Regulation
Independent regulation coverage from WristPay — wearable payments, fintech, and regulation.
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…
Digital Trust Providers Face Critical Hurdles Ahead of 2027 Deadline
Qualified trust service providers (QTSPs) are keenly aware of the approaching 2027 deadline. This date marks a significant shift with the implementation of eIDAS 2.0 regulations. W…
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…
Disneyland Moves Toward Cashless Transactions
Disneyland is trialing a cashless system. Select outdoor vendors now only accept electronic payments. The pilot program began recently at the California theme park. It aims to stre…
Digital Identity Verification Stalls Globally
The United Arab Emirates recently unveiled a national digital platform. It aims to verify customer identities and fight financial crime. This initiative seeks to standardize onboar…
Payment Giants Face UK Antitrust Probe
The UK’s Financial Conduct Authority (FCA) is investigating PayPal, Visa, and Mastercard. The probe began May 6, 2026, focusing on potential breaches of competition law. It centers…
Tenora Gains UK Financial License, Macquarie Boosts Investment
Tenora Financial Group now operates as a licensed electronic money institution in the United Kingdom. This approval coincides with Macquarie increasing its ownership stake to 33%. …
Payment Giants Face UK Competition Inquiry
The UK’s Financial Conduct Authority (FCA) is investigating PayPal, Visa, and Mastercard. The review centers on whether their payment systems limit fair competition. This action be…
New FCA Report Evaluates Open Banking Proposals from OBL and SDG
P1: The Financial Conduct Authority (FCA) has released an independent assessment report regarding future Open Banking standards. The report, compiled by KPMG, evaluates proposals f…
Fintech Firms Enhance Banking Risk Management
Financial technology companies are increasingly vital in helping banks navigate complex challenges. These firms are focused on risk management, compliance, and governance. This shi…
U.S. Banks Advocate for Stricter Anti-Money Laundering Regulations
P1: A renewed effort is underway to enhance anti-money laundering (AML) and sanctions regulations in the United States. This initiative has ignited a debate among traditional banki…
IT Outages Challenge Compliance in UK Banking Sector
P1: In August 2021, a significant IT failure affected a prominent bank in the United Kingdom. This incident has raised alarms about the stability of financial services technology a…
Navigating Data Rights in Canada’s Shift to Consumer-Driven Banking
On April 29, 2026, industry leaders gathered at the Open Banking Expo Canada to discuss the evolving landscape of Consumer-Driven Banking. Representatives from MX, FDATA, Wealthsim…
Paytm Bank License Revoked Over Depositor Risks
India’s central bank has shut down Paytm Payments Bank. The Reserve Bank of India (RBI) cancelled its license on Wednesday. This action follows over two years of restrictions. Regu…
Canadian Credit Unions Prepare for Banking Revolution
CGI and Caspian One Open Data joined forces. They will help Canadian credit unions adopt Open Banking. This partnership aims to streamline the transition. It responds to growing de…
FCA Envisions a Broader Future for Open Finance
The Financial Conduct Authority (FCA) has unveiled an ambitious plan for the future of open finance. This initiative aims to enhance financial services for consumers and businesses…
UK Government Introduces Comprehensive Payment Reforms
The UK Government has unveiled an extensive set of reforms aimed at modernizing the payment system. Announced on April 27, 2026, these changes are intended to enhance security and …
Paytm Payments Bank Loses License Amid Regulatory Challenges
Paytm Payments Bank has officially lost its operating license after facing years of regulatory restrictions. This significant development was announced recently, marking a major sh…
FedNow Enhances Security for Instant Payments with New Tool
P1: On April 28, the Federal Reserve Financial Services (FRFS) will introduce a new risk mitigation tool designed for participants of the FedNow® Service. This initiative aims to b…