It’s all very well to issue regulatory guidance – but it’s what you do to enforce it that really counts. The UK financial services regulatory agencies have imposed fines exceeding $2 million on a UK bank that did not implement enough oversight on an …›
Recent Congressional activity reflects increasing concern in the fair lending implications of artificial intelligence (AI) in credit underwriting. Congress and regulatory agencies are likely to press financial services providers to better understand the AI they use and to ensure that its use does not …›
A Nevada resident, Morgan Rockcoons, was sentenced in the U.S. District Court for the Southern District of California to 21 months in prison for wire fraud and unlicensed money transmission. In connection with the sentencing, Rockcoons will also be required to forfeit $80,600 in …›
A wide range of businesses in Southeast Asia from traditional retailers and financial institutions to start-ups are harnessing new technologies and entering into new commercial partnerships to offer financial products and services regionally. MoFo’s Jake Robson, Gordon Milner and Nicholas Davies discuss how companies can …›
From 14 September 2019, certain electronic and remote payments must be subjected to two-factor, or “strong customer authentication”, under regulatory standards covering the European Economic Area relating to the second EU Payment Services Directive, which took effect in January 2018. Retailers are uncertain whether …›
The Financial Crimes Enforcement Network (“FinCEN”) issued a press release announcing a civil money penalty for violations of the Bank Secrecy Act against Eric Powers, an individual who acted as a peer-to-peer virtual currency exchanger. The enforcement action is the first-ever penalty assessed by …›
On April 3, 2019, the Strategic Hub for Innovation and Financial Technology of the U.S. Securities and Exchange Commission (“SEC”) published two pieces of guidance on when a blockchain-enabled digital asset will, or will not, be considered a security. The first piece of guidance …›
The Japanese Financial Services Agency (“FSA”), Japan’s primary financial regulator, announced on March 15, 2019, that it was submitting a bill to the Diet to amend both the Payment Services Act (the “PSA”) and the Financial Instruments and Exchange Act (the “FIEA”) relating to …›
The United Kingdom’s Financial Conduct Authority published draft guidance on the circumstances in which crypto-assets will fall within its regulatory perimeter and has invited comments and feedback on the draft guidance by 5 April 2019. In particular, it explains how it divides crypto-tokens …›
Dario de Martino discusses the real possibilities and opportunities around security tokens, from a business standpoint, the legal perspective, and from a retail investor point of view. Topics include: - What are the advantages of tokenizing securities? …›