FCA Imposes Fine on Coinbase Subsidiary for Inadequate Anti-Money Laundering Controls
The Financial Conduct Authority (FCA) has fined Coinbase's UK subsidiary for failing to implement robust anti-money laundering (AML) controls. The regulatory body cited serious deficiencies in Coinbase's AML framework, emphasizing the ... Read More
Regulators Warn Against Growing Bank-Fintech Risks, Urging Caution
Regulatory agencies are raising alarms about the increasing risks posed by collaborations between banks and fintech firms. They highlight concerns over data security, compliance, and operational vulnerabilities. Agencies urge financial ... Read More
Evolve Bank Reports Data Breach as Ransomware Gang Steals Personal Data of Millions
Evolve Bank has reported a significant data breach where a ransomware gang stole personal information from millions of customers. The bank is working with experts and law enforcement to address the breach and is offering credit monitoring ... Read More
Russian Firms Face Payment Challenges Amid Heightened Sanctions
Russian companies are increasingly struggling with payment transactions due to intensified international sanctions. These restrictions, targeting financial and trade sectors, have led to significant disruptions in cross-border payments, ... Read More
Nigerian Banks Face 70% Tax on Foreign Exchange Windfalls
Nigerian banks are now required to pay a 70% tax on unexpected gains from foreign exchange transactions. This policy aims to stabilize the local currency and mitigate market volatility amid a turbulent economic ... Read More
Surge in Retail Participation in Stock Market Triggers Government and SEBI Warnings
The Indian government and the Securities and Exchange Board of India (SEBI) are issuing increasing warnings as retail participation in the stock market reaches unprecedented levels. Concerns over potential market volatility and the ... Read More
Revolut Secures UK Banking Licence with Restrictions, Enters Mobilisation Stage
Revolut has secured a UK banking licence with restrictions and has entered the mobilisation stage. The licence allows Revolut to accept customer deposits and provide lending services, but it must first complete certain operational tests. ... Read More
Stricter Regulations Lead to Increased Penalties for UK Financial Firms
UK financial firms are facing rising penalties as regulatory bodies tighten their oversight and enforcement. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are imposing stricter measures to ensure ... Read More
Sokin Secures Investment from Morgan Stanley to Accelerate Global Expansion
UK fintech Sokin has secured a major investment from Morgan Stanley to enhance its global payments platform. The funding will support technological advancements, market expansion, and improved service offerings, positioning Sokin for ... Read More
Crypto Money Laundering Techniques Pose New Challenges for Authorities
Crypto money laundering has become increasingly sophisticated, challenging authorities worldwide. New techniques, such as mixing services and privacy coins, are making it harder to track illicit activities. As regulatory bodies struggle to ... Read More