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Payments company Block to pay $40 million fine in New York over compliance failures

Economic Times

Economic Times · 3m ago

Payments company Block to pay $40 million fine in New York over compliance failures

Block will pay a $40 million fine to settle allegations of significant compliance failures in its anti-money laundering program and virtual currency compliance on its Cash App platform. New York's financial services regulator highlighted these issues, stating that Block is also required to hire an independent monitor to ensure compliance improvements. This settlement underscores the importance of robust compliance programs in financial technology services.

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Crypto firm Genesis Global Trading to pay $8 million penalty, surrender NY license

Economic Times

Economic Times · 1y ago

Crypto firm Genesis Global Trading to pay $8 million penalty, surrender NY license

Genesis Global Trading, a subsidiary of Digital Currency Group, will pay an $8 million penalty and surrender its license from the New York Department of Financial Services (NYDFS) after an investigation uncovered significant failures in their anti-money laundering and cybersecurity programs. The company failed to maintain an effective compliance program, neglected to file sufficient Suspicious Activity Reports, and disregarded regulatory requirements. Genesis Global Trading will surrender their BitLicense, which allows them to offer certain cryptocurrency services in New York.

Crypto exchange Gemini to return $1.1 billion to customers, pay fine in regulatory settlement

Economic Times

Economic Times · 1y ago

Crypto exchange Gemini to return $1.1 billion to customers, pay fine in regulatory settlement

Cryptocurrency exchange Gemini has settled with the New York Department of Financial Services (NYDFS) over its defunct lending program. The exchange will pay a fine of $37 million and return at least $1.1 billion to customers affected by the program's halt during a market crash in November 2022. The resolution brings relief to Gemini's Earn customers who have been unable to access their funds since late 2022. Gemini will contribute $40 million to help conclude the bankruptcy of Genesis Global Capital, the crypto lender it partnered with for the program.

Byju's lawsuit meritless and an effort to avoid complying with obligations: Lenders

Money Control

Money Control · 2y ago

Byju's lawsuit meritless and an effort to avoid complying with obligations: Lenders

The statement from lenders comes a couple of days after Byju's skipped paying $40 million in interest payments on the term loan it had raised in November 2021. The company instead filed a case against one of its lenders in the New York Supreme Court and also sought disqualification of the lender.

RBI Action On Paytm Payments Bank Has Drawn Fintechs' Attention To Compliance Of Laws: Chandrasekhar

OutlookIndia

OutlookIndia · 1y ago

RBI Action On Paytm Payments Bank Has Drawn Fintechs' Attention To Compliance Of Laws: Chandrasekhar

Union Minister Rajeev Chandrasekhar has emphasized the importance of regulatory compliance for fintech companies, citing Paytm Payments Bank as an example. He stated that compliance with laws and regulations cannot be optional for companies and that no company can escape consequences if it is non-compliant with the law. The Reserve Bank of India (RBI) recently barred Paytm Payments Bank from accepting new deposits due to persistent non-compliance and other supervisory concerns, prompting Chandrasekhar to highlight the need for fintech entrepreneurs to pay closer attention to regulatory compliance.

Google settles Black employees' racial bias lawsuit for $50 million

Economic Times

Economic Times · 2m ago

Google settles Black employees' racial bias lawsuit for $50 million

Google settled a $50 million lawsuit over alleged racial bias against Black employees in its workforce. The lawsuit, representing over 4,000 employees in California and New York, accused Google of a racially biased corporate culture, lower-level job assignments, pay disparities, and limited advancement opportunities for Black employees. Initiated in March 2022, the case highlighted Google's alleged systemic racial discrimination, though the company denied wrongdoing. The settlement still requires judicial approval.

Uber, DoorDash lose bid to block NYC minimum wage for delivery workers

Economic Times

Economic Times · 1y ago

Uber, DoorDash lose bid to block NYC minimum wage for delivery workers

A New York judge has denied a request by Uber, DoorDash, and other gig economy companies to block a new law in the city that sets a minimum wage for app-based delivery workers. The law, which will require companies to pay delivery workers a minimum of $17.96 per hour, will take effect pending the outcome of the companies' lawsuit. The companies argue that the law will force them to reduce service areas and harm customers and restaurants.

Paytm Payments Bank halts int’l transactions on debit cards

Entrackr

Entrackr · 1y ago

Paytm Payments Bank halts int’l transactions on debit cards

Paytm Payments Bank has temporarily disabled international transactions on its debit cards. Customers will not be able to initiate international transactions until further notice. The reason for this move has not been disclosed. The announcement comes shortly after the Reserve Bank of India imposed a fine of INR 5.39 crore on Paytm Payments Bank for non-compliance with certain guidelines. The bank had previously faced regulatory action for "certain material supervisory concerns" and was restricted from onboarding new customers.

UPI faces outage, multiple bank servers down

Economic Times

Economic Times · 1y ago

UPI faces outage, multiple bank servers down

Unified Payments Interface (UPI) is experiencing outages due to multiple bank servers facing downtime. Users have raised concerns on social media about UPI payments not processing. Banks such as HDFC Bank, Kotak Mahindra Bank, Bank of Baroda, and Google Pay are reportedly facing outages. There has been no response from banks or the National Payments Corporation of India (NPCI) regarding this issue. This situation arises amidst discussions about transferring UPI payment settlements from Paytm Payments Bank to other lenders, causing fears of transaction failures.

Morgan Stanley agrees to pay $249 million to settle block-trading probes

Livemint

Livemint · 1y ago

Morgan Stanley agrees to pay $249 million to settle block-trading probes

Morgan Stanley has reached a $249 million settlement to resolve criminal and regulatory investigations into allegations of improper sharing of client information regarding stock sales. The resolution brings an end to the probe into the bank's handling of block trades for institutional investors. As part of the settlement, Morgan Stanley will pay fines of approximately $112 million to the Securities and Exchange Commission. A former executive, Pawan Passi, admitted to misleading clients and has agreed to a one-year bar from the securities industry and a $250,000 fine. The settlement includes restitution of $64 million for sellers affected by the information leakage.

Turkey's competition board imposes $8.9 million fine to Google - The Economic Times

Economic Times

Economic Times · 7d ago

Turkey's competition board imposes $8.9 million fine to Google - The Economic Times

Turkey's Competition Authority fined Google approximately $8.87 million for non-compliance with regulatory obligations. The fine was imposed due to design implementations by Google that breached regulations during the compliance process following a prior antitrust investigation.

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