piloting a retail central bank digital currency, exploring both an online and an offline version of the so-called eCedi. The Bank of Ghana's Maxwell Opoku-Afari ran through the findings at last week's Payments Canada Summit.

08 May 2023

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Payments Canada Summit: TD Bank’s Kushank Rastogi on real-time payments

Ahead of Payments Canada Summit, Finextra spoke to Kushank Rastogi, head of Canadian real time payments, TD Bank Group about the key characteristics of real time payments, future commercialisation opportunities and how the Canadian payment ecosystem is undergoing large-scale transformation with the introduction of a real-time payment system, the Real-Time Rail (RTR).

05 May 2023

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