PYMNTS

JANUARY 15, 2021

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). The statement from FinCEN said Capital One established the Check Cashing Group as a business unit within its commercial bank in 2008. financial system.”.

Banking 107

Banking Compliance Currencies Financial Systems 107

PYMNTS

OCTOBER 18, 2018

In July, reports in the Financial Times said Switzerland is working to open the nation’s traditional corporate banking market to cryptocurrency companies finding it difficult to get banked, thanks to fears over anti-money laundering (AML) violations and other compliance issues. “Time is pressing,” he said.

Banking 85

Banking Planning Currencies Startups 85

PYMNTS

NOVEMBER 7, 2016

4) it inked a partnership with Banque Régionale de Marchés (BRM) to provide a digital currency in the West African Economic and Monetary Union (WAEMU). The company noted that the digital currency is a high security digital instrument that can be used in all mobile money and eMoney wallets. ECurrency Mint announced Friday (Nov.

Currencies 73

Currencies Compliance Securities Economics 73

PYMNTS

DECEMBER 10, 2020

The currency is well-known for its massive value fluctuations, as a single bitcoin cost just 9 cents in 2010, $313.92 Enforcing AML/KYC Compliance At Cryptocurrency Exchanges. Cryptocurrency is one of the fastest-moving industries in the digital world, with a market that was valued at $1.03 billion in 2019 and is projected to reach $1.4

Compliance 88

Compliance Treasury Currencies Leverage 88

Global Finance

OCTOBER 11, 2024

Global Finance presents its 31st annual list of best banks worldwide. Banks face an uphill battle as supply chains remain disrupted, regional conflicts continue to build, and the fear of bank failure returns. Industry leadership, advancements in digitalization and corporate citizenship also factored in.

Banking 105

Banking Foreign Exchange Profit and Loss Finance 105

PYMNTS

OCTOBER 6, 2020

In Europe, the great digital shift is spurring traditional banks to play a bit of catch-up. Lilia Metodieva , managing director at Monneo , told PYMNTS platforms that link solution providers, partners, banks and merchants together can help speed that pivot toward eCommerce with agility as consumer buying patterns remain fluid — and digital.

eCommerce 94

eCommerce Banking Compliance Currencies 94

PYMNTS

DECEMBER 10, 2020

Bank of America (BofA) is introducing a cross-border payment tracker and expanding SWIFT gpi to support more than 140 currencies, accessible through the integrated CashPro platform. Customers can make payments via Bank of America’s SWIFT gpi solution. The tool is aimed at improving speed, security, transparency and compliance.

Foreign Exchange 104

Foreign Exchange Banking Treasury Compliance 104

PYMNTS

OCTOBER 5, 2020

Banks Oppose Idea Of Possible Big Tech Banking Charters. House committee started to look at the idea of letting firms like Facebook or Amazon get charters to run as banks. The banking industry, however, is against the idea. “We Last week, a U.S.

Banking 91

Banking Compliance Advertising Tax Planning 91

PYMNTS

AUGUST 16, 2020

China’s Ministry of Commerce is moving forward with its plan for a digital currency, according to a report by The Wall Street Journal (WSJ). The bill originally set out to distinguish digital assets from securities.

Currencies 134

Currencies Compliance Securities Planning 134

PYMNTS

OCTOBER 29, 2020

percent by 2021, according to a statement from the World Bank Thursday (Oct. The World Bank will continue working with partners and countries to keep the remittance lifeline flowing, and to help sustain human capital development.”. Last year, migrants sent $548 billion in remittances, a record high, the statement noted.

Banking 91

Banking Compliance Forecasting Currencies 91

PYMNTS

OCTOBER 23, 2018

Bank of America Merrill Lynch (BofA Merrill) is introducing a new solution for other financial institutions (FIs) in the interbank payment system to automate foreign exchange (FX) conversion. The solution is supported across 89 countries and can make conversion in 41 currencies, the bank noted.

Foreign Exchange 76

Foreign Exchange Banking Currencies Compliance 76

PYMNTS

MARCH 24, 2017

The tricks of the trade may have been limited to cash once upon a time, but now there is an ecosystem in place that allows things to happen beyond the realms of physical currency and transactions. Compliance is also becoming an enterprise-wide endeavor, and compliance officers must adopt a global mindset.

Compliance 62

Compliance Currencies Technology Banking 62

Global Finance

DECEMBER 26, 2024

Comprehensive FX management integrates tools, analytics, and AI to mitigate currency risks. A comprehensive foreign exchange (FX) exposure management strategy combines tools and techniques to identify, measure, and manage currency risks, empowering businesses to confidently navigate the complexities of the global marketplace.

Foreign Exchange 71

Foreign Exchange Banking Currencies Treasury 71

PYMNTS

FEBRUARY 28, 2020

As such, B2B FinTech firms continue to embrace collaboration and data integration between each other, particularly as the financial services world at large continues its migration toward unlocking data in an Open Banking framework. Going Further With Open Banking. Cichy said he sees the opposite happening today, though.

Accounts Payable 83

Accounts Payable Banking Invoicing B2B 83

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”. Compliance, too, could become a juicer in the near future.

Compliance 61

Compliance Education Securities Currencies 61

PYMNTS

AUGUST 21, 2020

While Chinese traders are limited to the purchase of up to $50,000 of foreign currency annually, the volume suggests stablecoins could be being used to circumvent the regulation, according to Chainalysis , the New York-based provider of regulatory compliance software.

Currencies 139

Currencies Compliance Economics Investments 139

PYMNTS

OCTOBER 14, 2020

21 landmark announcement that allowed national banks and federal savings associations to hold certain crypto assets for the first time. “We dollar ) are seen as a way to generate yield off of idle assets at a time when bank rates for cash are effectively zero. This in the wake of the OCC’s Sept. Establishing Trust And Confidence.

Treasury 129

Treasury Currencies Cash Management Benchmarking 129

CFO News Room

FEBRUARY 3, 2022

Budget 2022’s announcements on manufacturing, sustainability, electronics, digital currency, innovation and startups with technology as the cornerstone are expected to give a fillip to the tech industry. An expert committee to look into compliance & tax framework and thematic funds with government capital has been welcomed by investors.

Budgeting 130

Budgeting Startups Currencies Manufacturing 130

PYMNTS

SEPTEMBER 21, 2018

Switzerland is reportedly exploring ways to make it easier for blockchain companies to open corporate bank accounts as the government moves to prevent those innovators from leaving the country. There are 530 blockchain startup companies based in Switzerland’s Crypto Valley, and there are 250 banks in the country.

Accounting 74

Accounting Banking Startups Currencies 74

PYMNTS

NOVEMBER 6, 2020

As eCommerce and B2B payments expand across borders, time zones and currencies, virtual international bank account numbers (IBANS) can pave the way for firms to capture online sales efficiently — and bypass the frictions of traditional banking relationships. . The banks need to be connected to the eCommerce world.

B2B 98

B2B Currencies eCommerce Compliance 98

PYMNTS

FEBRUARY 22, 2019

MUFG Bank, a Japan-based institution, announced on Friday (Feb. Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. MUFG Bank said the OCC recognized improvements the bank made to its U.S.

Compliance 43

Compliance Banking Currencies Securities 43

PYMNTS

SEPTEMBER 24, 2020

Between the Office of the Comptroller of the Currency clearing the way for financial institutions (FIs) to embrace stablecoin, and The Clearing House's latest real-time payments (RTP) push, new payment rails continue to gain traction. OCC Clears Banks For Stablecoin. According to Acting Comptroller of the Currency Brian P.

B2B 75

B2B Banking Currencies Treasury 75

PYMNTS

APRIL 3, 2018

Small business (SMB) banking is in need of an overhaul. Between the threat of FinTechs and small business owners’ increasing willingness to switch banking providers, financial institutions are waking up to the demand for better SMB services. That means risks for innovators (and banks) — but a massive opportunity too.

Banking 70

Banking Currencies Compliance B2B 70

PYMNTS

NOVEMBER 13, 2020

But it was a Banking-as-a-Service company that led the roundup this time, with one startup looking to expand into Credit Cards-as-a-Service with its latest investment. Osome connects small and medium-sized businesses to a digital business assistant app to automate accounting, payroll and tax compliance workflows. and Hong Kong.

B2B 91

B2B Banking Foreign Exchange Startups 91

PYMNTS

NOVEMBER 10, 2020

Immigrants must quickly establish local bank accounts in their host countries so they can easily receive payroll, and many also seek seamless, cost-effective ways to send money back home. It also looks at the role of Banking-as-a-Service (BaaS) solutions in powering FIs’ and FinTechs’ efforts to cater to expatriates and immigrant workers.

Banking 86

Banking Compliance Currencies Financial Systems 86

PYMNTS

FEBRUARY 26, 2020

Cross-border payments are a fragmented space with disparate standards, service levels, and compliance and reporting regulations varying from country to country. These infrastructures and processes form the backbone of the global correspondent banking model. However, at the moment, not all financial institutions are using the standard.

Compliance 104

Compliance Currencies Banking Construction 104

PYMNTS

SEPTEMBER 15, 2020

Rising eCommerce volumes and an embrace of the direct-to-consumer (D2C) sales model has led merchants to shift their own payment strategies — and seek out banking providers that can address those changing needs. Merchants didn’t realize how important it was to have a backup. A Single Digital EU Market.

B2B 119

B2B Risk Management Compliance Prioritization 119

PYMNTS

DECEMBER 26, 2018

Wall Street firm, was fined $10 million by the Financial Industry Regulatory Authority (FINRA) for compliance failures. According to a report in Reuters , citing FINRA and Morgan Stanley, the firm agreed to pay $10 million after FINRA contended it had lapses in compliance for more than five years from January of 2001 until April of 2016.

Compliance 53

Compliance Treasury Currencies Banking 53

Spreadym

OCTOBER 20, 2023

A multi-currency account reporting refers to the financial reporting and tracking of transactions in multiple currencies within a single account or financial system. Here's how it works: Multiple Currency Support: In a multi-currency account, you can hold balances in different currencies simultaneously.

Currencies 52

Currencies Accounting Risk Management Compliance 52

PYMNTS

JANUARY 28, 2020

In the latest PYMNTS AML/KYC Tracker®, we learn that crypto is increasingly being defined as a security, not a currency – but either way, it’s getting a lot more scrutiny. Customer security and rigorous AML/KYC compliance are shaping up to be an amalgam of better systems, stricter procedures and a multi-layered safety approach to payments.

Compliance 60

Compliance Securities Currencies Finance 60

PYMNTS

JUNE 18, 2020

More than 40 different FinTechs, digital currency companies and nonprofits are teaming up to launch a universal payment ID in a bid to make transferring money akin to sending an email. We are excited to facilitate borderless, frictionless instant transactions for free for users.”.

Nonprofit 98

Nonprofit Compliance Currencies Finance 98

Global Finance

OCTOBER 16, 2024

Lim Soon Chong , Group Head of Global Transaction Services, DBS As financial institutions seek to expand their cross-border payment capabilities, the challenge lies not only in scaling to new corridors but also in managing the complexity of currency volatility and compliance.

Currencies 104

Currencies Economics Leadership Banking 104

PYMNTS

NOVEMBER 25, 2020

The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov. The Value Of CBDC .

Currencies 92

Currencies Banking Economics Compliance 92

PYMNTS

JANUARY 12, 2021

These days, with the emergence of the cloud, open banking and application programming interfaces (APIs, the moniker “as-a-Service” applies to pretty much any business function that is now able to be outsourced to a third party. Morgan (Onyx is a new J.P.

B2B 104

B2B Compliance Currencies Technology 104

PYMNTS

NOVEMBER 23, 2020

Blockchain and a bank charter might do much to boost financial inclusion. Figure Pay, he said, is not built on traditional banking structures but “is a blockchain rail and a digital wallet that we think is infinitely more cost-efficient.”.

Banking 86

Banking Leverage Compliance Technology 86

PYMNTS

MARCH 30, 2020

Bank regulators have rolled back the Jan. National bank regulators — The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — are all on board with using the “new methodology for measuring counterparty credit risk in derivatives transactions.”.

Accounting Standards 66

Accounting Standards Banking Credit Risk Compliance 66

PYMNTS

NOVEMBER 10, 2020

To get a sense of just how hard it is for cryptocurrencies to gain, well, currency in everyday life, consider bitcoin, perhaps the granddaddy of cryptocurrencies — and still the 900-pound gorilla in the space, with roughly two-thirds of the market cap across the entire sector. Back in May, i2c Inc.

Currencies 129

Currencies Leverage Securities Banking 129