Home Posts tagged "compliance"
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The Fed and FinCEN Propose to Lower Reporting Threshold on International Transfers to $250

The Financial Crimes Enforcement Network (FinCEN), along with the Board of Governors of the Federal Reserve, recently proposed new rules related to the Bank Secrecy Act (BSA) and anti-money laundering regulations requiring financial institutions to collect and report information related to international transfers. The proposed changes would lower the threshold requiring when this information is

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Nacha Approves Amendments to Operating Rules Focused on Supporting More Technologies and Handling Unauthorized Payments

Nacha, who enables Automated Clearing House (ACH) payments, has approved eight amendments to their Operating Rules focused on infrastructure around improving Same Day ACH and providing a framework for authorizing consumer ACH payments that can be applied to the growing channels and technologies consumers want to use to make digital payments. Additional new rules pertain

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Refinitiv Acquires GIACT to Build Holistic Fraud, Identity, AML and Cybercrime Solution

Bank account authentication, funds confirmation and KYC provider GIACT will be acquired by Refinitiv, a financial technology and data vendor owned by London Stock Exchange Group. GIACT’s data and technology will complement Refinitiv’s due diligence, risk and compliance services while broadening the company’s digital fraud prevention and identity services. The acquisition of GIACT both strengthens

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Will Enforcement of SCA in Europe be Pushed Back Again?

Published on April 7, 2020, by in Payments.

The UK’s Financial Conduct Authority (FCA) recently suggested that milestones related to ensuring Strong Consumer Authentication (SCA) compliance by March 31, 2021 may need to be postponed due to the COVID-19 pandemic. The European Banking Authority (EBA) has maintained their December 31, 2020 deadline but will continue to monitor the events and reassess. Read More

 
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More than 40 States Have Enacted Economic Nexus Legislation to Collect Online Sales Tax from Merchants without Physical Presence

Forty-two states plus the District of Columbia have laws in place, already in effect or scheduled to take effect soon, that increase the collection of online sales tax by defining an Economic Nexus or Sales Nexus based on the number of transactions and/or the dollar value of transactions made by consumers in a given state during

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Many Not Ready for GDPR Requirements Including 72 Hour Breach Notification

The European Union’s General Data Protection Regulation (GDPR) goes into effect May 25th and will apply to any collecting and storing information on EU consumers, with fines for non-compliance as high as €20 million or 4 percent of annual revenue. Despite the hefty potential penalties, just 52 percent of organizations said they will be GDPR

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Most U.S. Merchants Will Not Make EMV Deadline and Less than Half of Small Businesses Have Any Plans To

According to a recent report from Javelin Strategy & Research, up to 75 percent of merchants in the United States will not be EMV compliant by the October 15th deadline. Many major retailers have already started implementing EMV terminals but smaller merchants are much further behind and many have no plans to catch up. A

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Common Pitfalls When Performing Identity Document Verification as a Fraud Prevention Technique

It is common to find risk management teams relying on legacy identity document verification practices, which limits their ability to take advantage of the opportunity to leverage new technology and techniques to verify modern identity documents.  Making use of new identity document features and services can help protect the organization and improve customer retention and

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