Regulation
Independent regulation coverage from WristPay — wearable payments, fintech, and regulation.
Romania Maintains Steady Interest Rates Amid Economic Stability
The National Bank of Romania’s board met on October 8, 2026, to review the country’s current monetary policy. Officials officially announced their decision to hold the benchmark in…
American Express Faces $350 Million Penalty Over Weak Anti-Money Laundering Controls
On October 8, U.S. banking regulators imposed a $350 million civil penalty on American Express for significant shortcomings in its Bank Secrecy Act and anti-money laundering compli…
Treasury Secretary Bessent Appoints Controversial Fed Nominee Judy Shelton as Counselor
Treasury Secretary Scott Bessent has named Judy Shelton as a counselor, bringing aboard the economist whose Federal Reserve nomination was rejected by the Senate. The appointment w…
Federal Reserve Signals Further Interest Rate Adjustments Ahead
Federal Reserve officials indicated that an additional interest rate increase will likely be necessary before the conclusion of 2026. Released meeting minutes reveal ongoing debate…
Mule Chains Reveal Gaps in Single‑Account Anti‑Money Laundering Checks
Financial regulators and compliance teams are finding that tracking the initial account that receives stolen funds is only the first step in unraveling fraud. Money siphoned throug…
Finland and Bulgaria Set Up EUDI Wallet Oversight, Readiness Diverges
The European Digital Identity (EUDI) wallet is a new EU‑wide digital ID system. Finland and Bulgaria have both created oversight bodies to manage the rollout. Yet the two countries…
Fraud Rings Reuse Documents to Evade KYC, Report Finds
A new identity‑fraud study released in 2026 shows that organized criminal groups are increasingly reusing the same identity documents, devices, and IP addresses to slip past Know‑Y…
UK AML strategy shifts focus towards intelligence-led compliance
The UK government has launched a three-year plan to strengthen its fight against money laundering, emphasizing intelligence-led supervision, improved data sharing, and measurable r…
Synthetic Identities: Do You Really Know Your Customer?
On October 14, 2026, the ID-Palin association and the International Compliance Association (ICA) will host a live webinar from 09:30 to 10:30 BST to address the growing threat of s…
Swiss National Bank Holds Benchmark Interest Rate at Zero
The Swiss National Bank decided to maintain its benchmark interest rate at zero percent during its latest monetary policy meeting. Driven by tame inflation figures and a robust nat…
Axcess Unveils New Platform to Revolutionize Post-Payment Processing
Leeds, UK – Axcess Payment Services officially launched its new proprietary payments platform, utlx, on August 27. The technology division of Axcess Payments Group aims to streamli…
From policy to practice – the case for shared responsibility in tackling fraud
Financial institutions have long borne the brunt of fraud prevention, often dealing with schemes that originated well before transactions reached their systems. This imbalance has …
Malawi Eliminates Expiry Dates for National ID Cards Amid Digital Wallet Rollout
Malawi has announced that its biometric national identity cards will no longer carry an expiry date, removing the need for periodic renewal. The change coincides with the launch of…
Federal Reserve Approves First Interest Rate Increase in Years
Washington officials voted unanimously on Wednesday to lift the benchmark borrowing rate by a quarter of a percentage point, bringing the federal funds target range to between 3.75…
Federal Reserve Rate Path Depends on Late-Year Inflation Releases
WASHINGTON—The United States Federal Reserve faces a critical series of monetary policy choices as two remaining meetings loom on the late 2026 calendar, directly challenging how m…
Jumio Expands Selfie-Based ID Verification to Asia-Pacific Markets
Jumio has launched its reusable identity solution, selfie.DONE, across the Asia-Pacific region, enabling regulated businesses to verify returning customers using facial recognition…
ECB Lifts Rates to 2.50% While Lagarde Withholds Future Path
The European Central Bank increased its key deposit rate to 2.50 percent on Thursday. This move followed a standard 25 basis point hike that surprised few analysts. However, the ma…
Nacha Announces Upcoming ACH Rules Updates Focused on Clarity
The Automated Clearing House network is set to receive new operating rules effective this September, with additional changes planned for 2028, as Nacha aims to improve clarity and …
Humboldt Merchant Services Pays $12 Million to Resolve FTC Fraud Allegations
Humboldt Merchant Services, an independent sales organization that processes credit and debit card transactions for merchants, agreed on September 9, 2026, to pay $12 million to se…
The Digital Euro Advances Toward Real-World Testing in Europe
The European Central Bank's digital euro initiative has entered a critical testing phase, with selected payment service providers preparing to evaluate its functionality in live en…
FTC Forces Payment Processor To Pay $12 Million And Exit High-Risk Market
The Federal Trade Commission has finalized a settlement with Humboldt Merchant Services. This agreement requires the payment processor to pay a total of twelve million dollars. Fur…
KYCP Turns to No‑Code Platforms to Cut Through Compliance Delays
A wave of fast‑growing payment processors and digital‑asset firms is confronting outdated compliance infrastructure that can’t handle surging transaction volumes. On September 4, 2…
FATF Report Warns Underground Banking Networks Enable Global Money Laundering
The Financial Action Task Force (FATF) has released a new report highlighting how informal financial systems, including hawala and underground banking, are being increasingly used …
Binance Customer Reports Account Freeze Following Small Crypto Transfer
A Binance user claims their account was restricted after a rejected $4 cryptocurrency payment, leaving approximately $3,500 in funds inaccessible for over a month. The incident occ…
Financial firms must map external dependencies to reveal hidden vulnerabilities in interconnected digital systems.
The core issue lies in how banks and insurers currently assess their digital exposure. For decades, the standard approach focused on internal assets, known vulnerabilities, inciden…
FinCEN Proposes Changes to Strengthen AML/CFT Compliance
On April 7, 2026, FinCEN and federal banking agencies released a notice of proposed rulemaking (NPRM) aimed at enhancing the Bank Secrecy Act's anti-money laundering and counter-te…
EU urges payment firms to act now on PSD3 and PSR reforms
The European Union is fast‑tracking a major overhaul of its payments rules. The new Payment Services Directive (PSD3) and the accompanying Payment Services Regulation (PSR) are set…
Tanzania’s Mobile Money Evolution: From Adoption to Innovation in 2026
In 2026, Tanzania has turned mobile money from a novelty into a daily utility for millions. From Dar es Salaam’s bustling markets to remote villages in the Kilimanjaro region and t…
India Considers Charging Merchants for UPI Transactions
India is moving to change how its popular Unified Payments Interface (UPI) operates. New laws could allow merchants to be charged for some transactions. This marks a potential shif…
Former Official Warns of Accelerated Bank of Japan Rate Hikes
A former Bank of Japan (BOJ) official has issued a stark warning. They suggest the central bank might accelerate interest rate increases. This move could push borrowing costs above…
Malta's Financial Crime Fight Intensifies
Malta is strengthening its defenses against financial crime. The nation's Financial Intelligence Analysis Unit (FIAU) is preparing for new EU regulations. This involves a strong fo…
UBS Fined $8 Million for Anti-Money Laundering System Failures
UBS Financial Services must pay an $8 million penalty. This order comes from the Commodity Futures Trading Commission (CFTC). The fine addresses the firm's failure to properly supe…
KYCP Unveils COT 2.1.6 to Streamline RegTech Client Onboarding
The RegTech firm KYCP announced the launch of version 2.1.6 of its Customer Outreach Tool (COT) on July 31, 2026. The upgrade targets the long‑standing inefficiencies in client onb…
New BNPL Rules Focus on Protecting Vulnerable Consumers
New regulations for Buy Now Pay Later (BNPL) services are now in effect. The true measure of these rules will be how well companies assist their most at-risk customers. This is acc…
Weak Identity Checks Threaten Businesses with Major Fines
New customer onboarding is now a critical point for compliance officers. Many companies face strict rules under the Financial Intelligence Centre Act (FICA). They must have strong …
Financial Institutions Failing to Unite Against Financial Crime
Financial crime is on the rise, and institutions are struggling to keep up. According to Napier AI, the current approach is flawed. Criminals collaborate and adapt quickly, while b…
FinScan Raises AML Screening Standards with LSEG Validation
FinScan has been declared go-to-market ready by LSEG Risk Intelligence after passing a rigorous technology validation process. This milestone was achieved for its connection to LSE…
Bitso Business Boosts Security Against Corporate Fraud
Bitso Business has joined forces with Sumsub, a leading verification service. This partnership aims to accelerate the onboarding process for new businesses. It also strengthens Bit…
New Partnership Aims to Streamline Life Insurance Payments
A new collaboration seeks to simplify how life insurance policies are managed and paid. One Inc, a digital payments network, has teamed up with CalcFocus, a company specializing in…
Retailers Must Take Immediate Action Against Rising Fraud Trends
Small and large business owners are currently facing a massive surge in financial losses due to sophisticated digital fraud. While federal officials continue to discuss long-term p…
Tighter Controls on Buy Now Pay Later Services
The UK's Buy Now Pay Later (BNPL) market is coming under Financial Conduct Authority (FCA) regulation from 15 July, affecting 11 million users. BNPL products will now be subject to…
Commodities Trader Slashes Compliance Review Time
TELF AG, a global commodities trader, has drastically reduced its adverse media screening review times. The company achieved this through a new solution provided by Vivox. This tra…
Digital Identity Deadline Approaches for EU
The European Union is preparing for a major digital identity overhaul. A new regulation, eIDAS 2.0, is moving from a concept to a firm deadline. By December 2026, all EU member sta…
Monevium Placed Under Special Administration After Shareholder Arrest
Monevium Ltd., a payment service institution regulated by the FCA, entered special administration on June 18, 2026. This action followed a court order. Adam Stephens and Christophe…
Financial Crime AI Firm Appoints Banking Expert Amidst Increased Scrutiny
ThetaRay, a company specializing in AI solutions for financial crime compliance, has announced a significant new hire. Luis Pinedo, a veteran from Santander, has joined the firm as…
Reusable Identity Checks Coming to Digital Wallets
Signicat, a digital identity innovator, has partnered with TrustTech to bring reusable compliance checks to regulated businesses through private digital wallet ecosystems. The part…
Estonia's Anti-Money Laundering Strategy for 2027
Estonia is preparing for the EU's 2027 Anti-Money Laundering Regulation (AMLR) deadline. Siiri Graabi, a key figure, brings a unique background to the task. Unlike most financial c…
Britain Leads Global Fight Against Fraud
The United Kingdom has taken over leadership of the Financial Action Task Force (FATF). This influential global body sets standards for combating money laundering and terrorist fin…
Uncovering True Owners: A Growing Challenge for AML
Financial institutions face a mounting task in identifying the ultimate owners of complex corporate structures. Globalisation and financial sophistication have created an environme…
Evlo Revolutionizes Commercial Lending with Innovative Financial Tool
Evlo has integrated Moneyline's FCA-recognized MoneyToolkit into its lending process, becoming the first lender to do so. This move aims to enhance financial inclusion in commercia…