Regulation
Independent regulation coverage from WristPay — wearable payments, fintech, and regulation.
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 institutions face a shifting threat landscape where traditional security metrics fail to capture modern operational realities. The industry is moving beyond simple asset counting toward a deeper understanding of systemic interdependencies. This shift acknowledges that digital finance relies heavily on external infrastructure
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…
Vouched Achieves Kantara Approval for Identity Verification
Vouched, a digital identity verification firm, has secured Ready to Operate approval from the Kantara Initiative. This milestone was achieved on June 30, 2026. The approval validat…
Banks Face Stricter ACH Fraud Monitoring Rules
New rules from Nacha are changing how banks detect suspicious activity in Automated Clearing House transactions. The changes took effect this year. Banks are now expected to identi…
Crypto Influencers Face New Rules in Indonesia
Indonesia's Financial Services Authority issued Regulation No. 6 of 2026, requiring social media influencers to obtain competency certifications before recommending crypto or digit…
Streamlining Payments for Business Expansion
Merchants expanding into new regions face complex payment challenges. Evolving consumer demands and diverse payment methods require a solid payments strategy. A well-planned approa…
Boston Fed Forms Payments Council
The Federal Reserve Bank of Boston is establishing a payments council to gather input from industry players. The council includes Toast and Wex, as well as banks. This initiative b…
Australia's Crypto Firms Face Compliance Deadline
Australia's virtual asset sector has just two weeks to meet new compliance requirements before the AUSTRAC Tranche 2 reforms take effect. The changes will extend anti-money launder…
Fed Drops Long-Term Rate Guidance
The Federal Open Market Committee paused interest rates in June, introducing a significant policy shift that removed forward guidance from its statement. This change occurred under…
Bank Imposter Scams Soar to Nearly $1 Billion in 2025
The US public lost almost $1 billion to bank impersonation scams in 2025, a significant jump from the previous year, according to the Federal Trade Commission. This sharp increase …
AI Attackers Breaching Financial Crime Defences
The financial industry's compliance systems have been compromised by AI-powered attackers, exploiting a long-standing vulnerability. For decades, these systems relied on the assump…
FedNow Cross-Border Plan Tests Real-Time Payments Infrastructure
The Federal Reserve is proposing to expand its FedNow service beyond US borders, amid growing demand for faster international payments. This move comes as the current system faces …
Fed Rate Hike Odds Soar
The Federal Reserve's recent hints at higher interest rates have sent a surge of confidence among traders on the prediction markets platform Kalshi. As policymakers indicated that …
End of Fragmented Financial Crime Compliance?
Financial institutions have long been plagued by fragmented teams tackling financial crime risks. Different departments handle various aspects, from fraud to money laundering. This…
KYC Evolves Beyond Compliance
Financial institutions are rethinking their identity verification processes as traditional methods fail to balance security and customer experience. Internal teams are struggling w…
Interest Rates to Remain Steady Unless Economy Worsens
The Bank of England's Monetary Policy Committee member Alan Taylor stated on June 8 that interest rates will likely remain unchanged. Taylor is one of the nine members responsible …
Fraud Fighters Join Forces in South Korea
Sumsub and iMind have formed a strategic partnership to bolster fraud prevention and compliance in South Korea's payments sector. The collaboration comes as local businesses face a…
China Accelerates Digital Yuan Push
China's central bank is expanding the use of its digital currency at home and abroad, diverging from the US approach to digital payments. The People's Bank of China is driving this…
New Prototype Simplifies Cross-Border Finance for SMEs
The Global Legal Entity Identifier Foundation and the Bank for International Settlements have launched a prototype to ease cross-border payments and account openings for small busi…
Eight Years to Develop a Simple PDF for U.S. Airline Passenger Rights
In a lengthy process spanning eight years, the U.S. airline industry has finally produced a one-page PDF outlining passenger rights. This document aims to provide clarity for trave…
Government-Backed eID Verification Enters AML Onboarding Workflows
Hopae, a leading provider of eID connectivity, has partnered with IDENTT, a renowned identity verification specialist, to integrate government-backed electronic identification (eID…
Binance Faces New US Investigation Over Iran Transactions
The US Treasury Department is revisiting Binance’s compliance. This follows reports of approximately $1 billion in transactions. These transactions allegedly involved entities link…
UK Watchdog Investigates Payment Giants
The Financial Conduct Authority (FCA) is launching a formal competition investigation. It will focus on PayPal, Mastercard, and Visa. The probe began May 7, 2026, and centers on po…
UK Watchdog Investigates PayPal Payment Deals
The UK’s Financial Conduct Authority (FCA) is examining agreements between PayPal, Visa, and Mastercard. The probe centers on possible anti-competitive practices. It concerns how P…
Modernizing Payments: Avoiding Short-Term Fixes
Executives are facing increasing pressure to update US payment systems. This isn’t simply a tech upgrade or meeting regulations. A recent webinar, presented with ACI Worldwide, exp…