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FinCEN

FinCEN Seeks Comments on Renewal of OMB Control Numbers

June 20, 2024 - FinCEN - On June 20, 2024, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control numbers assigned to existing regulations requiring customer identification program regulatory requirements for certain financial institutions. 

Agency Information Collection Activities; Comment Request

[Notice] - June 20, 2024 - Federal Register.gov

FinCEN Issues Advisory on the Illicit Procurement of Fentanyl...

[Press Release] - June 20, 2024 - Fincen.gov - Secretary of the Treasury Janet L. Yellen announced today that the Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert...

Also See:

Fincen Advisory - FIN-2024-A002

June 20, 2024 - Fincen.gov

Monthly Roundup of BO Reporting Outreach Activities...

[Press Release] - June 18, 2024 - Fincen.gov - As part of our efforts to educate small businesses and other key stakeholders about new beneficial ownership reporting requirements...

MSBA Member Article - BitAML

FIT21 Makes a Big Leap Forward for Crypto Regulation

[Blog] - June 18, 2024 - Bitaml.com - In a significant move for the cryptocurrency industry, the U.S. House of Representatives recently passed the Financial Innovation and Technology for the 21st Century...

Featured Publication - FXC Intelligence.com

Wise’s next three years outlook

[Newsletter] - June 20, 2024 - FXC Intelligence.com - Daniel Webber - Wise has been one of the big success stories for the sector and, over the last three years since going public, nearly every metric is up...

Anti-Corruption Around the World

Anti-Corruption Fight in Balkans Sees Progress, But Also Regression...

June 20, 2024 - Balkan Insight.com - A new report on the Western Balkans and Turkey by watchdog organisation Transparency International says the progress against corruption made by a number...

Portugal: Government approves sweeping anti-corruption agenda

June 20, 2024 - Portugal Resident.com - The anti-corruption agenda that the government took to the Council of Ministers today – and has since approved – includes a sweeping array of new measures...

Malawi: Corruption Is a Discipleship Problem

June 20, 2024 - Christianity Today.com - A London-trained lawyer and formerly Malawi’s government ombudsman, Chizuma was the first Malawian anti-corruption leader chosen through a purely...

Lebanon: Head of Anti-Corruption Authority, US Ambassador discuss...

June 20, 2024 - Mtv.com.lb - President of Lebanon's National Anti-Corruption Commission Claude Karam met with US Ambassador to Lebanon Lisa Johnson at the commission's headquarters in Beirut...

Uganda: New committee leaders vow to stamp corruption out of...

June 20, 2024 - Monitor.co.ug - Opposition’s attempt to replace the chairperson of the Government Assurances Committee, Mr Abed Bwanika, and his deputy, Ms Joyce Bagala, was unsuccessful...

Montenegro: The fight against corruption is an ongoing process

June 20, 2024 - Vijesti.me - Montenegro is making continuous efforts to further strengthen the efficiency, coordination and capacity of anti-corruption bodies, to raise the integrity of public office holders...

CFPB

CFPB issues new rule for recognizing open banking standards

[Ongoing Story] - June 20, 2024 - Consumer Finance Monitor.com - On June 5, 2024, the CFPB finalized a rule outlining the minimum attributes that standard-setting bodies must exhibit to issue...

Also See:

CFPB Launches Process to Recognize Open Banking Standards

June 5, 2024 - Consumer Finance.gov

Company Announcements

Revolut launches bond investing in partnership with UAE’s GTN

June 20, 2024 - Fintech Futures.com - UK challenger Revolut has teamed up with GTN, an investment and trading tech firm based in the UAE, to bring bond trading capabilities to its EEA customers...

XTransfer and Banking Circle Announce Strategic Partnership

June 20, 2024 - Digitimes.com - XTransfer, the World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, and Banking Circle, the innovative tech-driven Payments Bank, have entered...

Société Générale sells neobank Shine to Danish fintech Ageras

June 20, 2024 - Fintech Futures.com - The French banking giant first acquired a majority stake in Shine in 2020 as part of a drive to establish itself in the neobanking market, powering its remit...

Corpay to Acquire Cross-Border Payments Company GPS Capital...

June 19, 2024 - Pymnts.com - Corporate payments company Corpay is acquiring business-to-business cross-border/treasury management firm GPS Capital Markets. “GPS is our third largest deal ever...

Alternative Payments launches DPMaxBrazil

June 20, 2024 - The Paypers.com - US-based global payment infrastructure provider Alternative Payments has announced the launch of DPMaxBrazil, allowing US merchants to have access to PIX in Brazil...

FlexiPay bets on Kenya’s Upesi to boost cross border transactions

June 20, 2024 - Monitor.co.ug - Stanbic Bank says the partnership with Kenya's Upesi allows FlexiPay users to transact in more than 54 countries after signing a partnership with Kenya’s remittance solution...

TerraPay, Thredd partner to improve payment solutions

June 20, 2024 - The Paypers.com - UK-based payments service provider TerraPay has entered a collaboration with Thredd, choosing the latter to enable its virtual card payments for global suppliers...

Europe

Single Rulebook’ and AMLA Regulations, and related Directives

June 20, 2024 - Arthurcox.com - The new EU AML / CFT package has been published in the Official Journal. Regulation (EU) 2024/1620: Anti-Money Laundering Authority (AMLA). This Regulation will...

EU publishes new AML laws to come into effect next month, including...

June 19, 2024 - AML Intelligence.com - The agency will have the capacity to “simultaneously supervise up to 40 groups and entities”. In the event that there would be more than 40 entities which...

Fines, Crimes & Cases

Binance to pay $2.25m fine to India’s FIU over AML deficiencies

June 20, 2024 - Fintech Futures.com - Cryptocurrency exchange Binance has been hit with an INR 188.2 million ($2.25 million) fine by India’s Financial Intelligence Unit (FIU) for allegedly violating...

Also See:

Binance.US in Hot Water: Multiple States Revoke MT Licenses

June 2024 - Ccn.com

Finma: HSBC Private Bank Violated AML Rules

June 20, 2024 - Finews.com - HSBC’s Swiss private banking unit violated money laundering regulations involving politically exposed persons, according to Finma. HSBC Private Bank (Suisse) has...

Fintech Around the World

Euro Banking Association unveils guidance on embedded finance...

June 20, 2024 - Fintech.Global - This insightful document was crafted by the EBA’s Open Finance Working Group (OFWG) and aims to steer EBA members through the intricacies of embedded finance...

Half of UK consumers are already using Open Banking without...

June 20, 2024 - Electronic Payments International.com - The survey of UK consumers found that one in two people are unknowingly using Open Banking during checkout, 51% of the UK population being...

India: Need for Digital Infrastructure in FinTech

June 20, 2024 - Businesstoday.in - FinTech companies are reshaping financial services, offering streamlined user experiences across data aggregation, banking-as-a-service, lending, mutual funds...

Also See:

Self-regulation the key to fintech growth

June 20, 2024 - Law.asia 

Remittances & Immigration

APAC emerging markets buck global remittance decline

June 20, 2024 - Asian Banking and Finance.net - Mainland China, India, and the Philippines notably remain “bright spots” for continued remittance activity, which is reportedly due to the pursuit to drive...

Bangladesh: Addl remittance inflow pushes up reserves to $19.53b

June 20, 2024 - Business Post BD.com - Bangladeshi expatriates have sent about $1.65 billion as remittances in 1-14 days of this month, which is a huge inward flow just in two weeks. But it is...

Nigeria: Analysts See Diaspora Remittances Surpassing FDIs 

June 20, 2024 - Independent.ng - As it seems the much-sought after foreign direct investments (FDIs) has continued to elude countries in the sub-Saharan Africa (SSA) region including Nigeria...

Singapore

MAS: Banking Sector Has Highest Money Laundering Risk

June 20, 2024 - Finews.Asia - In an assessment report, Singapore’s financial regulator flagged banking as the sector with the highest money laundering risk, following a $2.2 billion scandal...

Virtual Currencies Around the World

CBDC: Accelerating a digital economy with advanced technology

June 20, 2024 - Microsoft.com - Since the first coins were minted by the Lydians to pay their armies in the seventh century B.C.E., the nature of money has continuously evolved.1 From coins to paper...

More central banks exploring CBDCs as number of pilots increases

June 20, 2024 - Coingeek.com - Central bank digital currencies (CBDCs) are a divisive topic, but whether you love or hate them, they’re rapidly becoming a reality. A new report by the Bank for International...

Italy to Increase Surveillance of Crypto Market With Fines as High...

June 20, 2024 - Coindesk.com - Italy is set to adopt measures that will include high fines for those who manipulate the crypto asset market as part of a wider scheme to beef up surveillance of...

Middlle East: CBDCs set to boost GCC’s X-border payment efficiency...

June 20, 2024 - Khaleej Times.com - GCC countries can enhance financial inclusion and boost the efficiency of cross-border payment services by adopting central bank digital currencies (CBDCs)...

What is the History and Evolution of Cryptocurrency?

June 20, 2024 - Analytics Insight.net - Cryptocurrency originated with the launch of the first-ever digital currency, Bitcoin. This groundbreaking innovation introduced a decentralized ledger system that...

Ethiopia's CBDC Launch Approved with New Draft Proclamation 

June 20, 2024 - 99 Bitcoins.com - In the latest Africa crypto development, the National Bank of Ethiopia (NBE) are set to introduce an Ethiopia CBDC, paving the way for a more advanced financial...

India: Industry Leaders Emphasize Compliance for Digital Asset Growth

June 20, 2024 - Smestreet.in - FIU-IND has emphasized that the compliance framework under the Prevention of Money Laundering Act (PMLA) applies to Virtual Digital Asset Service Providers...