News & Analysis as of

Money Transfer

MoneyGram CCO Pays Civil Penalty

by Michael Volkov on

Like any other profession, the compliance profession is not immune to bad apples. Lawyers know the law but have been criminally prosecuted for breaking the law. The same goes for compliance professionals....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Klaus Kleinfeld is out as CEO of Alcoa-subsidiary Arconic. Kleinfeld’s two-year tenure was marked by problems, and Kleinfeld did himself no favor with an un-Board-authorized letter that he sent to activist-investor Elliott...more

SWIFT Shores Up Network Security With Real Time Cybersecurity Tools

In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to...more

Hogan Lovells Global Payments Newsletter - March 2017

by Hogan Lovells on

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

Bridging the Week - April 2017 #2

SEC Chairman Nominee Advances: Jay Clayton took another step to becoming chairman of the Securities and Exchange Commission when the US Senate Committee on Banking, Housing and Urban Affairs approved his nomination for the...more

Russia restricts money transfers to countries barring "Russian payment systems"

by Dentons on

On 3 April 2017, the President of Russia signed Federal Law No. 59-FZ on Amending the Federal Law on the National Payment System (the Law). The Law restricts cross-border money transfers from Russia to countries barring the...more

A Money Laundering Nightmare: Western Union Ponies Up $770 Million to Settle with DOJ, FTC and FinCEN

by Michael Volkov on

Earlier this year, in January 2017, Western Union entered into a Deferred Prosecution Agreement with the Justice Department and the FTC, and agreed to pay $586 in forfeiture to settle anti-money laundering and consumer fraud...more

EU Rosneft judgment clarifies bank transfers are not sanctioned "financial assistance"

by White & Case LLP on

On 28 March 2017, the Court of Justice of the European Union (CJEU) delivered its judgment in a case referred by the UK High Court in which Rosneft has challenged the validity of the EU's sanctions targeting Russia, as well...more

Investor Suits Follow in the Wake of Western Union Settlement of Money Laundering and Fraud Claims

by Ballard Spahr LLP on

On January 19, 2017, the Western Union Company (“Western Union” or the “Company”) entered into a deferred prosecution agreement (“DPA”) with the Department of Justice (“DOJ”), in which Western Union admitted to willful...more

Italy Imposes Record Data Protection Fines

by Alston & Bird on

On March 10, Italy’s data protection authority, Il Garante per la protezione dei dati personali (the “Garante”), announced that it had ordered fines totaling more than €11 million on five companies operating in the money...more

Indictments Spotlight Broad Extraterritorial Reach of U.S. Money Laundering Statutes

by Ballard Spahr LLP on

The U.S. money laundering statutes have a broad global reach and may be used to prosecute cases involving alleged schemes perpetrated almost entirely outside of the United States. These types of allegations seem to be an...more

Michigan Department of Insurance and Financial Services Announces New Online Complaint Form

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services (DIFS) has announced the launch of a finalized version of its online portal to assist Michigan consumers with the filing of electronic complaints. DIFS' Office of...more

The Western Union DPA and the Need to Investigate One’s Own

by Ballard Spahr LLP on

The Western Union Company (“Western Union”) entered into a deferred prosecution agreement (“DPA”) on January 19th with the Department of Justice, based on alleged willful failures to maintain an effective AML program and the...more

New York State Department of Financial Services Grants Virtual Currency License to Coinbase, Inc.

by Shearman & Sterling LLP on

The NYSDFS approved the application of Coinbase, Inc., a wholly owned subsidiary of Coinbase Global, Inc., for a virtual currency and a money transmitter license. As part of its review of Coinbase’s application, NYSDFS...more

French Legal and Regulatory Update – December 2016

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for December 2016. Please see full...more

Connecticut Town Struck by Cyber Fraud

On January 17, 2017, officials in Farmington, Connecticut disclosed that the town was recently the victim of a multi-million dollar theft likely perpetrated by sophisticated cybercriminals operating in China. The thieves...more

Hogan Lovells Global Payments Newsletter - January 2017

by Hogan Lovells on

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

New Social Payment Option Expands Reach of Bitcoin Users While Cutting Bitcoin Exchanges

by Goodwin on

Last week, Circle announced major changes to its application and platform. While many focused on Circle’s decision to cut its users’ ability to buy and sell Bitcoin, the breaking news may have been its decision to create a...more

New Kazakhstan Law on Payments and Payment Systems: Key Novelties

by Morgan Lewis on

The law targets new payment systems and markets and improves the existing payment rules. In fall 2016, a new Law titled On Payments and Payment Systems (the Law), took effect in Kazakhstan. Upon the Law’s enactment, the...more

Financial Services Weekly News - October 2016

by Goodwin on

Editor's Note - Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more

CFPB September 2016 complaint report highlights money transfer complaints, complaints from Pennsylvania consumers

by Ballard Spahr LLP on

The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area.  The CFPB began taking money transfer...more

Bridging the Week - September 2016 #2

Just in Time for Football Season, CFTC Chairman Decides to Punt Swap De Minimis Threshold for One Year: Chairman Timothy Massad of the Commodity Futures Trading Commission announced his intention to recommend to his fellow...more

Good-Bye to Wyatt Earp and More on 1MDB

by Thomas Fox on

Wyatt Earp died this week. Not the original Wyatt Earp who died in 1929 but the Wyatt Earp of my lifetime, who was actor Hugh O’Brian. O’Brien portrayed Earp in the long running television series Wyatt Earp which ran in the...more

In Wake of Cyber-Attacks, Regulators Focus on SWIFT as Senators Urge Obama to Press G20 to Combat Cybercrime

As cyber-attacks involving the global payment system SWIFT increase in frequency abroad, U.S. regulators are discussing steps designed to protect against similar attacks on U.S. financial institutions. The Federal Reserve,...more

New Kazakhstan Law on Payments and Payment Systems

by Dentons on

On 26 July 2016, a new Law of the Republic of Kazakhstan No. 11-V? “On Payments and Payment Systems” (the Law on Payments) was adopted. Save for a number of certain provisions, the new Law on Payments comes into force on 10...more

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Cybersecurity

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